[go: up one dir, main page]
More Web Proxy on the site http://driver.im/
IDEAS home Printed from https://ideas.repec.org/p/ces/ceswps/_5591.html
   My bibliography  Save this paper

The Greek Crisis and Financial Assistance Programmes: An Evaluation

Author

Listed:
  • Michael G. Arghyrou
Abstract
We analyse the background of the Greek debt crisis and evaluate the three Greek financial assistance programme. The crisis and the first programme’s (2010-11) failure were mainly the result of misguided internal policies. The second programme (2012-14) achieved progress towards recovery but this was fragile and was cancelled out by Greece’s stand-off with her lenders in the first half of 2015. The stand-off was one that predictably Greece could not win, due to the lack of a credible growth plan; and the adoption of a transparently non-credible ultimatum-game strategy. These explain the signing of the third programme in August 2015.

Suggested Citation

  • Michael G. Arghyrou, 2015. "The Greek Crisis and Financial Assistance Programmes: An Evaluation," CESifo Working Paper Series 5591, CESifo.
    • Handle: RePEc:ces:ceswps:_5591
    as

    Download full text from publisher

    File URL: https://www.cesifo.org/DocDL/cesifo1_wp5591.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Harris Dellas & Goerge Tavlas, 2012. "The road to Ithaca: the Gold Standard, the Euro and the origins of the Greek sovereign debt crisis," Working Papers 149, Bank of Greece.
    2. Iván Kataryniuk & Javier Vallés, 2018. "Fiscal consolidation after the Great Recession: the role of composition," Oxford Economic Papers, Oxford University Press, vol. 70(2), pages 563-585.
    3. Costantini, Mauro & Fragetta, Matteo & Melina, Giovanni, 2014. "Determinants of sovereign bond yield spreads in the EMU: An optimal currency area perspective," European Economic Review, Elsevier, vol. 70(C), pages 337-349.
    4. Arghyrou, Michael G. & Gregoriou, Andros & Kontonikas, Alexandros, 2009. "Do real interest rates converge? Evidence from the European union," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(3), pages 447-460, July.
    5. Michael G. Arghyrou, 2015. "From the Euro-Crisis to a New European Economic Architecture," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Dimitrios D. Thomakos & Platon Monokroussos & Konstantinos I. Nikolopoulos (ed.), A Financial Crisis Manual, chapter 14, pages 308-328, Palgrave Macmillan.
    6. Michael G. Arghyrou & Georgios Chortareas, 2008. "Current Account Imbalances and Real Exchange Rates in the Euro Area," Review of International Economics, Wiley Blackwell, vol. 16(4), pages 747-764, September.
    7. Alberto Alesina & Silvia Ardagna, 2010. "Large Changes in Fiscal Policy: Taxes versus Spending," NBER Chapters, in: Tax Policy and the Economy, Volume 24, pages 35-68, National Bureau of Economic Research, Inc.
    8. Arghyrou, Michael G. & Kontonikas, Alexandros, 2012. "The EMU sovereign-debt crisis: Fundamentals, expectations and contagion," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(4), pages 658-677.
    9. Frank Bohn & Eelke Jong, 2011. "The 2010 euro crisis stand-off between France and Germany: leadership styles and political culture," International Economics and Economic Policy, Springer, vol. 8(1), pages 7-14, April.
    10. Afonso, António & Gomes, Pedro, 2014. "Interactions between private and public sector wages," Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 97-112.
    11. Sinn, Hans-Werner, 2017. "The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs," OUP Catalogue, Oxford University Press, number 9780198791447.
    12. Dimitrios D. Thomakos & Platon Monokroussos & Konstantinos I. Nikolopoulos (ed.), 2015. "A Financial Crisis Manual," Palgrave Macmillan Studies in Banking and Financial Institutions, Palgrave Macmillan, number 978-1-137-44830-9, February.
    13. Nikolaos Artavanis & Adair Morse & Margarita Tsoutsoura, 2015. "Tax Evasion across Industries: Soft Credit Evidence from Greece," NBER Working Papers 21552, National Bureau of Economic Research, Inc.
    14. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    15. Michael G. Arghyrou & John D. Tsoukalas, 2011. "The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes," The World Economy, Wiley Blackwell, vol. 34(2), pages 173-191, February.
    16. Philip R. Lane, 2012. "The European Sovereign Debt Crisis," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 49-68, Summer.
    17. 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.
