Overview of the Greek Crisis

Overview of the Greek Crisis
Gikas Hardouvelis
CEPR European Conference on Household Finance 2019, Rodos Palace Hotel
Παρασκευή 20 Σεπτεμβρίου 2019

The Greek crisis is characterized by two phases
  • Economic disequilibria bring Crisis Phase-I in 2009
  • Then economy adjusts & disequilibria are cured after two economic adjustment programs, a major public debt restructuring and two bank recapitalizations
  • Then bad politics brings Crisis Phase–II in 2015:  The country risks GREXIT; capital controls, a 3rd unnecessary economic adjustment program & a 3rd bank recapitalization arrive
The crisis is over but no quick recovery in sight
  • Capital controls were lifted on Sept 1, 2019
  • Can we jump start the economy?
  • What are the key challenges?

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