Greek Economic Crisis

Niculescu Oana-Marilena ()
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Niculescu Oana-Marilena: Academy of Economic Studies, Bucharest

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 1526-1531

Abstract: The purpose of this paper is to analyze the most severe crisis of a eurozone country. After years of overspending, cheap loans and failure of financial reforms, the deficit increased in Greece to 12,7% of GDP and its rating was downgraded to the lowest in the eurozone. As an important part of the revenue increase proposed by the Greek Stability and Growth Programme proved to be impossible to materialize, the rescue plan approved by the European Union/International Monetary Fund was the only viable solution in order to avoid bankruptcy. The results of the Greek crisis spread to other eurozone countries like Ireland, Portugal or Spain. Greek economic crisis reflects the existence of a non-uniform Monetary Union, without a central fiscal authority able to correct internal disparities. The difference between north and south within the eurozone seems to be deeper than ever and might compromise even the survival of euro.

Keywords: crisis; eurozone; rescue plan; PIIGS; Monetary Union (search for similar items in EconPapers)
JEL-codes: F01 G01 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:11:y:2011:i:1:p:1526-1531

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