Economic crisis in Greece
Patrick Hayes will introduce a discussion around the ongoing economic crisis in Greece and what it means for Greece, Europe and the world economy.
Greece owes about €300bn (115% of GDP). Public spending currently stands at 51.3% of GDP and only last October the government had committed to increasing already generous welfare benefits, including raising unemployment benefits from 63% to 70% of the minimum wage. Greece now faces the imposition of severe austerity measures, causing considerable domestic unrest by its heavily unionised workforce, making markets nervous that it’s only a matter of time before Greece fails to meet its debt repayments.
Would Greece emerge faster from the crisis by defaulting on its loans and leaving the Eurozone? Given the current state of Greek industry, is there a realistic alternative to stringent austerity measures? What are the main obstacles in the way of avoiding a new financial crisis and a return to productive economic growth in Greece and across Europe more broadly?
Greece: Country Report, November 2009, Economist Intelligence Unit
Q&A: Greece’s Economic Woes, 2 May 2010, BBC
Daniel Ben-Ami, The Greek crisis and the blame game, 6 May 2010, spiked
Editorial, Greece: the default option, 3 May 2010, Guardian
Sean Collins, Why Greece Matters, 17 May 2010, spiked
The PIIGS that won’t fly, 18 May 2010, Economist
Bill Emmott, Europe’s economy is the sick man of the world, 30 April 2010, The Times
Various, Eurozone bail-out coverage in the FT, May 2010
Willem Buiter, Soverign Debt Problems in Advanced Industrial Countries, 26 April 2010, Global Economics View