TITLE:
Assessment of the Effectiveness of Adjustment Programs at the Core of the Greek Economy
AUTHORS:
Aggelos Kotios, George Galanos, Thomas Poufinas
KEYWORDS:
Effectiveness, Greek Economy
JOURNAL NAME:
Modern Economy,
Vol.9 No.9,
September
21,
2018
ABSTRACT: Despite the seven-year
implementation of three adjustment programs to address the sovereign debt
crisis, the Greek economy is still in a prolonged recession and faces problems
of competitiveness, political stability and social cohesion. At the same time,
the fiscal adjustment policy did not solve the original problem of public debt.
On the contrary, as recent evidence shows, the country’s ability to service its
debt has deteriorated. The causes of the crisis and the failure of the selected
economic stabilization policies are a multidimensional and interrelated
complex. The Greek economy has supported its growth in recent decades mainly in
domestic consumption, with little presence in areas with high added value and
extrovert features, focusing mainly on traditional business sectors with
limited innovation characteristics. Ιn this study we will try on reasonable arguments but
also with a series of statistical data and indicators from sources such as the
Organization for Economic Cooperation and Development (OECD), the World Bank,
the World Economic Forum (WEF) and the Greek authorities to analyze the course
of the Greek economy, evaluate the results of the selected policies and to
formulate appropriate policy proposals.