The Greek crisis that should have been avoided
We interpret the recent Greek crisis from a fresh perspective. Although the widely held view is that, the Greek crisis was evident in the dim macroeconomic outlook and thus imminent and unavoidable, we suggest that the crisis was also unavoidable but for an entirely different set of reasons; namely the lack of consistent and coherent political development. Using Greece as an example, we draw upon empirical data to show that the political development attainment level is a critical component of nation branding and a root cause in the Greek crisis. We also support the view that, the lack of brand risk management techniques at the governance level was a key catalyst for the rapid scalation of what at first instance appears to be bad public financial practices and policy making, but is in essence lack of real political development. Thus, the Greek crisis should have been avoided.
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- Georgios P. Kouretas & Prodromos Vlamis, 2010. "The Greek Crisis: Causes and Implications," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(4), pages 391-404, December.
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