Greece and European Monetary Union: The Road to the Demise of the Greek Economy

Abstract

This book investigates the causes and consequences of crisis in four countries of the Eurozone periphery - Greece, Spain, Portugal and Ireland. The contributions to this volume are provided from country-specific experts, and are organised into two themed subsections: the first analyses the economic dynamics at play in relation to each state, whilst the second considers their respective political situations. The work debates what made these states particularly susceptible to crisis, the response to the crisis and its resultant effects, as well as the manifestation of resistance to austerity. In doing so, Parker and Tsarouhas consider the implications of continued fragilities in the Eurozone both for these countries and for European integration more generally.-- Intro; Contents; List of Contributors; List of Figures; List of Tables; Chapter 1: Causes and Consequences of Crisis in the Eurozone Periphery; Growing Asymmetries Between Core and Periphery; The Euro; Austerity; Continued Deadlock?; Chapter Overview; References; Part I: The Economic Dynamics of the Crisis; Chapter 2: Tracing Ireland's 'Liberal' Crisis and Recovery; From Passive Liberalism to State Activism Within Liberal Globalisation; Aggressive Liberalism and the Crisis; Ireland's Persistent Dilemmas; References. Chapter 3: The Spanish Economic 'Miracle' That Never Was; The Political Economy of the 'Spanish Miracle'; An Extensive Pattern of Growth; The Role of Spain in the European Division of Labour; Channelling the Funds: The Financial Sector; The Public Sector; Who Owns What?; The 'Miracle' Was a Mirage; Conclusion; References; Chapter 4: Portugal's Economic Crisis: Overheating Without Accelerating; Revolution and Structural Reform: Portugal 1974-1990s; Structural Reform and 'Debt-Led' Growth: Portugal 1990-2000. Structural Reforms and the Growth of Private Indebtedness; Damaging Competitiveness; Economic Stagnation and Crisis: Portugal in the 2000s; Declining Export Competitiveness: The Rise of China and the CEECs; References; Chapter 5: Greece and European Monetary Union: The Road to the Demise of the Greek Economy; Greece's Integration with the EU; The 1980-1990 Period; The 1990-2001 Period; Greece in EMU: The Build-Up to the Greek Crisis; Response to the Crisis; References; Part II: The Political Dynamics of the Crisis. Chapter 6: Narrating Crisis in Ireland's Great Recession; Austerity Begins; Discourses of Partnership and Responsibility; A Risen People?; References; Chapter 7: The Unfolding of Spain's Political Crisis: From the Squares to the Ballot Box; The Historical Context; The Spanish Transition; Europeanisation; Spain's Political Crisis and Regime Resilience; The Rise of New Protest Movements; The Breaking Up of the State: The Catalan Challenge; New Local Politics; New National Politics; Systemic Resilience; Conclusion; Bibliography. Chapter 8: Portuguese Democracy Under Austerity: Politics in Exceptional Times; A Young Democracy: The Portuguese Political System; Enter the Crisis: Neoliberal Politics and Ideological Hegemony; From Dissent to New Political Configurations; Conclusion; References; Chapter 9: Continuity and Change in Greek Politics in an Age of Austerity; Introduction; Greek Politics Post-1974; Conclusion; References; Chapter 10: Conclusion; Economics: Bubbles That Burst and Debt-Led Growth; Politics: Fragmentation, Breakdown, Reform; References; Index.