When the Greek Political System Clashed with Europe: Why the Greek Sovereign-Debt Crisis is Taking so Long to End

ULUSLARARASI İLİŞKİLER, VOLUME 15, NUMBER 58, 2018

Constantine A. PAPADOPOULOS*

ABSTRACT

The central argument of this essay is that, in order to understand the reasons behind the Greek economy’s inability to recover sooner from its 8-year recession, analysis must focus on the institutional, political and cultural traits of the country rather than take a primarily “economistic” approach and simply blame “excessive austerity” and/or the euro. In fact, it will be argued that Greece’s positive performance under the euro (until government actions derailed the economy) is generally underappreciated, suggesting that if the country’s institutional weaknesses are addressed, the economy will grow. If they are not, the country’s long-term economic potential will almost certainly remain unfulfilled.

Keywords: Greek Economic Crisis, Austerity, Structural Reforms

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* Adjunct Prof., D.Phil., School of Business, Deree – The American College of Greece, Athens.


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