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

Author

Listed:
  • 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)

Abstract

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.

Suggested Citation

  • Niamh Hardiman & Joaquim Filipe Araújo & Muiris MacCarthaigh & Calliope Spanou, 2017. "The Troika’s variations on a trio: Why the loan programmes worked so differently in Greece, Ireland, and Portugal," Working Papers 201711, Geary Institute, University College Dublin.
  • Handle: RePEc:ucd:wpaper:201711
    as

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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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    References listed on IDEAS

    as
    1. Aidan Regan & Samuel Brazys, 2017. "Celtic phoenix or leprechaun economics? The politics of an FDI led growth model in Europe," Working Papers 201701, Geary Institute, University College Dublin.
    2. Porzecanski, Arturo C., 2012. "Behind the Greek default and restructuring of 2012," MPRA Paper 42432, University Library of Munich, Germany.
    3. Pedro Marques, 2015. "Why did the Portuguese economy stop converging with the OECD? Institutions, politics and innovation," Journal of Economic Geography, Oxford University Press, vol. 15(5), pages 1009-1031.
    4. Niamh Hardiman & Spyros Blavoukos & Sebastian Dellepiane-Avellaneda & George Pagoulatos, 2016. "Austerity in the European periphery: the Irish experience," Working Papers 201604, Geary Institute, University College Dublin.
    5. repec:sae:polsoc:v:45:y:2017:i:3:p:389-413 is not listed on IDEAS
    6. Gikas A. Hardouvelis & Ioannis Gkionis, 2016. "A Decade Long Economic Crisis: Cyprus versus Greece," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 10(2), pages 3-40, December.
    7. Kevin Featherstone, 2011. "The JCMS Annual Lecture: The Greek Sovereign Debt Crisis and EMU: A Failing State in a Skewed Regime," Journal of Common Market Studies, Wiley Blackwell, vol. 49(2), pages 193-217, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Loan programme; Eurozone crisis; Troika; European periphery; conditionality;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • G01 - Financial Economics - - General - - - Financial Crises
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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