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Economic and financial changes since the onset of the global and euro area crises

Louri-Dendrinou, Eleni (2014) Economic and financial changes since the onset of the global and euro area crises. LSE Greece@LSE (21 Oct 2014). Website.

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With the introduction of the euro and the mispricing of sovereign (Greek) risk, a flux of funding inundated Greece and helped fuel an impressive growth rate (averaging 4%) in 2000-2008. Growth, combined with low inflation since monetary policy was managed by the European Central Bank (ECB), produced a flattering picture of an economy suffering from serious reform resistance. Growing fiscal and external imbalances were thus left unaddressed. In 2009 the fiscal deficit reached 15%, while Greece’s competitiveness loss against its trading partners in 2000-2008 was 30%, leading to a current account deficit exceeding 15%. The government sector was crowding-out the tradeables sector.

Item Type: Online resource (Website)
Official URL:
Additional Information: © 2014 The Author(s)
Divisions: Hellenic Observatory
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HC Economic History and Conditions
J Political Science > JC Political theory
J Political Science > JN Political institutions (Europe)
Date Deposited: 31 May 2017 11:53
Last Modified: 16 May 2024 07:40

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