    18. International Monetary Fund, 2013. "Greece: Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement," IMF Staff Country Reports 2013/156, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michael G. Arghyrou, 2014. "Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy," CESifo Working Paper Series 4995, CESifo.
    2. Huang, Jiayi & Zhou, Peng, 2024. "Causes and effects of social media engagement in luxury fashion marketing: A comparative study over the COVID pandemic," Cardiff Economics Working Papers E2024/16, Cardiff University, Cardiff Business School, Economics Section.
    3. Arghyrou, Michael G. & Gadea, Maria Dolores, 2012. "The single monetary policy and domestic macro-fundamentals: Evidence from Spain," Journal of Policy Modeling, Elsevier, vol. 34(1), pages 16-34.
    4. Afonso, António & Arghyrou, Michael G. & Gadea, María Dolores & Kontonikas, Alexandros, 2018. "“Whatever it takes” to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects," Journal of International Money and Finance, Elsevier, vol. 86(C), pages 1-30.
    5. George Alogoskoufis, 2024. "Before and After the Political Transition of 1974 Institutions, Politics, and the Economy of Post-War Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 198, Hellenic Observatory, LSE.
    6. Arghyrou, Michael G. & Kontonikas, Alexandros, 2012. "The EMU sovereign-debt crisis: Fundamentals, expectations and contagion," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(4), pages 658-677.
    7. Elena Raluca MOISESCU (DUICAN) & Andrei GIURESCU, 2016. "Sovereign debt crisis. From challenges to solutions," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(606), S), pages 195-202, Spring.
    8. Dumitriu, Ramona & Stefanescu, Răzvan, 2020. "Iluzii financiare, Partea întâi [Financial Illusions, Part 1]," MPRA Paper 101201, University Library of Munich, Germany, revised 17 Jun 2020.
    9. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Windfall of Low Interest Payments and Fiscal Sustainability in the Euro Area: Analysis through Panel Fiscal Reaction Functions," Kyklos, Wiley Blackwell, vol. 68(4), pages 475-510, November.
    10. Afonso, António & Tovar Jalles, João, 2019. "Quantitative easing and sovereign yield spreads: Euro-area time-varying evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 58(C), pages 208-224.
    11. Alogoskoufis, George, 2024. "Before and after the political transition of 1974: institutions, politics, and the economy of post-war Greece," LSE Research Online Documents on Economics 124056, London School of Economics and Political Science, LSE Library.
    12. Engelbert Stockhammer & Collin Constantine & Severin Reissl, 2015. "Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis [Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 25(spe), pages 749-775, December.
    13. Hope, David, 2016. "Estimating the effect of the EMU on current account balances: A synthetic control approach," European Journal of Political Economy, Elsevier, vol. 44(C), pages 20-40.
    14. Danias, Nikolaos & Kim Swales, John & McGregor, Peter, 2013. "The Greek Electricity Market Reforms: Political and Regulatory Considerations," Energy Policy, Elsevier, vol. 62(C), pages 1040-1047.
    15. Sérgio C. Lagoa & Emanuel R. Leão & Diptes P. Bhimjee, 2022. "Dynamics of the public-debt-to-gdp ratio: can it explain the risk premium of treasury bonds?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(4), pages 1089-1122, November.
    16. Kinateder, Harald & Wagner, Niklas, 2017. "Quantitative easing and the pricing of EMU sovereign debt," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 1-12.
    17. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    18. Yanos Zylberberg & Francesco Pappada, 2014. "Austerity plans and tax evasion : theory and evidence from Greece," 2014 Meeting Papers 1031, Society for Economic Dynamics.
    19. Dosi, Giovanni & Fagiolo, Giorgio & Napoletano, Mauro & Roventini, Andrea & Treibich, Tania, 2015. "Fiscal and monetary policies in complex evolving economies," Journal of Economic Dynamics and Control, Elsevier, vol. 52(C), pages 166-189.
    20. Luciano Greco & Francesco Jacopo Pintus & Davide Raggi, 2023. "When Fiscal Discipline meets Macroeconomic Stability: the Euro-stability Bond," "Marco Fanno" Working Papers 0300, Dipartimento di Scienze Economiche "Marco Fanno".

    More about this item

    Keywords

    Greece; euro; crisis; financial assistance programmes;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_5591. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/cesifde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.