Walter, Stefanie, (2016), “Why austerity is easier to implement in some countries than others – and why this was not the case for Greece”, LSE EUROPP Blog, 17 Οκτωβρίου
It is now roughly seven years since the Greek economic crisis first emerged, but why has the crisis in Greece proven so difficult to address in comparison to other Eurozone countries? Based on an analysis of crisis management in several European states, Stefanie Walter writes that because internal reform and a euro exit were particularly costly options for Greece, it opted for a path of reforming only as much as is necessary to retain outside funding. As this strategy is unlikely to be viable indefinitely, the crisis will remain unresolved for the foreseeable future. Like a neverending story, the Greek crisis still awaits a resolution and the possibility of a Greek default and possible exit from the Eurozone – a ‘Grexit’ – still cannot be entirely ruled out, despite the immediate threat of this diminishing to some extent over the last year. But why has it been so difficult to resolve the crisis, which has now kept the country in misery for over seven years?
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- Glynos, Jason, Voutyras, Savvas, (2016), “Ideology as blocked mourning: Greek national identity in times of economic crisis and austerity”, Journal of Political Ideologies, 15 July
- Hinterleitner, Markus, Sager, Fritz, Thomann, Eva, (2016), “The long and winding road to fiscal adjustment: How the IMF judges austerity programmes”, LSE Europpblog, 6 September