Arkolakis, Costas, Galenianos, Manolis, (2015), “The challenge of trade adjustment in Greece”, Voxeu, 22 Νοεμβρίου
In 2009 it became clear that the Greek economy was facing very serious challenges arising from the country’s ‘twin deficits’ – both the budget of the Greek government and the current account of the country were in deficit by almost 15% of GDP. The two deficits required large amounts of financing that was not forthcoming in the aftermath of the Global Crisis of 2007-09, leading to the eruption of the Greek crisis.
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