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The never-ending greek crisis: A tragedy without a catharsis

Katsikas, Dimitrios, (2012), “The never-ending greek crisis: A tragedy without a catharsis”, Revista de Estudios Europeos, no 60 Jul-Dec, pp.33-52.

This article presents an overview and analysis of the crisis in Greece. It is argued that the origins of the crisis lie with deep structural problems of the Greek economy and state, which had been left unresolved for too long. The global financial crisis exposed these problems and led Greece to a sovereign debt crisis. Greece’s European partners and the IMF stepped in to support the country with a bailout deal in the spring of 2010. However, instead of leading the country out of the crisis, the policy conditionality imposed on Greece in exchange for bailout funds, has plunged Greece in economic, social and political turmoil. Lack of collective leadership at the European level and a normatively inspired, but politically exploited, insistence on austerity has stretched the Greek economy and society to their limits, raising concerns about the country’s political stability and social cohesion.