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Greece

Author

Listed:
  • Andreea Dragoi

Abstract

Since 2009, when the international crisis effects have been most strongly felt in the Eurozone, Greece's economic situation has deteriorated steadily. This development was due to the worsening of its two major structural weaknesses: general government balance deficit, well above the limit set by the Stability and Growth Pact, and the huge public debt. Our analysis will reveal the main causes for the prolonged recession, showing that among the most important factors are the strong budgetary and fiscal imbalances. The conclusions of our analysis will show that, according to the main international forecasts, the 2013 outlook for the Greek economy is not an "optimistic" one. Although it has already received substantial financial aid (from the International Monetary Fund, European Central Bank and European Commission – the so called “Troika†) and initiated new austerity measures, Greece is still far from economic recovery, some predictions taking into account the possibility of an Eurozone exist (the so called Grexit scenario).

Suggested Citation

  • Andreea Dragoi, 2012. "Greece," Conjunctura economiei mondiale / World Economic Studies, Institute for World Economy, Romanian Academy.
    • Handle: RePEc:iem:conjun:y:2012:id:2822000009565003
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