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This paper focuses on a debt crisis in Greece, the causes and impacts of this crisis and possible solutions to current situation. The Greek debt crisis is one of a number of current European debt crises and is believed to have been caused by a combination of structural weaknesses of the Greek economy coupled with the incomplete economic, tax and banking unification of the European Monetary Union. Throughout this thesis the Greece is compared with another European states regarding to important macroeconomics indicators and economic policy. The aim of this paper is analyze and make a comparison which is based on the cluster analysis. First part of this paper is about reasons, which cause financial crises in Greece. Second part focuses the theoretical background of the cluster analysis and selection of economical indicators. Next part evaluate findings with cluster analysis. The conclusion cautions against high state debts and shows indispensability reforms which are related with fiscal state policy. [ABSTRACT FROM AUTHOR]

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In the context of a cross-national economic crisis, questions about democratic legitimacy are again topical. We explore the question of democratic legitimacy in Portugal and Greece by employing the conceptual differentiation between diffuse and specific regime support. Our findings indicate that while specific support has fallen in both countries, only Greece has experienced a precipitous fall in diffuse support, suggesting a link between regime performance and support for democracy. Individual-level analyses do not reveal any clear patterns concerning the impact of long-term societal factors or short-term economic considerations. Due to data quality limitations the paper has a predominately exploratory nature. [ABSTRACT FROM AUTHOR]

Although several studies aim at analysing the causes and impacts of the current economic crisis, especially involving the case of Greece, the role that highly educated population holds has not received wider attention. Based on an examination of both secondary data on the Greek economy/labour market and primary data collected by a survey that included 1821 graduates, this paper shows that underutilization of highly educated population harmed the competitiveness of the Greek economy, a factor which has significantly contributed to the creation of the current debt crisis and fostered the migration of graduates. [ABSTRACT FROM PUBLISHER]

The current economic situation in the uropean Union is critical due to the financial crisis and to sovereign debt. There are a few countries at risk of default, but the most immediate risk is posed by Greece and Italy. The Euro currency is threatened and the EU must take correct measures to prevent it from disappearing. There are quite a few approaches that governments take and each of them has risks and benefits. This paper presents the various suggestions of combinations of measures possible. The matter analyzed being very complex, and trying to simplify it, the paper presents a series of approaches possible in solving the problems that are afflicting the banking system and the EU countries. [ABSTRACT FROM AUTHOR]

The paper is focused on the crisis'impact of the Greek economy and its effects across the EU27. Our approach is different and it is not founded in other researches in this topic area. The approach is based on the comparative analysis between the main economic indicators in the Greek and in the EU27 economies. The survey uses the latest official statistical data. An interesting result of the analysis it that to declare that is time to replace Greece, as worst European economy, to other national economies. Moreover, we think that the regional and global political games are more important than the economic performances, nowadays. This is why Greece, a small economy, has to face the impacts of these games, in order to satisfy the need of new power balance of the great economies. And Greece was just the beginning of this process, which will cover at least all little economies in the EU27. [ABSTRACT FROM AUTHOR]

Ten years after Greece's accession to EMU, the venture has proved to be almost a complete failure. Obviously, the country joined EMU disappointingly unprepared. After EMU accession, Greece failed to seek the necessary adaptations. Its economic policy was inconsistent with the economic logic and rules of the game of a monetary union. EMU did not in itself lead to the Greek crisis. Nevertheless, the supervisory arrangements clearly failed to work. Moreover, the unfolding of the crisis was assisted by EMU's inherent weakness in managing asymmetric disturbances and the absence of early warning and rapid intervention mechanisms. [ABSTRACT FROM AUTHOR]

A simple theoretical model of monetary unification and data from 11 euro members are used to investigate the common currency's role in the macroeconomic performance of these countries. Euro membership has been typically accompanied by lower (or steady) inflation, but also by higher business-cycle volatility. In addition, synchronization of cyclical output was substantially affected by the common currency only in Greece (where it declined considerably) and Finland and Ireland (where it increased). Consistent with the theoretical predictions, the empirical evidence shows a strong negative relationship between cyclical synchronizations and volatilities, which however is not much stronger under the euro than it was during the Maastricht period. [ABSTRACT FROM AUTHOR]

Based on an analysis of the neoliberal construction of European monetary integration, the Greek economic crisis and the Hayekian-style austerity policies being used to deal with it are analyzed. After theoretically characterizing these policies, the paper analyzes how their generalization in Europe is helping to deepen the European crisis and jeopardizing the recovery of the world economy. Nevertheless, the reason of the crisis is the loss of monetary sovereignty of every country and the financing of the state is sustained across the financial bank and not bank investors. [ABSTRACT FROM AUTHOR]

The article discusses the three themes of the conundrum within the financial crisis in the European Union (EU) countries in 2015 such as democracy, conditionality and institutional weakness. Topics mentioned include the impact of the initiatives of the International Monetary Fund (IMF) and EU conditionality on debt crisis in Greece, the effort started by Yanis Varoufakis, former Member of the Hellenic Parliament, with euro partners of Greece, and the response of EU Commission vice-president Jyrki Katainen to the election of the SYRIZA government, a left-wing political party in Greece, in Athens.

