Economics at your fingertips  

Public debt crisis, austerity and deflation: the case of Greece

Marica Frangakis
Additional contact information
Marica Frangakis: Nicos Poulantzas Institute, Athens, Greece

Review of Keynesian Economics, 2015, vol. 3, issue 3, 295-313

Abstract: Greece is the country in which the eurozone's public debt crisis began in late 2009. The policy response of the EU elites was to provide financial assistance on condition that a strict austerity-cum-deregulation policy is applied under the watchful guidance of the European Commission, the European Central Bank and the IMF (the so-called Troika). Five years later, the country is in an economic, social and political limbo, as a debt-deflation process has set in. Greece, however, is not a special case. Rather, it illustrates the failures of the prevailing economic and political orthodoxy in the EU. At best, it can serve as an example of the cost of ignoring the lessons of the 1930s Great Depression.

Keywords: austerity; eurozone crisis; public debt; deflation; depression (search for similar items in EconPapers)
JEL-codes: E31 E65 E66 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link) (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:

Access Statistics for this article

Review of Keynesian Economics is currently edited by Louis-Philippe Rochon, Thomas Palley and Matias Vernengo

More articles in Review of Keynesian Economics from Edward Elgar Publishing
Bibliographic data for series maintained by Katie Smith ().

Page updated 2018-04-28
Handle: RePEc:elg:rokejn:v:3:y:2015:i:3:p295-313