By Theodore Pelagidis, Michael Mitsopoulos
Greece's financial system symbolizes in lots of methods the Eurozone's financial difficulties and divergent pursuits because it amasses lots of the fiscal negative aspects characterizing the Eurozone's financial system itself. This e-book provides the industrial and political demanding situations to Greece and the ecu member states.
Read Online or Download Who’s to Blame for Greece?: Austerity in Charge of Saving a Broken Economy PDF
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Extra info for Who’s to Blame for Greece?: Austerity in Charge of Saving a Broken Economy
Sample text
What also stands out, is the statement in reference (d) that the new election law was adopted early, and with a formulation that would lead to the formation of a government with high certainty, as a prerequisite to reduce the fears for political instability and thus to improve the business climate and the attractiveness of investment in Greece. It has to be noted here that this election law famously reversed the clauses introduced in 1998 by the exiting PASOK government, and that made it difficult to form a new government in 1989 and 1990, and then allowed only the formation of a government with a very narrow majority in the Parliament, even though it had a very large share of the votes, a fact that was pivotal in the downfall of the government in 1993.
In the end, it is the fact that the ambitious announcements of the government were backed up with deeds that allowed for the stabilization of the economy, the restoration of confidence with respect to Greece in the markets, and among the European partners, and at the same time led to the improvement of growth prospects. This combination made the aspiration that the plan at hand could ensure the fulfillment of all Maastricht criteria, and thus allow the country 38 Who’s to Blame for Greece? to join the EMU on equal terms, a challenging, but attainable, goal at the time the application was filed.
Bayoumi, T. and P. Masson (1995), “Fiscal Flows in the United States and Canada: Lessons for Monetary Union in Europe,” European Economic Review, 39, pp. 751–758. Beetsma, R. and M. Giuliodori (2001), “The Macroeconomic Costs and Benefits of the EMU and other Monetary Unions: An Overview of Recent Research,” Journal of Economic Literature, 48(3): 603–41. S. (2006), “Testimony of Chairman Ben S. S. House of Representatives February 15. Blanchard, O. (2000), “The Economics of Unemployment. Shocks, Institutions and Interactions,” Lionel Robins Lectures, London School of Economics, October.