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The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts

Author

Listed:
  • Silvia Ardagna
  • Francesco Caselli

Abstract

We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that the second bailout was not on the Pareto frontier and sketch political-economy arguments for why this may be so.

Suggested Citation

  • Silvia Ardagna & Francesco Caselli, 2012. "The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts," CEP Reports 25, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepsps:25
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    Citations

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    Cited by:

    1. Guiso, Luigi & Morelli, Massimo & Herrera, Helios, 2013. "A Cultural Clash View of the EU Crisis," CEPR Discussion Papers 9679, C.E.P.R. Discussion Papers.
    2. Guiso, Luigi & Herrera, Helios & Morelli, Massimo, 2016. "Cultural Differences and Institutional Integration," Journal of International Economics, Elsevier, vol. 99(S1), pages 97-113.
    3. Giancarlo Corsetti & Aitor Erce & Timothy Uy, 2017. "Official Sector Lending Strategies During the Euro Area Crisis," Discussion Papers 1720, Centre for Macroeconomics (CFM).
    4. Kyriopoulos, Ilias & Nikoloski, Zlatko & Mossialos, Elias, 2019. "The impact of the Greek economic adjustment programme on household health expenditure," Social Science & Medicine, Elsevier, vol. 222(C), pages 274-284.
    5. Broner, Fernando & Erce, Aitor & Martin, Alberto & Ventura, Jaume, 2014. "Sovereign debt markets in turbulent times: Creditor discrimination and crowding-out effects," Journal of Monetary Economics, Elsevier, vol. 61(C), pages 114-142.
    6. Jeromin Zettelmeyer & Christoph Trebesch & Mitu Gulati, 2013. "The Greek debt restructuring: an autopsy [Greek bond buyback boondoggle]," Economic Policy, CEPR;CES;MSH, vol. 28(75), pages 513-563.
    7. Győrffy, Dóra, 2013. "Crisis Management in the EU, Prospects for the De-politicisation of Economic Policy," Public Finance Quarterly, Corvinus University of Budapest, vol. 58(2), pages 119-132.
    8. Kosmidou, Kyriaki V. & Kousenidis, Dimitrios V. & Negakis, Christos I., 2015. "The impact of the EU/ECB/IMF bailout programs on the financial and real sectors of the ASE during the Greek sovereign crisis," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 440-454.
    9. Cui, Wei, 2017. "Macroeconomic effects of delayed capital liquidation," LSE Research Online Documents on Economics 86156, London School of Economics and Political Science, LSE Library.
    10. Philip R. Lane, 2012. "The European Sovereign Debt Crisis," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 49-68, Summer.
    11. Falko Juessen & Andreas Schabert, 2013. "Fiscal Policy, Sovereign Default, and Bailouts," Working Paper Series in Economics 67, University of Cologne, Department of Economics.
    12. Guiso, Luigi & Herrera, Helios & Morelli, Massimo, 2013. "A Culture Based Theory of Fiscal Union Desirability," CAGE Online Working Paper Series 138, Competitive Advantage in the Global Economy (CAGE).
    13. Fernando Broner & Aitor Erce & Alberto Martin & Jaume Ventura, 2013. "Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out," IMF Working Papers 2013/270, International Monetary Fund.
    14. Győrffy, Dóra, 2014. "Válság és válságkezelés Görögországban. A puha költségvetési korlát szerepe a gazdasági összeomlásban [Crisis and crisis management in Greece. The role of soft budget constraints in the economic co," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 27-52.

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