An Evaluation of Policies for Fiscal and External Sustainability during the Recent Greek Economic Crisis

Panagiotis Chronis and George Zombanakis

European Research Studies Journal, 2016, vol. XIX, issue 1, 32-43

Abstract: The scope of this note is to point out that high growth rates must be accompanied by current account surpluses financing the internal debt service as a necessary and sufficient condition for a debt-reduction strategy. The recipe is applied in the case of Greece which, looking back at the pre-crisis period, has been experiencing substantial consumption-led growth following extensive foreign borrowing.

Keywords: Twin Deficits; Debt; Sustainability (search for similar items in EconPapers)
JEL-codes: F32 H63 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (6)

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Working Paper: An Evaluation of Policies for Fiscal and External Sustainability during the Recent Greek Economic Crisis (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xix:y:2016:i:1:p:32-43

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