Gros, Daniel, (2015), “Europe’s Greek Failure”, Project Syndicate, 9 July
Narratives matter, especially when they are intertwined with hard interests. As Greece and its creditors court catastrophe, we are getting a clear picture of how conflicting narratives can lead to a lose-lose result. The facts are indisputable. In early 2010, when the Greek government could no longer finance itself, it turned to its European partners and the International Monetary Fund for financial support. And they delivered: not only did other eurozone countries issue loans to Greece, but the IMF provided its largest-ever loan to the country. Later, Greece received even more support through the eurozone’s bailout funds. The result was hundreds of billions of euros worth of assistance.
Relevant Posts
- Gros, Daniel, Alcidi, Cinzia, (2015), “The Greek economy is unlikely to benefit from further devaluation”, Ceps publications, 3 July
- Mc Ardle, Megan, (2015), “Greece Hits the Self-Destruct Button”, Bloomberg View, 6 July