The political economy of the Greek economic crisis in 2020

Maris, Georgios; Sklias, Pantelis; Maravegias, Napoleon

doi:10.1080/23745118.2021.1895552

“…More specifically, we are going to study the main characteristics of the Greek model of capitalism focusing on the role of the state which affects all aspects of both political and economic environment in the country. This paper complements other efforts that have been developed during last decade trying to emphasize on the significant effect of institutions to the Greek failure to support sustainable growth rates (Maris 2021;Maris et al 2021;Sklias and Maris 2013). The approach of varieties of capitalism will be used as a tool to understand not only the reasons of the eruption of the Greek economic crisis, but also the long-run institutional weaknesses and the main characteristics of the Greek model of capitalism.…”

Section: Introductionmentioning

confidence: 86%

“…The last Greek economic crisis affected all aspects of the social life in the country, worsening the economic indicators and the relationship between the citizens and the state. Several studies have been published during last year's highlighting various aspects of the Greek economic crisis (see among others, Maris et al 2021;Pagoulatos 2020;Lapavitsas 2019;Featherstone 2011). All these approaches provided specific answers regarding the main causes of the eruption of the Greek economic crisis as well as the proposals to deal with.…”

Section: Introductionmentioning

confidence: 99%

Economic crisis, COVID-19 pandemic, and the Greek model of capitalism

Maris

¹

,

Flouros

²

2021

Evolut Inst Econ Rev

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In this paper, we use varieties of capitalism as an analytical tool to understand the main characteristics of the Greek model of capitalism. The main purpose of this paper is twofold: first, to study the evolution of the country's economic performance through the theoretical approach of varieties of capitalism; second, highlighting the performance of institutions to understand how the main characteristics of the Greek model of capitalism have been changed during last years. The main questions of the article are: How the Greek model of capitalism affected not only the institutional but also the economic performance in Greece? Does the COVID-19 pandemic influence the model of capitalism in Greece? By applying the principles of the comparative political economy, we will be able to draw conclusions regarding the institutional performance in Greece and the characteristics of the Greek model of capitalism. As we will argue, the Greek model of capitalism was shaped by the power of ideas of country's political leaders since 1980s. These ideas influenced the characteristics of the Greek model of capitalism creating a rather exceptional institutional framework unable to support long-run economic growth in the country. This exceptionalism is associated with an institutional asymmetry in relation with other member states and characterizes the Greek model of capitalism not only as the main cause for the economic crisis, but also as a significant obstacle to any recovery efforts, especially during COVID-19 pandemic.

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“…Further, as the COVID-19 pandemic hampers revenue-based collections, the negative outlook on those communities' financing dangers turns out to be more exposed 27 . As such, the enormous gross borrowing necessities, which entail the external bilateral debt's amortization and the need to refinance a large stock of short-term domestic debt, have seen rating agency Moody's change the Western Balkan Societies sovereign credit outlook to "negative" from a previous perspective of "stable" 32 In light of the COVID-19 pandemic, development is anticipated to reduce to 1.0%. This is primarily due to:…”

Section: Experienced Difficulties In Accessing Health Servicesmentioning

confidence: 99%

COVID 19 and Health Systems’ Economy in Western Balkan Societies

Ermir Shahini,

Fabiola Bali

2021

Indian Journal of Forensic Medicine & Toxicology

0

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The researcher is outlined to have a beginning stage for an exploration plan for health financing for COVID-19, recognizing a preliminary addressing four thematic areas, namely mobilization of results, allocation and buying, monetary danger insurance (financial risk protection) equity, and maintaining and empowering advancement for UHC. Every question would require further elaboration and unpacking, with an improvement of proper exploration approaches utilizing a combination of quantitative and qualitative methods. While there is a requirement for fitting of research questions and country-specific analyses to advise local decision-making, there will likewise be incredible worth in bigger cross-country similar examination activities to address these inquiries, permitting finding out about how various frameworks, settings, qualities, and reactions to the plague have shaped health financing results and how these can be reinforced. The results show that heterogeneous effects across occupations and workers in the Western Balkan Societies show that health care occupations that have a higher share of workers working remotely were less affected by COVID-19. Those who did take full measures were more affected.On the other hand, occupations with relatively more workers working in proximity to others were more dramatic. The investigation also dove into the research related to the financial matters of COVID-19 that has been delivered in a relatively short time. The aim is to carry rationality(coherence) to the academic and strategy banter and help further examine.

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“…Further, as the COVID-19 pandemic hampers revenue-based collections, the negative outlook on those communities' financing dangers turns out to be more exposed 27 . As such, the enormous gross borrowing necessities, which entail the external bilateral debt's amortization and the need to refinance a large stock of short-term domestic debt, have seen rating agency Moody's change the Western Balkan Societies sovereign credit outlook to "negative" from a previous perspective of "stable" 32 In light of the COVID-19 pandemic, development is anticipated to reduce to 1.0%. This is primarily due to:…”

Section: Experienced Difficulties In Accessing Health Servicesmentioning

confidence: 99%

COVID 19 and Health Systems’ Economy in Western Balkan Societies

Ermir Shahini,

Eugen Skuraj,

Fatbardh Sallaku

et al. 2021

Indian Journal of Forensic Medicine & Toxicology

0

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The researcher is outlined to have a beginning stage for an exploration plan for health financing for COVID-19, recognizing a preliminary addressing four thematic areas, namely mobilization of results, allocation and buying, monetary danger insurance (financial risk protection) equity, and maintaining and empowering advancement for UHC. Every question would require further elaboration and unpacking, with an improvement of proper exploration approaches utilizing a combination of quantitative and qualitative methods. While there is a requirement for fitting of research questions and country-specific analyses to advise local decision-making, there will likewise be incredible worth in bigger cross-country similar examination activities to address these inquiries, permitting finding out about how various frameworks, settings, qualities, and reactions to the plague have shaped health financing results and how these can be reinforced. The results show that heterogeneous effects across occupations and workers in the Western Balkan Societies show that health care occupations that have a higher share of workers working remotely were less affected by COVID-19. Those who did take full measures were more affected.On the other hand, occupations with relatively more workers working in proximity to others were more dramatic. The investigation also dove into the research related to the financial matters of COVID-19 that has been delivered in a relatively short time. The aim is to carry rationality(coherence) to the academic and strategy banter and help further examine.

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The political economy of the Greek economic crisis in 2020

Cited by 21 publications

References 86 publications

Economic crisis, COVID-19 pandemic, and the Greek model of capitalism

Economic crisis, COVID-19 pandemic, and the Greek model of capitalism

COVID 19 and Health Systems’ Economy in Western Balkan Societies

COVID 19 and Health Systems’ Economy in Western Balkan Societies

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