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The euro was generally considered a success in its first decade. Nevertheless, the “unanticipated” financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its southern periphery brings into question the wisdom of fiscal consolidation via austerity in the adjustment programmes adopted to exit the crisis. They also put into doubt the adequacy and efficiency of the European Economic and Monetary Union’s core elements, its political instruments and macroeconomic assumptions, as can be seen in the role of the Stability and Growth Pact and the stance of the European Central Bank. The title of this collective volume refers to the country where the European sovereign debt crisis began, while its contents concentrate on the extent to which this crisis should be a national or a European concern. Moreover, the focus on Greece stimulates discussion about the neglected factor of the shadow economy and the potential to boost government revenue through its successful transfer to the formal economy. The chapters address the inefficiencies of both euro-area institutions and policies adopted to exit the current predicament. Experts from several disciplines review the literature and critically evaluate the existence of issues such as contagion effects, domino effects, deflationary spirals, institutional efficiency and the reality of the option to exit the euro-area.
This book sheds new light on the Greek economic challenges and helps readers understand the current debt crisis. Chapters from leading experts in the field identify and outline potential solutions to the on-going decline of the Greek economy by considering both Eurozone-adopted current policy framework explanations and potential alternative explanations. In contrast to the standard chronological approach toward the Greek debt crisis typically adopted by other texts, this book draws on the experience and views of specialized economists and offers divergent opinions that could potentially form alternative solutions. It will be of interest to researchers and academics interested in the Greek economy, modern financial modelling, and risk management.
After 2007 subprime crisis the world is no longer the one we believed; unprecedented confidence crisis married with credit crunch, and G20 countries put in place massive public spending programs to save the productive system, and smooth the inevitable hard lending. The excessive public spending produced in 2010 the first public debt crisis after the subprime credit crisis: Greece. Greece reported in 2009 an unprecedented 12.9% deficit/GDP ratio, and public debt skyrocketed to 108%. The Greece crisis is the result of the negative business cycle over the last years, of the sluggish economic environment and poor productivity, but most of all is the product of mismanagement of public funding and unsatisfactory reporting. Our aim is to analyze this crisis in the age of derivatives, and underline main effects that have been widely neglected in the public discussions and in the academia.
In 2001, Greece saw its application for membership into the Eurozone accepted, and the country sat down to the greatest free lunch in economic history. However, the coming years of global economic prosperity would lead to unrestrained spending, cheap borrowing, and a failure to implement financial reform, leaving the country massively exposed to a financial crisisOCowhich duly struck. In "Bust: Greece, the Euro, and the Sovereign Debt Crisis," Bloomberg columnist Matthew Lynn explores Greece's spectacular rise and fall from grace and the global repercussions of its financial disaster. Page by page, he provides a thrilling account of the Greek financial crisis, drawing out its origins, how it escalated, and its implications for a fragile global economy. Along the way, Lynn looks at how the Greek contagion has spread like wildfire throughout Europe and explores how government ineptitude as well as financial speculators compounded the problem. Blending financial history, politics, and current affairs, Lynn skillfully tells the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Lively, engaging, and thought provoking, "Bust" reminds us just how interconnected the world really is."
The publication project The Other designs, adopts a critical viewpoint shared by many contemporary academics that highlight how the institutionalization of antiquity as “national heritage” has shaped an ideological framework for experiencing and performing a national identity. This viewpoint “kick-starts“ an approach to the idea that nations such as Greece are in some way a multifaceted “assemblage”, of constellated projections. The Other designs, aims to contribute to the current re-examination of historical authenticity by reflecting upon the status of national identity as a kind of “artistic” setup.
This contributed volume explores the political economy and socioeconomic aspects of the Greek Financial Crisis both within the country's borders and as part of the global economy. With chapters authored by international experts, this book examines and explicitly deals with specific and important issues that have been ignored by the dominant socioeconomic theory and practice, which have largely focused on the causes and broad economic consequences of the crisis. Discussions include the efficacy of new EU institutions created to address the crisis, the rise of unregistered economic activity, and comparisons with financial crises in countries beyond Europe. This diverse collection argues that the Greek Financial Crisis was not just an economic crisis, but a political and social crisis as well, one with repercussions beyond Europe.
