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From Exit to Recovery?

Theodore Pelagidis and Michael Mitsopoulus

Publication Year: 2014

Two Greek economic analysts explain the Greek financial crisis—from beginning to end.

The first section of Greece: From Exit to Recovery? explores the lead up to to Greece's adoption of the euro. Authors Theodore Pelagidis and Michael Mitsopoulos believe that the ensuing challenges were foreseeable. In fact, the authors posit that it was Greece's difficultly in dealing with those challenges that sparked the euro crisis.

Section II analyzes discrete sectors of the economy, paying special attention to labor and finance—and the mistakes creditors made in focusing on reducing Greek incomes—rather than increasing competitiveness on non-labor costs.

Section III investigates why Greek companies spend relatively little on research and development.? The authors' analysis indicates that policy decisions largely determine R&D performance in the private sector, and they advance a number of specific policy proposals to improve the situation.

Published by: Brookings Institution Press

Front Cover

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Title Page, Copyright, Dedication

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Table of Contents

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pp. vii-viii

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Kemal Derviş

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pp. ix-xiv

Sipping a lemonade on a perfect summer evening, near the Acropolis in Athens in 2005, I was thinking about how beautiful and lucky a country Greece was. Greece’s growth performance over the post–World War II period had been one of the best in the world, and per capita income had reached US$21,700 at market prices in 2005, making it a high-income country. ...

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pp. xv-xvi

We would like to gratefully acknowledge the Stavros Niarchos Foundation for its support. We wish to thank Kemal Derviş, Jacques Mistral, Javier Solana, Josep Borrell, Domenico Lombardi, Guillermo Vuletin, John Page, and Karl-Heinz Paqué for comments and discussions on earlier drafts of the manuscript, ...

List of Abbreviations

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pp. xvii-xviii

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pp. 1-3

This book attempts to identify strategic mistakes in the adjustment program of Greece and in that way to identify the improvements needed to achieve the ultimate and desirable goals of both improving the living standards of the Greek population and ensuring the solvency of the Greek sovereign. ...

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1. From La Dolce Vita to Collapse: The Sins of the 1990s and 2000s That Led Greece into Free Fall

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pp. 4-40

The emergence of the current crisis and the way it has been handled by successive Greek governments once markets lost confidence in the Greek sovereigns has caused many opinion leaders and academics to doubt the wisdom of the Greek participation in the European Monetary Union (EMU). ...

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2. The Depression of the Century: Prejudice and Misguided Policies

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pp. 41-84

This chapter investigates the extent to which the success of the “internal devaluation” (reduction of incomes and asset prices) strategy depended not only on quantitative aspects of the initiatives but also on qualitative implementation of those policy initiatives. ...

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3. Unlocking Growth: Innovation as a Driver of Competitiveness and Prosperity

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pp. 85-126

In most statistical surveys Greece appears to perform poorly in innovation, R&D, and related activities. The European Commission Innovation Scoreboard and the INSEAD Global Innovation Index are only two of the many publications that essentially identify Greece as a below-average innovator. ...

Appendix A. Cases of Corruption in the Greek Government, 2008–12

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pp. 127-128

Appendix B. Data and Statistical Analysis

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pp. 129-138


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pp. 139-146


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pp. 147-156


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pp. 157-168

Back Cover

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E-ISBN-13: 9780815725763
E-ISBN-10: 0815725760
Print-ISBN-13: 9780815725770
Print-ISBN-10: 0815725779

Page Count: 168
Publication Year: 2014