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Greek Political Economy in the Post-crisis Period 2010–2019

In: Business Development and Economic Governance in Southeastern Europe

Author

Listed:
  • Pantelis Sklias

    (Neapolis University Pafos)

  • Spyros A. Roukanas

    (University of Piraeus)

  • Georgios Galatsidas

    (University of the Aegean)

Abstract

The strict austerity policy that was imposed on Greece by the Tripartite Support Mechanism (EC, ECB, and IMF) had unforeseen and unprecedented macroeconomic and social effects. There can be no doubt that the fiscal stability programme was originally designed to facilitate the overall improvement of the Greek economy’s macroeconomic situation, emphasising on the stabilisation of budget deficits and the containment of public debt as necessary conditions for both Greece’s return to capital markets and restarting economic growth in the country. Ten years later, the question is to what extent the macroeconomic targets of reducing the public debt and the budget deficit, as well as the ultimate goal of achieving economic growth, have been realised (or not)? This paper is an attempt to systematically document the course of Greek Political Economy during 2010–2019. More specifically, this paper discusses macroeconomic aggregates (economic growth, public debt, public deficit, unemployment, employment, and the labour force) with the ultimate goal of evaluating the economic policies of the Tripartite Support Mechanism. The study of macroeconomic indicators shows that, ten years after the programme’s implementation, the overall macroeconomic situation of the Greek economy has not improved (with the exception of the public deficit), while key indicators (such as the public debt and economic growth) have worsened, further aggravating labour market conditions, and as a result the Greek economy is in a much worse macroeconomic position as compared to May 2010.

Suggested Citation

  • Pantelis Sklias & Spyros A. Roukanas & Georgios Galatsidas, 2022. "Greek Political Economy in the Post-crisis Period 2010–2019," Springer Proceedings in Business and Economics, in: Pantelis Sklias & Persefoni Polychronidou & Anastasios Karasavvoglou & Victoria Pistikou & Nikolaos (ed.), Business Development and Economic Governance in Southeastern Europe, pages 3-33, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-05351-1_1
    DOI: 10.1007/978-3-031-05351-1_1
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    Cited by:

    1. John Marangos, 2023. "The Post-Keynesian Perspective and Policy Recommendations for the Greek Financial Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 423-447, September.

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