This book studies the economic recovery of individual European Union member states more than ten years after the beginning of the global economic crisis. In light of austerity policies and conservative government investments in many EU countries, it explores how higher growth rates can be achieved by stimulating firms and economic sectors with a high accelerator potential. The contributing authors analyze the effects of EU policies on small and medium-sized enterprises (SMEs), while also studying EU policies with the potential to foster investments and economic growth. Furthermore the book assesses the EU policy on foreign direct investment (FDI) in the member states, in comparison with similar policies in Russia and the US. The authors demonstrate that FDI, besides providing financial resources, can facilitate modernization especially in the high technology sectors. Finally, the book provides a sector analysis and policy recommendations on tourism and immigration, as well as economic protectionism, since tourism has proved to be the most dynamic sector, especially in the European South, while immigration is one of the most serious issues the EU is currently facing. This book will appeal to scholars in economics and related fields, as well as decision-makers and professionals at governmental institutions looking for policy measures and tools to stimulate economic growth.
This book discusses the unprecedented impact of the financial and economic crisis on government finances and economic performance across Europe, which has raised skepticism on the ability of the current course of integration to promote prosperity. Correspondingly, the European Union is about to contract for the first time in its history. This timely book covers the economic issues that challenge the future of integration in Europe. The chapters are authored by international experts and examine current and emerging challenges and trends for the European Union: economic convergence, monetary policy, competition law, transport policy, the informal sector, employment, recovery and enlargement. Four chapters focus on Greece, which has been the greatest challenge faced by European institutions in the context of the sovereign debt crisis, and one chapter discusses the possible costs of Brexit. The reader will benefit from understanding the key economic challenges, which, if effectively addressed, will lead to deepening the union, or in contrast to a multi-speed Europe.
This book examines US foreign policy in the Eastern Mediterranean and the region’s key role in the practice and evolution of American exceptionalism. The political developments in the Eastern Mediterranean during the 19th and the first half of the 20th centuries, gave to the US opportunities to express, in the most explicit way, its anti-colonialism, the fervent support of open and democratic societies, and its willingness to openly confront tyranny and oppression whenever this was possible (or necessary) for American interests. Since that time, the region has been a testing ground for the core elements of American foreign policy deployed worldwide. The monograph shows the contributions of the United States during critical moments in the region, such as the First Barbary War (1801-1805), the introduction of Truman Doctrine, Washington’s role in the Suez Crisis, the Greek junta and the Imia Crisis of 1996. It also scrutinizes the different levels of the economic, military and diplomatic challenges which China, Russia and Turkey present today, while it also covers the American approach to the Arab Spring. From a ‘Shining City on a Hill’ to the current ‘Make America Great Again’ mottoes, this critique follows American Foreign Policy in the Eastern Mediterranean and the strong bonds that the nation established with the geostrategic, political and ideological features of the region. The pace of recent events, and the increasing complexity of this global corner, prove a challenge to America today; the future and clarion call that hard work and the finest ingenuity are necessary to keep its regional hegemony, and its course toward increased prosperity. This work’s goal is to inspire the conversations by academics, diplomats, leaders (both political and military) and most of all businessmen, to this end.
Delve into the complex landscape of the informal economy with the Routledge Handbook of the Informal Economy, a groundbreaking volume that transcends conventional economic analysis by contextualizing it within a broader regulatory and social framework. This comprehensive handbook offers cutting-edge categorical, thematic, and regional analyses of the informal, or shadow, economy. An esteemed international ensemble of contributors draws on diverse economic perspectives, exploring a spectrum of definitions and measures, including household, firm-level, and employment-based metrics, alongside perceptional and model-based estimates. Employing a variety of econometric and methodological approaches, the volume provides both regional and global estimates of the informal economy's extent. Beyond conventional boundaries, it unveils various facets of informality, from child labor, tax evasion, and self-employment to precarious and undeclared work. In-depth examinations of the determinants and consequences of informality enhance the volume's robust analysis. As a forward-looking compendium, the handbook also offers insights into the future trajectory of the informal economy as we journey further into the 21st century. This definitive and up-to-date reference work is indispensable for readers in labor economics, development economics, political economy, policy studies, and sociology, offering a nuanced understanding of the multifaceted dimensions and dynamics of the informal economy.