The Greek Crisis 2009-2015: A Comprehensive Analysis of the EU-IMF Financial Assistance Programs

By Kyriakidis, Alexandros | International Journal of Employment Studies, October 2016 | Go to article overview

The Greek Crisis 2009-2015: A Comprehensive Analysis of the EU-IMF Financial Assistance Programs


Kyriakidis, Alexandros, International Journal of Employment Studies


INTRODUCTION

The Eurozone crisis (henceforth 'crisis') undoubtedly constitutes a landmark for the European Union (EU), especially the Eurozone, and its Member States (MS). The crisis was the first instance of the International Monetary Fund (IMF) becoming involved in the Eurozone, previously considered taboo due to the antagonistic presence of the Euro against the United States of America (USA) dollar and due to the fact that its participation "would be ... an admission that the Eurozone is incapable of dealing with its internal problems and that it needs help from 'Washington'..." (Pisani-Ferry & Sapir 2010; see also Featherstone 2011: 203). In addition, the crisis marked the first case of the EU providing financial assistance to Eurozone MS, conditional upon implementation of structural adjustment policies (1). More broadly, the substantial amount of EU and international legislation that had been introduced effectively established a new stage of integration of the Economic and Monetary Union. It is, then, evident that the crisis resulted in substantial modifications of the then operational and legal status quo within the EU. The beginning of these modifications can be traced to a single MS case: Greece. Greece became the first Eurozone MS to request the activation of the then ad hoc EU-IMF financial assistance mechanism, and it was due to the weaknesses in the EU operating framework that surfaced because of the Greek case, that most of the EU legislation relating to the crisis was adopted (European Council 2010).

The aim of this article is to delineate the modalities and specifics of the EU-IMF measures assumed in relation to Greece and the crisis. In the following section, a brief overview of the relevant literature is presented. There has been considerable scholarship on the Greek case, offering many useful insights, but there is room for a contribution in providing a conclusive overall account of the institutional and legal aspects of the issue at hand. In the next section, a brief temporal overview is provided relevant to the crisis progression in Greece, and how the supranational level responded to it. The main section of the article the legislative/operative aspects of the Greek crisis are examined, with the aim of presenting how the process of those programs was actually applied to Greece (although, since Greece participated in virtually all versions of financial assistance established by the EU-IMF cooperation, similar provisions have been applicable for all other Eurozone MS receiving assistance). The article concludes with a brief summary.

BRIEF OVERVIEW OF RELEVANT LITERATURE

It is useful to briefly overview the existing literature in relation to the measures assumed in the Greek case. There has been scholarship outlining the effect of the assistance programs on specific policy areas, such as Ladi (2014), analysing Greek public administration before and after the crisis, Katsanidou (2012), investigating political party behaviour in relevance to the Memoranda of Understanding (MoUs), and Aranitou et al. (2011), presenting an indicative set of changes under the financial assistance programs from the perspective of Greece's political history. There are, in addition, other strands of scholarship that examine purely economic aspects of the relevant issues (eg Athanassiou 2009; Kaplanoglou & Rapanos 2011; Katsimi & Moutos 2010). Finally, there are the analyses that present a legal/constitutional perspective of the programs (eg Katrougkalos 2010, 2011; Manitakis 2011; Marias 2010; Kasimatis 2010; Giannakopoulos 2011; Drosos 2010). A small portion of this latter strand of literature focuses on the modalities of the programs. For example, Marias (2010) provides excellent contributions in relation to the Decision (DEC) 2010/182/EU/16-02-2010 of the Economic and Financial Council of the EU's Council of Ministers (CoM) relevant to the First Program (2215). Marias (2010), as well as Xrysogonos (2010), also highlight in detail the contradictory paths of national legislation for the MoU of the First Program within Greece's domestic realm, and provide an extensive evaluation of the relevant loan agreements. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

The Greek Crisis 2009-2015: A Comprehensive Analysis of the EU-IMF Financial Assistance Programs
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.