„Rettungsprogramme“ für Krisenländer verschärften die Krise — eine Replik

Zusammenfassung

In der Augustausgabe 2015 veröffentlichte der Wirtschaftsdienst einen Aufsatz von Jens Boysen-Hogrefe und Ulrich Stolzenburg über „Rettungsprogramme und ‚Ownership ‘ — Irland, Portugal und Griechenland im Vergleich“. Nach der Replik von Ernst Niemeier folgt hierzu eine Erwiderung der Autoren.

Abstract

In his reply, Niemeier accuses Boysen Hogrefe and Stolzenburg of erroneously ascribing the failing of the Greek programme to insufficient “ownership”, whereas the true cause is — in his view — an inadequate austerity policy. The alleged success of this policy in Portugal and Ireland refers solely to GDP growth and ignores the continuing high levels of unemployment in those countries. Boysen- Hogrefe and Stolzenburg insist that the “success” of a rescue programme actually implies that the respective country is able to return to capital markets. The Greek crisis was structural rather than cyclical, so a temporary stabilisation of domestic demand (financed by additional foreign debt) would not have solved the issue.