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How did Greece, with less than 3% of the population of the European Union, become the epicenter of Europe's "existential crisis?" Why did Greece opt for an obligation-laden bailout rather than default or leave the Eurozone, as many said it should? Could it have avoided the disappointments that followed, including needing a second bailout, holding repeat elections, and swearing in its fourth prime minister in a year? The conventional narrative answered these questions by viewing the Greek crisis as the result of a "flawed currency union." Many economists, moreover, thought Greece was foolish to seek a bailout rather than renege on its debts or leave the Eurozone. And as the crisis deepened, economists again blamed the international community for pushing "austerity" onto Greece. Beyond Debt offers a different account of this crisis. It sees it, first and foremost, as a Greek crisis, best understood through the lens of Greek history, politics and economics. The crisis was triggered by global events, but it was not caused by them. As the book shows, Greece's chosen path-a bailout-made infinitely more sense than either a default or the abandonment of the common currency that many economists called for. And while others see "austerity" as the problem for Greece's woes after the bailout, Beyond Debt blames instead an indecisive government that could not see reform through to the end.
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.
Athens, Greece—May Day 2010. The International Monetary Fund (IMF) and the European Union (EU) were putting together the final details of a $100 billion euro rescue package for the country. The Greek Prime Minister, George Papandreou, had agreed to a savage package of “austerity measures” involving cuts in public spending and lower salaries and pensions. Outside, riot police were deployed as protestors gathered to fight the austerity program. A country with a history of revolution and dictatorship hovered on the brink of collapse—with the world’s financial markets watching to see if the deal cobbled together would be enough to both calm the markets and rescue the Greek economy, and with it the euro, from oblivion. In Bust: Greece, the Euro, and the Sovereign Debt Crisis, leading market commentator Matthew Lynn blends financial history, politics, and current affairs to tell 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. Bust is a story of government deceit, unfettered spending, and cheap borrowing: a tale of financial folly to rank alongside the greatest in history. It charts Greece’s rise, and spectacular fall from grace, but it also explores the global repercussions of a financial disaster that has only just begun. It explains how the Greek debt crisis spread like wildfire through the rest of Europe, hitting Ireland, Portugal, Italy, and Spain, and ultimately provoking a crisis that brought the euro to the edge of collapse. And it argues that the Greek crisis is just the start of a decade of financial turmoil that will eventually force the break up of the euro, and a massive retrenchment in the living standards of all the developed economies. Written in a lively and entertaining style, Bust: Greece, the Euro, and the Sovereign Debt Crisis is an engaging and informative account of a country gone wrong and a must-read for anyone interested in world events and global economics.
How does one distinguish between European Union investments that improve welfare and those that create economic malaise? Funding the Greek Crisis: The European Union, Cohesion Policies, and the Great Recession explores the sources of the Greek Crisis that lie primarily in EU policies that appeared to have worked better for other countries but not for Greece. Without overly simplifying the Greek condition, it provides insights into policies the countries of the euro area may need to implement in order to ensure collective cohesion and individual success. Arguing that EU preferences for autonomous investments discouraged organic development with lasting implications, Funding the Greek Crisis sheds new light on the nature of regional competitiveness and public economics. Encompasses public economics, macroeconomics, international trade, competitiveness, microeconomics and regional development studies Sheds light on key policies that affect millions of EU citizens Examines Solow’s growth model Provides a different way of explaining growth from real business cycle theory
The book “The Greek Economy and the Crisis. Challenges and Responses” targets all those who think about the present and future of this (culturally) long-lived small geographic region (Greece), to form a personal view of its social and economic problems. A society that repeats the same types of behaviour over the centuries does not do so due to random mistakes. It contains intrinsic forces that affect it. These should be understood, to allow us to delineate future developments. However, the manner in which the social and economic process is perceived must be comprehensive and multidisciplinary: Economics, politics, social psychology and organizational psychology are essential to this analysis. Thus, the book is useful to those seeking information for their professional, scientific and personal development, allowing them to shape their social attitude. It is also useful to those responsible for taking decisions at national, European or enterprise level, in relation to the social and economic problems of Greece.
The portrayal of Greece by the international press during the financial crisis has been seen by many independent observers as very harsh. The Greeks have often been blamed for a myriad of international political problems and external economic factors beyond their control. In this original and insightful work George Tzogopoulos examines international newspaper coverage of the unfolding economic crisis in Greece. American, British, French, German and Italian broadsheet and tabloid coverage is carefully analysed. The Greek Crisis in the Media debates and dissects the extent to which the Greek response to the financial crisis has been given fair and balanced coverage by the press and questions how far politics and national stereotypes have played their part in the reporting of events. By placing the Greek experiences and treatment alongside those of other EU members such as Portugal, Ireland, Italy and Spain, Tzogopoulos examines and highlights similarities and differences in the ways in which different countries tackled the challenges they faced during this crucial period and explores how and why the world's media reported these events.
This book analyses the financing problems of Greek small and medium-sized enterprises (SMEs), within a liberalized financial system and within an economic environment of fiscal and monetary constraints. Using recent data covering a ten-year period, the main aim of the research is to explain the interdependence between the situation of the banking sector generally and that of small and medium enterprises. The author argues that the reluctance of banks to lend to Greek companies because of the strict financing constraints, due to the national debt crisis, serves to exacerbate the cycle of economic recession. This factor seriously undermines the efforts of Greek companies to develop growth opportunities, and negatively affects their competitiveness as well as their ability to strengthen their market position. The author examines the supply and demand aspect of the problem: there is lower demand for lending due to the decline of demand for goods and services as well as a tightening of banks’credit standards, whilst on the supply side, the deteriorating financial situation of banks and their willingness to avoid increasing risk are important contributing factors. Finally, the author presents the main conclusions of the analyses carried out in the previous sections of the book and discusses some relevant recommendations for future research. Building on the extant literature, this book analyses the problem from the point of view of both businesses and the banking sector. The study is useful for scholars, businesses and policy decision makers who are interested in the problem of small and medium-sized enterprises financing.
The "Greek Crisis" in Europe: Race, Class and Politics, analyses the publicity of the so-called "Greek crisis" by deploying critical theory and cultural studies perspectives. The study discloses racial and class media biases, and their associations with austerity.
As the tensions in the Greek economy take centre stage in the international headlines, this book examines the failed policies and political corruption that have bankrupted the nation. The authors comment on recent bailouts and haircuts and explore the uncertain future of Greece in the Eurozone.
Economic shocks pose a threat to health and health system performance by increasing people's need for health care and making access to care more difficult - a situation compounded by cuts in public spending on health and other social services. But these negative effects can be avoided by timely public policy action. While important public policy levers lie outside the health sector, in the hands of those responsible for fiscal policy and social protection, the health system response is critical. This book looks at how health systems in Europe reacted to pressure created by the financial and economic crisis that began in 2008. Drawing on the experience of over 45 countries, the authors:' analyse health system responses to the crisis in three policy areas: public funding for the health system; health coverage; and health service planning, purchasing and delivery 'assess the impact of these responses on health systems and population health' identify policies most likely to sustain the performance of health systems facing financial pressure' explore the political economy of implementing reforms in a crisisThe book is essential reading for anyone who wants to understand the choices available to policy-makers - and the implications of failing to protect health and health-system performance - in the face of economic and other forms of shock.--