Greece

Andreea Dragoi

Conjunctura economiei mondiale / World Economic Studies, 2015

Abstract: According to the European Commission's latest analyzes (European Economic Forecast, 2015), the 2015 outlook for the Greek economy is not very optimistic. Anticipated recovery will be jeopardized by the impact of the uncertainty generated by the new political climate and by the tensions related to the debt repayment to international lenders. Both those phenomena will have a negative impact on economic growth. It should be noted that in the past six years, the Greek economy has undergone a prolonged economic recession. During this economic downturn the Greek economy was faced with major fiscal imbalance becoming a true “epicenter†for the sovereign debt crisis in the Eurozone. In order to overcome these difficulties, Greece has received a series of "economic aid packages" from the EU-ECB-IMF (the so-called "Troika"). However, to receive this financial support, Greece was forced to impose a series of tough austerity measures that generated a great social discontent. As a result, at the beginning of 2015, the extremist party Syriza won the election promising that would challenge the austerity measures imposed by the EU and IMF and will try to renegotiate the external debt repayment.

Keywords: Greece economy; recession; external debt; international lenders (search for similar items in EconPapers)
Date: 2015
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Journal Article: Greece (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:iem:conjun:y:2015:id:2822000009588007

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