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„Rettungsprogramme“ für Krisenländer verschärften die Krise — eine Replik

Author

Listed:
  • Ernst Niemeier
  • Jens Boysen-Hogrefe
  • Ulrich Stolzenburg

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

Suggested Citation

  • Ernst Niemeier & Jens Boysen-Hogrefe & Ulrich Stolzenburg, 2016. "„Rettungsprogramme“ für Krisenländer verschärften die Krise — eine Replik," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 96(1), pages 64-71, January.
    • Handle: RePEc:spr:wirtsc:v:96:y:2016:i:1:p:64-71
    DOI: 10.1007/s10273-016-1927-y
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    Keywords

    E65; F34; F53;
    All these keywords.

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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