Why Did Forceful Internal Devaluation Fail to Kick-Start Export-Led Growth in Greece?

Michael Mitsopoulos and Theodore Pelagidis

Challenge, 2014, vol. 57, issue 6, 85-102

Abstract: The policies imposed on Greece by the troika of the European Commission, the International Monetary Fund, and the European Central Bank failed to recognize the low wage share of Greece and to address important existing and new problems. Forcing wages down to make the country's exports competitive while failing to promote other necessary reforms, argue the authors, had little chance for success.

Date: 2014
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DOI: 10.2753/0577-5132570607

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