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  • © 2017

Political Economy Perspectives on the Greek Crisis

Debt, Austerity and Unemployment

Palgrave Macmillan
  • Offers an economic explanation to the failures of both the Greek economy as well as systemic failures of the euro architecture and the operations of EU authorities

  • Brings together contributions from economists with a wide range of expertise

  • Contributes to the on-going public debate about the sources of failure of other peripheral EU countries in providing economic prosperity since 2008

  • Provides a balance of theoretical argument, empirical evidence, and a range of perspectives on the Greek case

  • Includes supplementary material:

Buying options

eBook USD 109.00
Price excludes VAT (USA)
  • ISBN: 978-3-319-63706-8
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 139.99
Price excludes VAT (USA)
Hardcover Book USD 199.99
Price excludes VAT (USA)

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Table of contents (16 chapters)

  1. Front Matter

    Pages i-xxiv
  2. Introduction and Political Economy Approaches

    1. Front Matter

      Pages 1-1
    2. Introduction

      • Christopher Tsoukis, Ioannis Bournakis, Dimitris K. Christopoulos, Theodore Palivos
      Pages 3-40
    3. The Responsibility of the EU

      • John Grahl
      Pages 71-91
    4. German Macroeconomic Thought and Its Effects

      • George Bratsiotis, David Cobham
      Pages 93-116
    5. Seven Years of Austerity and the Greek Dra(ch)ma: Three Economists’ Views and a Comment

      • Menelaos G. Karanasos, Panagiotis D. Koutroumpis, John Hatgioannides, Marika Karanassou, Hector Sala
      Pages 117-154
  3. Debt, Austerity and Credit Ratings

    1. Front Matter

      Pages 155-155
    2. On the Role of the Credit Rating Agencies in the Euro Zone Crisis

      • Periklis Boumparis, Costas Milas, Theodore Panagiotidis
      Pages 177-203
    3. The Greek Great Depression: A General Equilibrium Study of its Drivers

      • George Economides, Dimitris Papageorgiou, Apostolis Philippopoulos
      Pages 205-221
    4. Fiscal Consolidation Policies and the Underground Economy: The Case of Greece

      • Evi Pappa, Rana Sajedi, Eugenia Vella
      Pages 249-269
  4. Sectoral Views

    1. Front Matter

      Pages 271-271
    2. Output and Unemployment: Estimating Okun’s Law for Greece

      • Ioannis Bournakis, Dimitris K. Christopoulos
      Pages 273-287
    3. On the Determinants of NPLs: Lessons from Greece

      • Evangelos Charalambakis, Yiannis Dendramis, Elias Tzavalis
      Pages 289-309
    4. Spatial Structure and Spatial Dynamics of Regional Incomes in Greece

      • Burhan Can Karahasan, Vassilis Monastiriotis
      Pages 335-358
    5. Greece’s Competitiveness: A Survey and Concluding Remarks

      • Ioannis Bournakis, Christopher Tsoukis
      Pages 359-382

About this book

This book offers a comprehensive guide to the on-going Greek debt crisis. It identifies and explains Greece’s idiosyncratic weaknesses, and highlights the existing rigidities in the EU architecture that make the recovery prospects of the Greek economy challenging.

Chapters from expert contributors highlight aspects of the performance of the Greek economy with focus on export performance, labour market conditions, political cycles and regional income disparities. The book then goes on to outline the banking system in Greece in the post-crisis era, and includes analysis that explains how the credit rating score affected Greece’s borrowing capacity prior to the start of the insolvency crisis. The final part analyses and compares alternative scenarios of fiscal consolidation, seeking to identify whether there are alternatives to fiscal austerity and the impact of each one of them. This section also clarifies various misconceptions about the significant determinants of international competitiveness. Despite the focus of the book, the lessons drawn from the chapters are not limited to Greece.

This volume will be of interest to academics, practitioners and policy makers who wish to take a closer look at the Greek debt crisis and learn more about the challenges the Greek economy is currently facing. 


  • EU economic architecture
  • Eurozone crisis
  • Sustainable economic growth
  • Exports
  • Regional income
  • Austerity
  • Tax spending policy
  • Credit ratings
  • financial crises

Editors and Affiliations

  • Department of Economics, Middlesex University, London, United Kingdom

    Ioannis Bournakis

  • Economics and Finance, Keele Management School, Keele University, Keele, United Kingdom

    Christopher Tsoukis

  • Department of Economic and Regional Development, Panteion University, Athens, Greece

    Dimitris K. Christopoulos

  • Athens University of Economics and Business, Athens, Greece

    Theodore Palivos

About the editors

Ioannis Bournakis is  Senior Lecturer in Economics at Middlesex University, UK. He has an MSc in Economics and Econometrics from the University of Manchester, UK and a PhD in Economics from the University of Kent, UK. His research interests are in the fields of international trade, economic growth and applied macroeconomics.

Christopher Tsoukis is Senior Lecturer in Economics at Keele University, UK, specialising in macroeconomics. His research interests include behavioural and social macroeconomics, fiscal policy, political economy and the economy of Greece.

Dimitris K. Christopoulos is Professor of Economics at Panteion University in Athens, Greece. Dimitris has a BA in Economics from Athens University of Economics and Business, and a PhD from Panteion University. His main research interests are in the areas of economic growth, economic development, microeconomics and non-linear models.

Theodore Palivos is Professor of Economics at Athens University of Economics and Business and Senior Fellow at the Rimini Center for Economic Analysis. He has a PhD from Penn State University, US. His current research interests are in the areas of labour economics, macroeconomics, and public economics.

Bibliographic Information

  • Book Title: Political Economy Perspectives on the Greek Crisis

  • Book Subtitle: Debt, Austerity and Unemployment

  • Editors: Ioannis Bournakis, Christopher Tsoukis, Dimitris K. Christopoulos, Theodore Palivos

  • DOI:

  • Publisher: Palgrave Macmillan Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s) 2017

  • Hardcover ISBN: 978-3-319-63705-1Published: 11 December 2017

  • Softcover ISBN: 978-3-319-87618-4Published: 31 August 2018

  • eBook ISBN: 978-3-319-63706-8Published: 27 November 2017

  • Edition Number: 1

  • Number of Pages: XXIV, 388

  • Number of Illustrations: 35 b/w illustrations

  • Topics: Financial History, Macroeconomics and Monetary Economics, International Political Economy’

Buying options

eBook USD 109.00
Price excludes VAT (USA)
  • ISBN: 978-3-319-63706-8
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 139.99
Price excludes VAT (USA)
Hardcover Book USD 199.99
Price excludes VAT (USA)