Working Papers, School of Business, Örebro University
Greek Debt Crisis “An Introduction to the Economic Effects of Austerity”
Abstract: We trace the reasons for the negative development of Greek
government debt from 1980 to 2014 by studying the deficits of the Greek
state under the same period. We also see the Greek debt under the different
political regimes. We briefly describe the two bailout programs for Greece
and finally we name the amount and Euro states that own the Greek loans.
The negative effects of austerity are about 22% less GDP and total
household and government consumption and monthly wages; finally, the
unemployment rate grew 21%.
Keywords: Austerity; Consumption; Deficit; Greek Debt Crisis; GDP; Unemployment; (follow links to similar papers)
JEL-Codes: C22; E62; F33; H63; O40; (follow links to similar papers)
20 pages, April 2, 2015
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