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Qualifying and Quantifying the Greek Structural Reform Efforts

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A New Growth Model for the Greek Economy
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From a growth standpoint, both the first and the second Greek macroeconomic adjustment programme have not delivered anywhere close to a satisfactory outcome. There are differences of opinion, however, over the causes of this failure. This chapter presents a novel quantitative analysis of the structural reform envelope of the Greek programmes. The data corroborates past survey-based evidence suggesting that implementation was broadly on track in the early stages of the first Greek programme. However, the latter was not focussed enough on short- and medium-term growth-enhancing reforms. This initial design failure was corrected in the second Greek programme at which time, however, implementation slipped amid a biting recession and political instability. Concluding that the Greek programmes failed only or mostly because reforms were not implemented would be unfair to the Greek authorities.

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    The first Greek programme was replaced by a second under the IMF Extended Fund Facility in March 2012. See


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Terzi, A. (2016). Qualifying and Quantifying the Greek Structural Reform Efforts. In: Petrakis, P. (eds) A New Growth Model for the Greek Economy. Palgrave Macmillan, New York.

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