Attempting an Assessment of the MoUs' Role in Confronting the Greek Crisis

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Author(s): Charalampos K. Arachovas (Panteion University of Social and Political Sciences, Greece & Institute of Commerce and Entrepreneurship (IN.EM.Y. of ESEE), Greece)and Manolis M. Manioudis (University of Crete, Greece & Institute of Commerce and Entrepreneurship (IN.EM.Y. of ESEE), Greece)
Copyright: 2021
Pages: 17
Source title: Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth
Source Author(s)/Editor(s): Pantelis C. Kostis (National and Kapodistrian University of Athens, Greece)
DOI: 10.4018/978-1-7998-4933-9.ch013

Keywords: Business & Management / Business Science Reference / Economics & Economic Theory / Economics and Economic Theory

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Abstract

This chapter wishes to analyze the full impact of the three (3) Memoranda of Understanding signed between the Greek corresponding governments and the European Commission, ECB, and IMF representations. The first Memorandum was considered as necessary due to Greece's inability to access international financial capital, while the other two (2), which followed, tried to correct “implementation errors,” control for “ownership” of the programs, and confront the prolonged and severe economic crisis and unemployment derailment. This chapter will present a series of key macroeconomic and microeconomic figures and will argue that despite the fiscal consolidation, which came at an extremely high social and economic cost, Greek economy still has a lot challenges to tackle and serious impediments to overcome. It will also shed some new light on whether Memoranda actually helped Greece to recover or used a whole country as a “guinea pig” and as an example of compliance, allowing the final reader to decide.

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Attempting an Assessment of the MoUs' Role in Confronting the Greek Crisis

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