The Determinants of Bank Bailouts in Greece: testing the extreme limits of the ÒVarieties of Financial CapitalismÓ framework

Athanasios Kolliopoulos

GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe from Hellenic Observatory, LSE

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 ÒVarieties of Financial CapitalismÓ 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 ECBÕs lender of last resort tools as a catalyst for bank restructuring.

Keywords: Greek banks; ÒdehellenizationÓ; Varieties of Capitalism; bailout; Emergency Liquidity Assistance (search for similar items in EconPapers)
Date: 2020-05
New Economics Papers: this item is included in nep-ban
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Persistent link: https://EconPapers.repec.org/RePEc:hel:greese:148

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