Greece

From Exit to Recovery?

By: Theodore Pelagidis, Michael Mitsopoulos

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eText | 28 June 2014 | Edition Number 1

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Two Greek economic analysts explain the Greek financial crisis—from beginning to end.

The first section of Greece: From Exit to Recovery? explores the lead up to to Greece's adoption of the euro. Authors Theodore Pelagidis and Michael Mitsopoulos believe that the ensuing challenges were foreseeable. In fact, the authors posit that it was Greece's difficultly in dealing with those challenges that sparked the euro crisis.

Section II analyzes discrete sectors of the economy, paying special attention to labor and finance—and the mistakes creditors made in focusing on reducing Greek incomes—rather than increasing competitiveness on non-labor costs.

Section III investigates why Greek companies spend relatively little on research and development.? The authors' analysis indicates that policy decisions largely determine R&D performance in the private sector, and they advance a number of specific policy proposals to improve the situation.

Industry Reviews

"[This] work is a triple accomplishment. First, it reconstructs Greece's thirty years of missed opportunities for reform. Second, it credibly shows how European and IMF officials confused the surface fiscal crisis for a deeper and more important competitiveness crisis--and in the process punished the Greek private sector, instead of reforming the public sector. Most important, Pelagidisand Mitsopoulos don't just point fingers. Instead, they offer a hopeful pathway forward for Greece--one that unleashing the country's entrepreneurial and innovative talents. To seize that opportunity, Europe and Greece will need to act together."--Bill Antholis, Managing Director and Senior Fellow, The Brookings Institution