The Greek Crisis and Financial Assistance Programmes: An Evaluation

29 Pages Posted: 10 Dec 2015

Date Written: November 9, 2015

Abstract

We analyse the background of the Greek debt crisis and evaluate the three Greek financial assistance programme. The crisis and the first programme’s (2010-11) failure were mainly the result of misguided internal policies. The second programme (2012-14) achieved progress towards recovery but this was fragile and was cancelled out by Greece’s stand-off with her lenders in the first half of 2015. The stand-off was one that predictably Greece could not win, due to the lack of a credible growth plan; and the adoption of a transparently non-credible ultimatum-game strategy. These explain the signing of the third programme in August 2015.

Keywords: Greece, euro, crisis, financial assistance programmes

JEL Classification: E000, F400

Suggested Citation

Arghyrou, Michael, The Greek Crisis and Financial Assistance Programmes: An Evaluation (November 9, 2015). CESifo Working Paper Series No. 5591. Available at SSRN: https://ssrn.com/abstract=2701705

Michael Arghyrou (Contact Author)

University of Piraeus ( email )

Karaoli & Dimitriou 80
Piraeus, 18534
Greece
19 (Fax)

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