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Greece in the Aftermath of the Debt Haircut: More Austerity, a Deeper Slump, and the Surrender of National Sovereignty

C. J. Polychroniou

Economics One-Pager Archive from Levy Economics Institute

Abstract: It is a well-recognized fact that the Greek economy has been going from bad to worse since the first bailout in May 2010, and a leaked document relating to the bailout talks ahead of last week's EU summit openly admitted that the policy of expansionary fiscal consolidation had been a blatant failure. So why did it take the EU leadership almost two years to recognize the need for a significant haircut on Greek debt?

Date: 2011-11
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