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How to Destroy a Country. The Economics and Politics of the Greek Crisis#

Grzegorz W. Kolodko*,
Kozminski University, Warsaw

The economic future of Europe, with its obvious implications for the world economy, depends on the combination of many processes, not only economic ones. The situation is becoming more complicated due to potential overlapping of Brexit and Grexit, what could be fatal for the European integration. Solving the Greek syndrome requires a radical change in the way the EU approaches this problem. Specific structural reforms and fiscal adjustments are necessary in Greece too, yet necessary is conditional reduction of the Greek debt. In the long run it will be critical that certain countries’ surpluses are not financed with others’ deficits.

[JEL Classification:E02; E61; F45; H12; H63; P20].

Keywords: European Union; Eurozone; economic policy; crisis; public debt; austerity; Grexit; Brexit.

An essay on the James K. Galbraith’s book:Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe
kolodko@tiger.edu.pl, TIGER (Transformation, Integration and Globalization Economic Research), Kozminski University, Warsaw.