Title Reflections on the Greek sovereign debt crisis : the EU institutional framework, economic adjustment in an extensive shadow economy / edited by Aristidis Bitzenis, Ioannis Papadopoulos and Vasileios A. Vlachos

Published Newcastle upon Tyne : Cambridge Scholars Publishing, 2013 ©2013

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Description 1 online resource (viii, 398 pages) : illustrations Contents Part 1. The Euro-area's sovereign debt crisis management -- Part 2. The Greek sovereign debt crisis -- Part 3. Critical historical developments Summary "The euro was generally considered a success in its first decade. Nevertheless, the 'unanticipated' financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its southern periphery brings into question the wisdom of fiscal consolidation via austerity in the adjustment programmes adopted to exit the crisis. They also put into doubt the adequacy and efficiency of the European Economic and Monetary Union's core elements, its political instruments and macroeconomic assumptions, as can be seen in the role of the Stability and Growth Pact and the stance of the European Central Bank. The title of this collective volume refers to the country where the European sovereign debt crisis began, while its contents concentrate on the extent to which this crisis should be a national or a European concern. Moreover, the focus on Greece stimulates discussion about the neglected factor of the shadow economy and the potential to boost government revenue through its successful transfer to the formal economy. The chapters address the inefficiencies of both euro-area institutions and policies adopted to exit the current predicament. Experts from several disciplines review the literature and critically evaluate the existence of issues such as contagion effects, domino effects, deflationary spirals, institutional efficiency and the reality of the option to exit the euro-area"--Provided by publisher Bibliography Includes bibliographical references Notes English Print version record Subject Debts, External -- Greece Financial crises -- Greece Political economy. Economic & financial crises & disasters. EU & European institutions. BUSINESS & ECONOMICS -- Economics -- General. BUSINESS & ECONOMICS -- Reference. Crise financière. Dette publique. Economie souterraine. Contrôle du budget. Pacte de stabilité et de croissance (UE) UE/CE Euro. UE/CE UEM = Union économique et monétaire. UE/CE Etats membres. Debts, External Financial crises Finanzkrise Schattenwirtschaft Greece. European Union. Government debts. Economic crisis. Grèce. Greece Europäische Union. Griechenland Genre/Form Electronic books Form Electronic book Author Bitzenis, Aristidis, editor Papadopoulos, Ioannis, 1960- editor. Vlachos, Vasileios A., editor LC no. 2013432983 ISBN 9781443867832 1443867837

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