The Greek public debt problem

  • Michalis Nikiforos Levy Economics Institute of Bard College
  • Dimitri B. Papadimitriou Levy Economics Institute of Bard College
  • Gennaro Zezza Università degli Studi di Cassino e del Lazio Meridionale


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.

Como Citar
NIKIFOROS, M.; PAPADIMITRIOU, D. B.; ZEZZA, G. The Greek public debt problem. Nova Economia, v. 25, n. Esp, 30 dez. 2016.
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