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Saving Greece once again: Have we Reached the Root of the Crisis?

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Schrader, K., Benček, D., Laaser, C. Saving Greece once again: Have we Reached the Root of the Crisis?. Vierteljahrshefte zur Wirtschaftsforschung, 84(3), 29-45. https://doi.org/10.3790/vjh.84.3.29
Schrader, Klaus; Benček, David and Laaser, Claus-Friedrich "Saving Greece once again: Have we Reached the Root of the Crisis?" Vierteljahrshefte zur Wirtschaftsforschung 84.3, 2015, 29-45. https://doi.org/10.3790/vjh.84.3.29
Schrader, Klaus/Benček, David/Laaser, Claus-Friedrich (2015): Saving Greece once again: Have we Reached the Root of the Crisis?, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 84, iss. 3, 29-45, [online] https://doi.org/10.3790/vjh.84.3.29

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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

1 Citations (CrossRef)

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Author Details

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)

Cited By

  1. 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.