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Greek Economic Crisis


  • Niculescu Oana-Marilena

    () (Academy of Economic Studies, Bucharest)


The purpose of this paper is to analyze the most severe crisis of a eurozone country. After years of overspending, cheap loans and failure of financial reforms, the deficit increased in Greece to 12,7% of GDP and its rating was downgraded to the lowest in the eurozone. As an important part of the revenue increase proposed by the Greek Stability and Growth Programme proved to be impossible to materialize, the rescue plan approved by the European Union/International Monetary Fund was the only viable solution in order to avoid bankruptcy. The results of the Greek crisis spread to other eurozone countries like Ireland, Portugal or Spain. Greek economic crisis reflects the existence of a non-uniform Monetary Union, without a central fiscal authority able to correct internal disparities. The difference between north and south within the eurozone seems to be deeper than ever and might compromise even the survival of euro.

Suggested Citation

  • Niculescu Oana-Marilena, 2011. "Greek Economic Crisis," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1526-1531, May.
  • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1526-1531

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    More about this item


    crisis; eurozone; rescue plan; PIIGS; Monetary Union;

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • G01 - Financial Economics - - General - - - Financial Crises


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