Skip to main content
Disciplines
Automotive Business IT + Informatics Construction + Real Estate Electrical Engineering + Electronics Energy + Sustainability Insurance + Risk Finance + Banking Management + Leadership Marketing + Sales Mechanical Engineering + Materials
Events
DE
EN
Books
Journals
Topic Page
Marketing
Start single access now
Access for companies
EXTENDED SEARCH
Log in
Top
Published in:
Introduction Read chapter Read first chapter

2017 | OriginalPaper | Chapter

3. Troika’s Economic Adjustment Programmes for Greece: Why Do They Systematically Fail?

Author : Stavros Mavroudeas

Published in: The Internal Impact and External Influence of the Greek Financial Crisis

Publisher: Springer International Publishing

Log in

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

The current Greek crisis—together with crises of the other euro-periphery economies—is at the epicentre of European Union’s (EU) structural problems. In order to overcome this crisis, the EU in agreement with successive Greek governments has applied three Economic Adjustment Programmes (EAPs), entailing successive loans to Greece in order to avoid default and linked to conditionality delineating the recipient’s obligations. These Programmes, despite their successive reviews and modifications, failed dismally to overcome the Greek crisis and achieve their own milestones. This chapter explores the causes of this blatant failure. The first part presents the historical timeline of the Greek EAPs and pinpoints their failures. The next part analyses the origins of these programmes and the peculiarities of the Greek EAPs. The last part explains the political and economic reasons of the systematic failures.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

inform now
previous chapter The ‘Greek Crisis’ and the Austerity Controversy in Europe
next chapter The ECB’s Non-standard Monetary Policy Measures and the Greek Financial Crisis
Literature
Arestis, P. (2009). New consensus macroeconomics: A critical appraisal (Levy Institute Working Paper No. 564).
Blanchard, O., & Leigh, D. (2013). Growth forecast errors and fiscal multipliers (IMF Working Paper 13/1).
Botta, A. (2015). The theoretical weaknesses of the expansionary austerity doctrine (Post Keynesian Economics Study Group Working Paper 1511).
Colasanti, F. (2016). Financial assistance to Greece: Three programmes. European Policy Centre.
EC. (2010, May). The economic adjustment programme for Greece (Occasional Papers 61).
EC. (2012, March). The second economic adjustment programme for Greece (Occasional Papers 94).
Economist. (2008, March 6). The decoupling debate. Economist.
Economist. (2010, February 24). Decoupling: True or false? Economist.
Gross, D. (2008, January 23). Decoupling: Can Europe avoid a recession? CEPS Commentary.
Herndon, T., Ash, M., & Pollin, R. (2013). Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. Cambridge Journal of Economics, 38(2), 257–279.CrossRef
IMF. (2013). Greece: Ex post evaluation of exceptional access under the 2010 stand-by arrangement (Country Report No. 13/156).
Kincaid, R. (2016). The IMF’s role in the euro area crisis: What are the lessons from the IMF’s participation in the Troika? (IEO IMF Background Paper).
Krauss, M. (2008, Winter). Don’t bet on decoupling. International Economy, pp. 22–23.
Mavroudeas, S. (2013). Development and crisis: The turbulent course of Greek capitalism. International Critical. Thought, 3(3), 217–314.
Mavroudeas, S. (2015). The Greek saga: Competing explanations of the Greek crisis (Kingston University London Economics Discussion Paper Series 20015-1).
Mavroudeas, S. (2016). The Greek crisis: A structural or a conjunctural crisis? In T. Subasat (Ed.), The great financial meltdown: Systemic, conjunctural or policy-created? New directions in modern economics series. Cheltenham: Edward Elgar.
Mavroudeas, S., & Paitaridis, D. (2014). The Greek crisis: A dual crisis of overaccumulation and imperialist exploitation. In S. Mavroudeas (Ed.), Greek capitalism in crisis: Marxist analyses. London: Routledge.
Mavroudeas, S., & Papadatos, D. (2007). Reform, reform the reforms or simply regression? The ‘Washington consensus’ and its critics. Bulletin of Political Economy, 1(1), 43–66.
Pisani-Ferry, J., Sapir, A., & Wolff, G. (2013). EU-IMF assistance to euro-area countries: An early assessment, Bruegel blueprint series (Vol. XIX). Brussels: Brussels Bruegel.
Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a time of debt. American Economic Review Papers and Proceedings, 100(2), 573–578.CrossRef
Weisbrot, M., Rebecca, R., Cordero, J., & Montesino, J. (2009). IMF-supported macroeconomic policies and the world recession: A look at forty-one borrowing countries. Washington, DC: CERP.
Metadata
Title
Troika’s Economic Adjustment Programmes for Greece: Why Do They Systematically Fail?
Author
Stavros Mavroudeas
Copyright Year
2017
Book
The Internal Impact and External Influence of the Greek Financial Crisis

Print ISBN: 978-3-319-60200-4

Electronic ISBN: 978-3-319-60201-1

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-60201-1_3