Groundhog Day in Greece (2015:5epa)
This paper argues that the resurgence of the Greek crisis is not surprising and can be explained both with a macroeconomic approach – lack of debt relief – and a microeconomic approach – lack of structural reforms. The lack of progress along both dimensions can be explained both by political economy arguments within Greece and the eurozone as well as deeper institutional deficiencies in Greece and the lack of a proper governance framework within the eurozone.
Whichever economic approach one uses to assess the Greek crisis, the outlook is a grim one.
The publication is a part of the SIEPS project EU and EMU after the economic crisis.