The Troika’s variations on a trio: Why the loan programmes worked so differently in Greece, Ireland, and Portugal

Niamh Hardiman, Joaquim Filipe Araújo, Muiris MacCarthaigh and Calliope Spanou
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Joaquim Filipe Araújo: Department of International Relations and Public Administration, University of Minho, Braga, Portugal
Muiris MacCarthaigh: School of History, Anthropology, Philosophy and Politics, and the George J. Mitchell Institute for Global Peace, Security and Justice, Queen’s University Belfast, UK
Calliope Spanou: Department of Political Science and Public Adminstration, National and Kapodistrian University of Athens, Greece

No 201711, Working Papers from Geary Institute, University College Dublin

Abstract: Portugal and Ireland exited Troika loan programmes; Greece did not. The conventional narrative is that different outcomes are best explained by differences in national competences in implementing programme requirements. This paper argues that three factors distinguish the Greek experience from that of Ireland and Portugal: different economic, political, and institutional starting conditions; the ad hoc nature of the European institutions’ approach to crisis resolution; and the very different conditionalities built into each of the loan programmes as a result. Ireland and Portugal show some signs of recovery despite austerity measures, but Greece has been burdened beyond all capacity to recover convincingly.

Keywords: Loan programme; Eurozone crisis; Troika; European periphery; conditionality (search for similar items in EconPapers)
JEL-codes: E02 E62 G01 H30 H77 H87 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2017-10-17
New Economics Papers: this item is included in nep-cba, nep-cta, nep-eec and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:ucd:wpaper:201711

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