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Greece and European Monetary Union: The Road to the Demise of the Greek Economy

  • Pavlos Gkasis
Chapter
Part of the Building a Sustainable Political Economy: SPERI Research & Policy book series (SPERIRP)

Abstract

Even prior to the crisis, the Greek economy had been plagued by structural inefficiencies, which were responsible for the gradual decline of its economic performance. At the same time, the structural inefficiencies of both modern capitalism in general and the architecture of European Monetary Union in particular have worsened conditions for the country after the global financial meltdown of the 2007–2008 period. This chapter identifies major factors behind the build-up to the crisis that Greece has been facing, pointing to domestic inefficiencies and externally imposed rigidities. Their combination has led to an inability to escape the current death spiral.

Keywords

Greek crisis Political economy Economic and Monetary Union Structural reforms Debt 

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Pavlos Gkasis
    • 1
  1. 1.Department of Business Administration and EconomicsThe International Faculty of the University of Sheffield-CITY CollegeThessalonikiGreece

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