The determinants of bank bailouts in Greece: testing the extreme limits of the “Varieties of Financial Capitalism” framework

Athanasios Kolliopoulos

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This article explores the determinants of the three bank bailouts in Greece during the recent financial crisis. Building on literature from comparative studies applying the “Varieties of Financial Capitalism” framework, the paper analyzes the factors contributing to bank rescue package design. Although this analysis verifies the institutionalist hypotheses in the case of the two fist recapitalizations, the article attempts to explain the significant changes in the domestic banking system and the transfer of control of systemic banks to foreign hands, which were caused after the third recapitalization in 2015. Interpreting such an exceptional case, we focus on the ECB’s lender of last resort tools as a catalyst for bank restructuring.

Keywords: Greek banks; dehellenization; Varieties of Capitalism; bailout; Emergency Liquidity Assistance (search for similar items in EconPapers)
JEL-codes: F3 G3 J1 N0 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2020-05-01
New Economics Papers: this item is included in nep-ban and nep-eec
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:105072

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