How Greece’s systemic weaknesses limited the effectiveness of the adjustment programmes

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Intereconomics publishes papers dealing with economic and social policy issues in or affecting Europe. The journal consists of the sections Editorial, Forum, Articles, and Letter from America.

The Editorial contains brief comments on current questions of economic policy.

In the Forum, several authors (researchers, politicians, representatives of trade unions and of employers associations, etc.) voice their opinions on one particular current economic policy problem.

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Intereconomics has an editorial process which allows it to quickly publish timely papers while they can still inform and influence policy makers. The editorial board of Intereconomics works in close cooperation with the editorial board of its sister publication Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik, which is published in German.Abstract:

This paper examines the main systemic weaknesses of the Greek economy – structural, institutional and political – and assesses whether they were taken effectively into account in the design and implementation of the three adjustment programmes. We conclude that the economic policy mix that has been implemented through the memorandums focused mainly on treating the symptoms of the crisis instead of decisively dealing with its deeper causes.

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