In this Book

summary
In this book, former Greek Prime Minister Costas Simitis examines the European debt crisis with particular reference to the case of Greece. Greece was the first Eurozone country to face an enormous deficit, which reached 15% of GDP in 2009. As the Greek crisis unfolded, other Eurozone countries displayed identical symptoms, albeit in varying degrees of severity. From a strictly Greek predicament the debt crisis quickly turned into a problem for the European Union as a whole. This first English language translation investigates the causes of this spillover and chronicles the policy responses to combat it. It also discusses Greece’s troubled political economy, the country’s difficulties in adjusting to the demands of its creditors and the vehement social and political reactions to the policy of austerity. Through his comprehensive and authoritative analysis, Simitis provides valuable insights into the crucial interconnection between Greece’s own economic troubles and the wider European search for macroeconomic stability and sustainable economic growth. As such, the book appeals well beyond those with a narrow academic interest in Greece. This is very much a discussion about the future of the Eurozone and the European Union as a whole.

Table of Contents

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  1. Cover
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  1. Half Title, Series Page, Title Page, Copyright
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  1. Contents
  2. pp. v-vi
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  1. Preface
  2. pp. vii-viii
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  1. The main Greek political parties
  2. p. ix
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  1. Abbreviations
  2. p. x
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  1. Part I: How we arrived at the first Memorandum
  1. 1. Was Greece ready for the euro?
  2. pp. 3-14
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  1. 2. New Democracy’s criminal indifference
  2. pp. 15-21
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  1. 3. PASOK’s opportunistic optimism
  2. pp. 22-23
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  1. 4. Being in denial
  2. pp. 24-33
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  1. 5. Ineffective solutions
  2. pp. 34-45
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  1. 6. The bitter truth
  2. pp. 46-52
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  1. 7. The first Memorandum: a medicine with dangerous side-effects
  2. pp. 53-66
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  1. Part II: The Memorandum’s first year of implementation
  1. 8. The crisis spreads to the Union
  2. pp. 69-81
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  1. 9. Implementing the Memorandum: an obstacle race
  2. pp. 82-89
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  1. 10. An ‘all-encompassing plan’ to solve the crisis in the Eurozone?
  2. pp. 90-91
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  1. 11. An ‘all-encompassing plan’ to solve the crisis in Greece?
  2. pp. 92-99
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  1. 12. A year of the Memorandum: seeking a new solution
  2. pp. 100-110
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  1. Part III: Debt restructuring and power games
  1. 13. Debt restructuring: the decisions of 21 July 2011
  2. pp. 113-128
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  1. 14. A dead end
  2. pp. 129-136
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  1. 15. More hitches
  2. pp. 137-142
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  1. 16. The new solution
  2. pp. 143-149
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  1. 17. Political games with unpredictable consequences
  2. pp. 150-158
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  1. Part IV: Coalition government, private sector involvement and the second Memorandum
  1. 18. A flicker of hope
  2. pp. 161-164
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  1. 19. Conflicts at the highest European level
  2. pp. 165-171
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  1. 20. The new agreement with the Eurozone (the second Memorandum) and private sector involvement
  2. pp. 172-188
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  1. 21. An evaluation of the Memoranda
  2. pp. 189-208
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  1. 22. Austerity and growth: implementing the second Memorandum
  2. pp. 209-224
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  1. 23. The crisis peaks
  2. pp. 225-232
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  1. Part V: Elections of 6 May and 17 June 2012
  1. 24. The election of 6 May: euro or drachma?
  2. pp. 235-247
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  1. 25. Cracks in the euro
  2. pp. 248-251
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  1. 26. The Union at a dead end: change of course on 29 June
  2. pp. 252-263
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  1. 27. The election of 17 June: a new beginning?
  2. pp. 264-273
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  1. 28. Provisional solutions, October–June 2013
  2. pp. 274-290
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  1. 29. Evaluations of the assistance programme to Greece
  2. pp. 291-296
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  1. 30. Cyprus
  2. pp. 297-300
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  1. Part VI: The future of Greece and the European Union
  1. 31. The causes of the crisis were not only economic
  2. pp. 303-319
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  1. 32. A new European policy is necessary
  2. pp. 320-342
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  1. Appendix: Key meetings and decisions of the institutions of the European Union relating to the financial crisis
  2. pp. 343-347
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  1. Trajectory of the Greek financial crisis
  2. pp. 348-349
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  1. Index
  2. pp. 350-355
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