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Greece's Bailouts and the Economics of Social Disaster

  • C. J. Polychroniou
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    As the decline in Greek GDP should indicate—a contraction of more than 20 percent since the onset of the sovereign debt crisis in late 2009—the economic situation in Greece today is catastrophic. The economy is in freefall, and the social consequences are being widely felt. The main reason for this awful situation is that the country has suffered for more than two years under a harsh austerity regime imposed by the European Union and the International Monetary Fund. The bailouts have proven to be a curse. The nation is literally under economic occupation and sinking deeper into the abyss—and there is very little reason to expect a turnaround in the foreseeable future.

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    File URL: http://www.levyinstitute.org/pubs/pn_12_11.pdf
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    Paper provided by Levy Economics Institute in its series Economics Policy Note Archive with number 12-11.

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    Date of creation: Sep 2012
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    Handle: RePEc:lev:levypn:12-11
    Contact details of provider: Web page: http://www.levyinstitute.org

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    1. Dimitri B. Papadimitriou & L. Randall Wray, 2012. "Euroland's Original Sin," Economics Policy Note Archive 12-08, Levy Economics Institute.
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