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Saving Greece once again: Have we Reached the Root of the Crisis?
Schrader, Klaus | Benček, David | Laaser, Claus-Friedrich
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 84 (2015), Iss. 3 : pp. 29–45
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Klaus Schrader, Kiel Institute for the World Economy (IfW)
David Benček, Kiel Institute for the World Economy (IfW)
Claus-Friedrich Laaser, Kiel Institute for the World Economy (IfW)
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Greece 2010–18: What Could Have Been Done Differently?
Lenoël, Cyrille
Macchiarelli, Corrado
Young, Garry
Open Economies Review, Vol. 34 (2023), Iss. 2 P.281
https://doi.org/10.1007/s11079-022-09672-8 [Citations: 0]
Abstract
In 2010, the first economic adjustment program began offering a blueprint for economic recovery and a feasible way for Greece to emerge from the crisis. The authors show that Greece neither overcame its structural weaknesses nor developed export industries as a driver of growth in the course of reforms, and they conclude that Greece"s sectoral structures still mirror a low level of industrial development as well as a service industry with a below-average growth performance compared to other EU countries. Greece"s composition of exports exhibits a limited growth and value-added potential, and is similar to the export patterns of low-income countries due to a focus on raw materials and labor-intensive goods. The analysis also shows that without significant growth, the Greek debt will remain unsustainable. A haircut or a phasing out of the debt burden can only complement supply-oriented structural reforms, however. The reform agenda of August 2015 is a new attempt to implement the reforms that the creditors have been waiting on for the past five years.