Political Economy Perspectives on the Greek Crisis Debt, Austerity a
This book offers a comprehensive guide to the on-going Greek debt crisis. It identifies and explains Greece’s idiosyncratic weaknesses, and highlights the existing rigidities in the EU architecture that make the recovery prospects of the Greek economy cha
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Political Economy Perspectives on the Greek Crisis
Ioannis Bournakis · Christopher Tsoukis Dimitris K. Christopoulos Theodore Palivos Editors
Political Economy Perspectives on the Greek Crisis Debt, Austerity and Unemployment
Editors Ioannis Bournakis Department of Economics Middlesex University London, UK Christopher Tsoukis Economics and Finance, Keele Management School Keele University Keele, UK
Dimitris K. Christopoulos Department of Economic and Regional Development Panteion University Athens, Greece Theodore Palivos Athens University of Economics and Business Athens, Greece
ISBN 978-3-319-63705-1 ISBN 978-3-319-63706-8 (eBook) DOI 10.1007/978-3-319-63706-8 Library of Congress Control Number: 2017948279 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Fatima Jamadar Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
Part I Introduction and Political Economy Approaches 1 Introduction 3 Christopher Tsoukis, Ioannis Bournakis, Dimitris K. Christopoulos and Theodore Palivos 2
The Eurozone Crisis: A Near-Perfect Case of Mismanagement 41 Charles Wyplosz
3
The Elusive Promise of Structural Reform 61 Dani Rodrik
4
The Responsibility of the EU 71 John Grahl
5
German Macroeconomic Thought and Its Effects 93 George Bratsiotis and David Cobham
v
vi Contents
6
Seven Years of Austerity and the Greek Dra(ch)ma: Three Economists’ Views and a Comment 117 Menelaos G. Karanasos, Panagiotis D. Koutroumpis, John Hatgioannides, Marika Karanassou and Hector Sala
Part II Debt, Austerity and Credit Ratings 7
A Macroeconomic Perspective on the Greek Debt Crisis 1
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