This contribution analyses some data from Eurobarometer 83, spring 2015, especially to draw a map of Fears. The European Union is a divided space and one of the main consequences of the budget (financial) crisis of Greece, followed by the crisis caused by the arrival of thousands of immigrants is an enhanced communication difficulty between the Western and Eastern parts of the EU But all citizens have some new rights with the European Citizenship, which are additional. One of the main issues for the future could be to change the fundamental basis of the Union, thus trying to organize a new articulation between local and supranational, with another role for States, for example to change the organisation of European elections, and to pursue the connection of public spaces with mobility. [ABSTRACT FROM AUTHOR]

The euro crisis and a new debate about immigration in Europe have undermined support for the EU while the unsolved Greek debt problems as well as the ECB's quantitative easing policy have raised new crucial policy issues. It is necessary to identify the key issues of Eurozone stabilization and to clarify the economic benefits from monetary integration. As regards the economic welfare analysis of the euro, the new model presented shows the benefits of the euro's reserve currency position, namely in the framework of a neoclassical growth model with seigniorage based on international reserve holdings. Discounted benefits are about 10,000 € per capita in a stable Euro area. Thus the benefits are bigger than often considered, at the same time one may raise the question of whether the existing institutional setting of the Eurozone is sufficient for achieving long-term stability and prosperity. As regards the envisaged third rescue package for Greece it is emphasized that a haircut of public creditors along with adoption of a Greek capital levy plus privatization efforts are required to achieve debt sustainability and growth. The traditional interpretation of subsidiarity in the EU is found to be misleading and the vertical division of politics is destabilizing. [ABSTRACT FROM AUTHOR]

Copyright of Industrial Relations / Relations Industrielles is the property of Universite Laval, Department of Industrial Relations and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article attempts to assess the crisis of hegemony and profound changes to Greece's political scene and answers prevailing myths about the Greek crisis. Topics discussed include the important aspects of the Greek Debt crisis such as the Greece's having one of the most lax tax regimes in Europe, the recession of Greek economy and consequent debt burden as a reflection of Greek capitalism based on low labor cost and exploitation of immigrant labor and the process of Greek Debt restructuring.

The European Union’s enlargement towards the Western Balkans may be facing its most difficult challenge since its launch in Zagreb in 2000. The prospect of Balkan enlargement has been hard-hit by the deterioration of the European economy, and particularly the Greek sovereign debt crisis, as the countries of the region have been deeply affected by the shock waves emanating from Greece. The negative repercussions include a deterioration of their economies, their prospects for growth, their capacity for reform, their social, political and institutional structures, and their ability to fulfil the accession criteria. Crucially, the EU’s hitherto undisputable symbolic role as an ‘anchor’ of stability, as a one-way path to prosperity and as a goal to be aspired to, may be losing its credibility and appeal for some of these countries. [ABSTRACT FROM PUBLISHER]

The sovereign debt crisis and economic collapse of Greece is not a national exception. The eurozone and the entire EU are now the epicenter of the world capitalist crisis that exploded in 2007. Greece is the weakest link of the European chain that is threatened to break apart with enormous consequences for the world economy. All the interventions by the EU led by Germany, by the European Central Bank and the IMF were socially disastrous and economically totally inefficient. The second bailout of Greece in February 2012 has been met with a powerful resistance by the Greek popular masses and has no more chances to succeed than the previous one. No EU financial mechanism or ‘firewall’ is capable of preventing the contagion, which involves now not only small peripheral countries like Portugal or Ireland but the third and fourth biggest European economies, Italy and Spain, and starts to hit the ‘hard core’ of the EU. The crisis manifests the historical decline of capitalism in its birthplace, the European Continent, as well as the decline of bourgeois democracy. A new era of historical social confrontations has opened where the question of political power and of the future of Europe has been explicitly posed. [ABSTRACT FROM AUTHOR]

With the parallel to the negative effect of the global crisis on the world economy, the economies in the EU started to give negative signals. The member countries such as Greece, Ireland, Portugal and Spain seeing the first negative effects of the global crisis are located in the periphery of the continent. Among these countries, Greece is more important with respect to the depth of its ongoing crisis, its observed effects and being an initial example. This is the biggest financial crisis since the EU accepted the euro as a single currency and Greece involved in the Euro Region in 2001. Like some of the other member countries in EU, Greece has a huge amount of sovereign debts and budget deficit. The most sovereign debts in Greece were taken from financial institutions located in central countries such as Germany, France and Belgium. It is possible that the problems caused by the Greek non-performance issue could spread over Euro Region and that risk could affect directly currency union at first, then economic and political structure of the EU and create some problems for maintaining of its single currency, namely the euro and also the ECB. Called recently as a "naughty boy" or a "sick man" in the EU, Greece has created an important test atmosphere with regard to the integration and control of EU countries' monetary and economic policies and the creation of common policies against global crisis. It became a laboratory country for the Union. Taking into consideration the process, the ongoing problems in the EU currency system after global crisis will be debated around the notion of "Greek Crisis" in our work. [ABSTRACT FROM AUTHOR]