The European debt crisis
Subtitle: the Greek case
By: Costas Simitis ; translated from the Greek by P. Douzina-Stiakaki ; revised by Ewan Munro
Contributors: Stiakaki, Parina Douzina, translator; Munro, Ewan, editor; Sēmitēs, Kōstas
Edition: First English-language edition.
Series: European Policy Research Unit series; European Policy Research Unit series
Publisher: Manchester University Press
Published: 2014
Language: eng; gre
Number of pages: 355
ISBN-13: 9780719095788; 9780719095795
Subjects: Politics and government; Eurozone; Financial crises; Public Debts; Economic conditions; Fiscal policy; Economic policy; European Union; History
Work titles: Ektrochiasmos
Description: In this book, former Greek Prime Minister Costas Simitis examines the European debt crisis with particular reference to the case of Greece. Greece was the first Eurozone country to face an enormous deficit, which reached 15% of GDP in 2009. As the Greek crisis unfolded, other Eurozone countries displayed identical symptoms, albeit in varying degrees of severity. From a strictly Greek predicament the debt crisis quickly turned into a problem for the European Union as a whole. This first English language translation investigates the causes of this spillover and chronicles the policy responses to combat it. It also discusses Greece's troubled political economy, the country's difficulties in adjusting to the demands of its creditors and the vehement social and political reactions to the policy of austerity. The central argument of the book is that the principal cause of the European's problems was, and still remains, the indecisiveness of European elites to tackle its underlying deficiencies. Leading Eurozone countries have been unwilling to commit to a common long-term plan which could deal convincingly with complex and inter-related problems affecting both its 'core' and its 'periphery'. The guiding principle of policy responses thus far has been the pursuit of permanent fiscal discipline. Yet fiscal discipline alone would not provide the long-term solutions required; a steady course towards economic governance and political unification is necessary. Through his comprehensive and authoritative analysis, Simitis provides valuable insights into the crucial interconnection between Greece's own economic troubles and the wider European search for macroeconomic stability and sustainable economic growth. As such, the book appeals well beyond those with a narrow academic interest in Greece. This is very much a discussion about the future of the Eurozone and the European Union as a whole.
Notes: Includes bibliographical references and index.
Table of contents: title: How we arrived at the first Memorandum; title: The Memorandum's first year of implementation; title: Debt restructuring and power games; title: Coalition government, private sector involvement and the second Memorandum; title: Elections of 6 May and 17 June 2012; title: The future of Greece and the European Union.