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The challenge of trade adjustment in Greece

Arkolakis, Costas, Galenianos, Manolis, (2015), “The challenge of trade adjustment in Greece”, Voxeu, 22 November

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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