J.Marangos’ (ed.) ‘The Internal Impact and External Influence of the Greek Financial Crisis’ has just been published by Palgrave:
In this collective volume I have contributed a chapter with the telling title ‘Troika’s Economic Adjustment Programmes for Greece: Why Do They Systematically Fail?’ (Pages 23-45).
The following abstract offers a brief description of my chapter.
The current Greek crisis – together with crises of the other euro-periphery economies – is at the epicenter of European Union’s (EU) structural problems. In order to overcome this crisis, the EU in agreement with successive Greek governments has applied three Economic Adjustment Programmes (EAPs), entailing successive loans to Greece in order to avoid default and linked to conditionality delineating the recipient’s obligations. These Programmes despite their successive reviews and modifications failed dismally to overcome the Greek crisis and achieve their own milestones. This paper explores the causes of this blatant failure. The first part presents the historical timeline of the Greek EAPs and pinpoints their failures. The next part analyses the origins of these programmes and the peculiarities of the Greek EAPs. The last part explains the political economic reasons of the systematic failures.