In early 2010, lest it default on its debts and exit the Eurozone, the Greek government requested financial assistance from foreign lenders. In exchange, it undertook to initiate reforms and apply a long-term, harsh austerity program. Based on a close reading of the periodic reviews submitted by the IMF staff, this chapter is a step-by-step analysis of how the economic crisis unfolded in Greece in the critical period between the bailout in May 2010 and the national elections of 2012.
KeywordsPublic Debt Structural Reform Labor Market Reform Crisis Politics Greek Government
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