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Greece in the Aftermath of the Debt Haircut: More Austerity, a Deeper Slump, and the Surrender of National Sovereignty

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  • C. J. Polychroniou

Abstract

It is a well-recognized fact that the Greek economy has been going from bad to worse since the first bailout in May 2010, and a leaked document relating to the bailout talks ahead of last week's EU summit openly admitted that the policy of expansionary fiscal consolidation had been a blatant failure. So why did it take the EU leadership almost two years to recognize the need for a significant haircut on Greek debt?

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  • C. J. Polychroniou, 2011. "Greece in the Aftermath of the Debt Haircut: More Austerity, a Deeper Slump, and the Surrender of National Sovereignty," Economics One-Pager Archive op_17, Levy Economics Institute.
    • Handle: RePEc:lev:levyop:op_17
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