Greece's Bailouts and the Economics of Social Disaster

C. J. Polychroniou

Economics Policy Note Archive from Levy Economics Institute

Abstract: As the decline in Greek GDP should indicate—a contraction of more than 20 percent since the onset of the sovereign debt crisis in late 2009—the economic situation in Greece today is catastrophic. The economy is in freefall, and the social consequences are being widely felt. The main reason for this awful situation is that the country has suffered for more than two years under a harsh austerity regime imposed by the European Union and the International Monetary Fund. The bailouts have proven to be a curse. The nation is literally under economic occupation and sinking deeper into the abyss—and there is very little reason to expect a turnaround in the foreseeable future.

Date: 2012-09
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.levyinstitute.org/pubs/pn_12_11.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lev:levypn:12-11

Access Statistics for this paper

More papers in Economics Policy Note Archive from Levy Economics Institute
Bibliographic data for series maintained by Elizabeth Dunn ( this e-mail address is bad, please contact ).