ARTICLE
european-politea3.jpg
10,00 €

The Greek Crisis: A Chronology of Events

Pages
19
2015 / No. 1
Digital Edition

The Greek Crisis: A Chronology of Events
Panagiotis Liargovas
Department of Economics, University of Peloponnese, Greece


Spyridon Repousis
Department of Economics, University of Peloponnese, Greece


This paper shows that the Greek crisis was the result of chronic and sustainable fiscal and external imbalances. High fiscal deficits, high ratio of government debt to GDP, high current account deficits and low competitiveness characterized economy. The triggering mechanism of the crisis was the arrival of the global economic recession in October 2008. Political instability, two national parliamentary elections during the crisis, revelations about real level of debt and downgrading of Greece's creditworthiness, led to two bailout loans, followed by strict fiscal adjustment, structural reforms and austerity measures. In the future, reducing uncertainty is a key factor to economic stabilization.

Author in Publications

Other Articles from the same Issue

Most Viewed