The Vicious Circles of Recession and Development Prospects

Kotios, Aggelos; Galanos, George; Plymakis, Sifis; Roukanas, Spyros

doi:10.1016/s2212-5671(15)00008-8

Cited by 5 publications

(1 citation statement)

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“…This combination put Greek economy into a recessional vicious circle were cuts of public spending dominated, raises of direct and indirect taxation were noted, and wages and pension cuts caused immerse demand shrinkage, driving a near collapse of GDP. This in turn led to worsening of fiscal situation, forcing the government to take more austerity measures and so on [29]. The collapse of domestic demand, due to lower wages and pensions severely decreased the disposable incomes, which combined with the political and economic uncertainty, led to extreme increase of unemployment rate ( Figure 3).…”

Section: The Results Of the Adjustment Policy In Greecementioning

confidence: 99%

Assessment of the Effectiveness of Adjustment Programs at the Core of the Greek Economy

Kotios¹,

Galanos²,

Poufinas³

2018

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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

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Section: The Results Of the Adjustment Policy In Greecementioning

confidence: 99%