The Greek Debt Crisis

Author : Matthew Lynn
Publisher : John Wiley & Sons
ISBN 13 : 1119990688
Total Pages : 290 pages
Book Rating : 4.80/5 ( download)

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Download or read book Bust written by Matthew Lynn and published by John Wiley & Sons. This book was released on 2010-12-21 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Christos Floros
Publisher : Springer
ISBN 13 : 3319591029
Total Pages : 313 pages
Book Rating : 4.25/5 ( download)

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Download or read book The Greek Debt Crisis written by Christos Floros and published by Springer. This book was released on 2017-11-08 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Nikos Tsafos
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781479140763
Total Pages : 0 pages
Book Rating : 4.67/5 ( download)

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Download or read book Beyond Debt written by Nikos Tsafos and published by Createspace Independent Publishing Platform. This book was released on 2013-03-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Aristidis Bitzenis
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1443867837
Total Pages : 396 pages
Book Rating : 4.32/5 ( download)

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Download or read book Reflections on the Greek Sovereign Debt Crisis written by Aristidis Bitzenis and published by Cambridge Scholars Publishing. This book was released on 2014-09-26 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Constantinos Ikonomou
Publisher : Academic Press
ISBN 13 : 0128145676
Total Pages : 336 pages
Book Rating : 4.78/5 ( download)

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Download or read book Funding the Greek Crisis written by Constantinos Ikonomou and published by Academic Press. This book was released on 2018-06-15 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Evdoxios Doxiadis
Publisher : Berghahn Books
ISBN 13 : 1785339346
Total Pages : 374 pages
Book Rating : 4.49/5 ( download)

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Download or read book Living Under Austerity written by Evdoxios Doxiadis and published by Berghahn Books. This book was released on 2018-07-20 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its sovereign debt crisis in 2009, Greece has been living under austerity, with no apparent end in sight. This volume explores the effects of policies pursued by the Greek state since then (under the direction of the Troika), and how Greek society has responded. In addition to charting the actual effects of the Greek crisis on politics, health care, education, media, and other areas, the book both examines and challenges the “crisis” era as the context for changing attitudes and developments within Greek society.

Author : Yiannis Mylonas
Publisher : BRILL
ISBN 13 : 9004409181
Total Pages : 277 pages
Book Rating : 4.87/5 ( download)

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Download or read book The “Greek Crisis” in Europe written by Yiannis Mylonas and published by BRILL. This book was released on 2019-07-22 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : M. Mitsopoulos
Publisher : Springer
ISBN 13 : 0230294758
Total Pages : 278 pages
Book Rating : 4.52/5 ( download)

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Download or read book Understanding the Crisis in Greece written by M. Mitsopoulos and published by Springer. This book was released on 2011-01-19 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Congressional Research Service
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781546483687
Total Pages : 24 pages
Book Rating : 4.83/5 ( download)

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Download or read book The Greek Debt Crisis written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-05-05 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2009, Greece has grappled with a serious debt crisis. Most economists believe that Greece's public debt, 180% of Greek gross domestic product (GDP), is unsustainable. The ramifications of the debt have been felt throughout the Greek economy, which contracted by 25% from its pre-crisis level. A fifth of Greeks are unemployed, with youth unemployment at nearly 50%, and the Greek banking system is unstable. Although other Eurozone governments, the International Monetary Fund (IMF), and the European Central Bank coordinated a substantial crisis response, Greece continues to face serious economic challenges. The economic crisis in Greece is also one of several major challenges currently facing the 28-member European Union (EU) that have heightened concerns about the legitimacy and structure of the EU and its institutions and raised questions about the bloc's future shape and character. Acrimonious debates among European leaders about the appropriate response to the Greek crisis and other challenges have heightened political tensions in Europe that could negatively affect the EU over the longer term. In particular, the crisis in Greece has exposed problems with the institutional architecture of the Eurozone, whose member states share a common currency and monetary policy, but retain national control over fiscal and banking policies. Recent Developments and Outlook In the short-term, attention is focused on whether the Greek government can make 6.3 billion (about $6.7 billion) in debt payments falling due in July. The Greek government and European creditors are in negotiations to unlock disbursements of financial assistance to the Greek government that would allow it to make the July repayments. If an agreement cannot be reached, Greece may again default on its debt. A key issue in current negotiations is the role of the IMF. The IMF did not participate in the third rescue package for Greece, but left open the possibility of doing so at a later date. The IMF is pushing the Greek government to implement pension and tax reforms and pushing European creditors to grant debt relief to Greece. After seven years through the crisis, how the crisis will ultimately be resolved remains unclear. Possible scenarios could include (1) Europeans continue to "muddle through" the crisis, providing financial assistance to Greece in exchange for reforms, while keeping Eurozone membership in tact; (2) Europeans provide greater flexibility to Greece on debt relief and reforms, allowing Greece to grow out of the crisis while maintaining membership in the Eurozone; or (3) an eventual splintering of the Eurozone, with Greece choosing or being forced to leave the euro in favor of a national currency ("Grexit"). Issues for Congress Impact on the U.S. Economy: Although direct U.S. exposure to Greece is limited, Europe as a whole is a major economic partner of the United States. The pace of economic recovery in the Eurozone and in Greece is expected to pick up, albeit at a still relatively low rate, but should ease some of the pressure on financial stability and on the dollar. IMF Involvement: Some analysts criticize IMF involvement in Greece, particularly extending large loans when questions surrounded the sustainability of Greek debt. Other analysts argue that IMF programs in Greece were critical for stemming contagion and ensuring stability in the global economy. U.S.-European Cooperation: The United States looks to Europe for partnership in addressing a range of global challenges. Political tensions in Europe and a focus on the Greek crisis could prevent the EU from focusing more intently on other key U.S.-European policy priorities, such as deterring Russian aggression in Ukraine and Eastern Europe and responding to conflict in the Middle East and North Africa.

Author : Costas Simitis
Publisher : Manchester University Press
ISBN 13 : 1526112000
Total Pages : 540 pages
Book Rating : 4.02/5 ( download)

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Download or read book The European debt crisis written by Costas Simitis and published by Manchester University Press. This book was released on 2016-05-16 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, former Greek Prime Minister Costas Simitis examines the European debt crisis with particular reference to the case of Greece. Greece was the first Eurozone country to face an enormous deficit, which reached 15% of GDP in 2009. As the Greek crisis unfolded, other Eurozone countries displayed identical symptoms, albeit in varying degrees of severity. From a strictly Greek predicament the debt crisis quickly turned into a problem for the European Union as a whole. This first English language translation investigates the causes of this spillover and chronicles the policy responses to combat it. It also discusses Greece’s troubled political economy, the country’s difficulties in adjusting to the demands of its creditors and the vehement social and political reactions to the policy of austerity. Through his comprehensive and authoritative analysis, Simitis provides valuable insights into the crucial interconnection between Greece’s own economic troubles and the wider European search for macroeconomic stability and sustainable economic growth. As such, the book appeals well beyond those with a narrow academic interest in Greece. This is very much a discussion about the future of the Eurozone and the European Union as a whole.