„Rettungsprogramme“ für Krisenländer verschärften die Krise — eine Replik

Ernst Niemeier (), Jens Boysen-Hogrefe and Ulrich Stolzenburg ()

Wirtschaftsdienst, 2016, vol. 96, issue 1, 64-71

Abstract: In his reply, Niemeier accuses Boysen Hogrefe and Stolzenburg of erroneously ascribing the failing of the Greek programme to insufficient “ownership”, whereas the true cause is — in his view — an inadequate austerity policy. The alleged success of this policy in Portugal and Ireland refers solely to GDP growth and ignores the continuing high levels of unemployment in those countries. Boysen- Hogrefe and Stolzenburg insist that the “success” of a rescue programme actually implies that the respective country is able to return to capital markets. The Greek crisis was structural rather than cyclical, so a temporary stabilisation of domestic demand (financed by additional foreign debt) would not have solved the issue. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2016

Keywords: E65; F34; F53 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s10273-016-1927-y

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