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The Greek Debt Crisis: Suggested Solutions and Reforms


  • Leo Michelis

    () (Ryerson University; The Rimini Centre for Economic Analysis (RCEA))


This paper examines eight suggested solutions to the Greek debt crisis and six political and institutional reforms in order to achieve a single objective: eliminate deviations from the EU benchmark and thus transform the country into a modern EU state. In the absence of a national political consensus to tackle the debt crisis and implement political and institutional reforms, a new political force should be formed to accomplish these tasks, and also embrace the "frustrated" or "Facebook" generation's demands for better living standards and more equitable income distribution.

Suggested Citation

  • Leo Michelis, 2011. "The Greek Debt Crisis: Suggested Solutions and Reforms," Professional Reports 01_11, Rimini Centre for Economic Analysis.
  • Handle: RePEc:rim:rimpre:01_11

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    Debt crisis; bank runs; euro zone; economic reforms; political reforms;

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F15 - International Economics - - Trade - - - Economic Integration
    • P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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