The Greek public debt problem

Michalis Nikiforos, Dimitri B. Papadimitriou, Gennaro Zezza

Resumo


The present paper examines the issue of the Greek public debt. After providing a historical discussion, we show that the austerity of the last six years has been unsuccessful in stabilizing the debt while, at the same time, it has taken a heavy toll on the economy and society. The recent experience shows that the public debt is unsustainable and therefore a restructuring is needed. An insistence on the current policies is not justifiable either on pragmatic or on moral or any other grounds. The experience of Germany in the early post-WWII period provides some useful hints for the way forward. A solution to the public debt problem is a necessary but not sufficient condition for the solution of the Greek and European crisis. A wider agenda that deals with the malaises of the Greek economy and the structural imbalances of the Eurozone is of vital importance.


Palavras-chave


Grécia; dívida pública; austeridade; Zona do Euro; crise.

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Direitos autorais 2016 Nova Economia

Licença Creative Commons
Este obra está licenciado com uma Licença Creative Commons Atribuição 4.0 Internacional.


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Licença Creative Commons
Esta obra está licenciada com uma Licença Creative Commons Atribuição 4.0 Internacional.