Greece and the Euro: The Chronicle of an Expected Collapse

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Series Details Vol.46, No.5, September-October 2011, p232-262
Publication Date September 2011
ISSN 0020-5346
Content Type

Ten years after Greece's accession to EMU, the venture has proved to be almost a complete failure. Obviously, the country joined EMU disappointingly unprepared. After EMU accession, Greece failed to seek the necessary adaptations. Its economic policy was inconsistent with the economic logic and rules of the game of a monetary union. EMU did not in itself lead to the Greek crisis. Nevertheless, the supervisory arrangements clearly failed to work. Moreover, the unfolding of the crisis was assisted by EMU's inherent weakness in managing asymmetric disturbances and the absence of early warning and rapid intervention mechanisms.

[Full text of articles can be found in the Intereconomics Archive two years after the initial publication]

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Intereconomics: Archive
ESO: Background information: The Greek debt crisis of 2010

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