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Introduction

In: Who’s to Blame for Greece?

Author

Listed:
  • Theodore Pelagidis

    (Bank of Greece and University of Piraeus)

  • Michael Mitsopoulos

    (Hellenic Federation of Enterprizes)

Abstract

The strategic failure in the approach to deal with the problems of the Greek economy, namely the disproportionate internal devaluation of the private sector and the tax base with respect to the milder internal devaluation of the government expenditure, has certainly taken place in the context of a country that was asked to undertake one of the most difficult adjustments made by any country and through a deal that appeared to be ignoring important warning signs (Mitsopoulos and Pelagidis, Understanding the Crisis in Greece. From Boom to Bust. London: Palgrave Macmillan, 2011; Pelagidis and Mitsopoulos, Greece. From Exit to Recovery? Washington, DC: Brookings Institution, 2014). Essentially, the 2010 and onward sequential deals amounted to agreeing with the political leadership and the administration of an economy that has been turned by the former into a quasi-Soviet economy at the fringes of free markets, that they will tear down the bureaucracy they have established for over 30 years, while being offered the cash and support to keep operating largely in a “business as usual” environment.

Suggested Citation

  • Theodore Pelagidis & Michael Mitsopoulos, 2021. "Introduction," Springer Books, in: Who’s to Blame for Greece?, edition 3, chapter 0, pages 1-5, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-64081-1_1
    DOI: 10.1007/978-3-030-64081-1_1
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