The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts

Silvia Ardagna and Francesco Caselli

CEP Reports from Centre for Economic Performance, LSE

Abstract: We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that the second bailout was not on the Pareto frontier and sketch political-economy arguments for why this may be so.

Keywords: debt crisis; Greece; political economics (search for similar items in EconPapers)
Date: 2012-03
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Citations: View citations in EconPapers (25)

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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepsps:25

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