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The Troika’s variations on a trio: Why the loan programmes worked so differently in Greece, Ireland, and Portugal

Listed author(s):
  • Niamh Hardiman

    (School of Politics and International Relations, and Geary Institute for Public Policy, University College Dublin, Ireland)

  • Joaquim Filipe Araújo

    (Department of International Relations and Public Administration, University of Minho, Braga, Portugal)

  • Muiris MacCarthaigh

    (School of History, Anthropology, Philosophy and Politics, and the George J. Mitchell Institute for Global Peace, Security and Justice, Queen’s University Belfast, UK)

  • Calliope Spanou

    (Department of Political Science and Public Adminstration, National and Kapodistrian University of Athens, Greece)

Portugal and Ireland exited Troika loan programmes; Greece did not. The conventional narrative is that different outcomes are best explained by differences in national competences in implementing programme requirements. This paper argues that three factors distinguish the Greek experience from that of Ireland and Portugal: different economic, political, and institutional starting conditions; the ad hoc nature of the European institutions’ approach to crisis resolution; and the very different conditionalities built into each of the loan programmes as a result. Ireland and Portugal show some signs of recovery despite austerity measures, but Greece has been burdened beyond all capacity to recover convincingly.

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File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp201711.pdf
File Function: First version, 2017
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Paper provided by Geary Institute, University College Dublin in its series Working Papers with number 201711.

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Length: 30 pages
Date of creation: 17 Oct 2017
Handle: RePEc:ucd:wpaper:201711
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