The Greek crisis: Causes and implications

Abstract

This paper presents and critically discusses the origins and causes of the Greek fiscal crisis and its implications for the euro currency as well as the SEE economies. In the aftermath of the 2007-2009 financial crisis the enormous increase in sovereign debt has emerged as an important negative outcome, since public debt was dramatically increased in an effort by the US and the European governments to reduce the accumulated growth of private debt in the years preceding the recent financial turmoil. Although Greece is the country member of the eurozone that has been in the middle of this ongoing debt crisis, since November 2009 when it was made clear that its budget deficit and mainly its public debt were not sustainable, Greece’s fiscal crisis is not directly linked to the 2007 US subprime mortgage loan market crisis. As a result of this negative downturn the Greek government happily accepted a rescue plan of 110 billion euros designed and financed by the European Union and the IMF. A lengthy austerity programme and a fiscal consolidation plan have been put forward and are to be implemented in the next three years

Olympic legacy and cultural tourism: exploring the facets of Athens’ Olympic heritage

“…The applicability of the framework to the case of Athens is constrained by the severe economic crisis the city (and Greece) currently deals with. It has to be recognised, however, that the crisis is mainly the result of chronic structural pathogenies and deficiencies of the Greek administrative and political system (Alexiou, 2011;Kouretas and Vlamis, 2010). The changes and restructuring that are under way may facilitate the development and implementation of leveraging initiatives.…”

The Irish Economy: Three Strikes and You’re Out?

“…Recognising that Ireland is not unique in it's fiscal difficulties, European leaders must act quickly, as doubts remain as to the sustainability of the overall debt level for a number of EU peripheral countries Kouretas and Vlamis (2010), with some authors highlighting the threat to the euro (Prokopijevi (2010)). Fiscal policies which contributed to the crisis in the Irish economy have been, and will continue to be rectified by the government and borne by Irish citizens.…”

Exploring the Benefits of a Coach Development Process ... on the Coach

“…However, it was inevitable for the country to be heavily affected owing to its relatively weak industrial capacity and due to a large share of its "shadow economy" which is estimated to comprise 25%-30% of Gross Domestic Product (Kouretas and Vlamis, 2010). The economic crisis in Greece has turned into a social and political crisis as well, with many reporting that Greece is spiralling into the kind of decline which both the US and Germany endured during the Great Depression (Economou et al, 2013).…”