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Debt crises
(05/17/2021) Androulakis, Emmanouil; Ανδρουλάκης, Εμμανουήλ; Athens University of Economics and Business, Department of Economics; Philippopoulos, Apostolis; Sakellaris, Plutarchos; Alogoskoufis, Georgios
Despite their differences, the defaults of modern Greece were following the same path: The common war conflicts were demanding huge war expenses financed via external borrowing leading to external deficit’s and debt’s accumulation. The outburst of an economic crisis was leading to an increase in interest rates, to the exclusion from the financial markets and to default. Moreover, it is remarked that the loans of the independence along with the revolutionary played the role of the “Original Sin” as they undermined the Greek credibility for the following years. Regarding the recent Greek debt crisis , the “Macroeconomic Populism” during the ‘80s decade along with the huge external borrowing during the first years of ’00s, and the inability of the Eurozone to be an Optimal Currency Area are described as substantial caused of the crisis. Also, it is remarked that the austerity policy proposed by the troika led the economy into a deep recession and to fall into a Mundellian Trap. Reforming the taxation system and the public sector would be a solution as it would facilitate the foreign investments. Finally, many reforms and the prudent management of the EU financial aid would stem a debt crisis ought to COVID pandemic.