Political Economy of the Greek Crisis

Costas Lapavitsas

Review of Radical Political Economics, 2019, vol. 51, issue 1, 31-51

Abstract: The Greek turmoil commenced as a balance of payments, or “sudden stop,†crisis induced by large current account and primary government deficits. It became an economic and social disturbance of historic proportions. Its proximate cause was loss of competitiveness within the Eurozone due in large part to domestic German wage policies. The bailout policies, imposed by the lenders primarily for reasons of Eurozone stability and adopted by Greece, have had disastrous effects on both economy and society. The “historical bloc†that dominates Greek society willingly submitted to the bailout strategy, losing sovereignty, for reasons including fear and identity. JEL Classification: E66, F00, F02, F34

Keywords: international monetary arrangements and institutions; economic and financial crises; European economies; political economics (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/0486613417730363 (text/html)

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:sae:reorpe:v:51:y:2019:i:1:p:31-51

DOI: 10.1177/0486613417730363

Access Statistics for this article

More articles in Review of Radical Political Economics from Union for Radical Political Economics
Bibliographic data for series maintained by SAGE Publications ().