The Greek Tragedy and Its Lessons

Dipak Basu and Victoria Miroshnik
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Dipak Basu: Nagasaki University
Victoria Miroshnik: Tsukuba University

Chapter 9 in International Business and Political Economy, 2015, pp 99-106 from Palgrave Macmillan

Abstract: Abstract The IMF admitted it had failed to realize the damage austerity would do to Greece as the Washington-based organization catalogued mistakes made during the bailout of the stricken eurozone country. In an assessment of the rescue conducted jointly with the ECB and the European commission, the IMF said it had been forced to override its normal rules for providing financial assistance in order to put money into Greece. Fund officials had severe doubts about whether Greece’s debt would be sustainable even after the first bailout was provided in May 2010 and only agreed to the plan because of fears of contagion. While it succeeded in keeping Greece in the eurozone, the report admitted the bailout included notable failures. ‘Market confidence was not restored, the banking system lost 30% of its deposits and the economy encountered a much deeper than expected recession with exceptionally high unemployment’ ( http://ec.europa.eu ).

Keywords: International Business; Hedge Fund; Credit Default Swap; Mortgage Loan; European Economic Community (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-47486-5_10

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DOI: 10.1057/9781137474865_10

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