The Impact of Economic Adjustment Programs on the Greek Economy

Abstract

This study evaluates the trajectory of the Greek economy following the Global Financial Crisis (GFC) of 2007–2008. Between 2010 and 2018, Greece entered three Economic Adjustment Programs (EAPs) under the macroeconomic and institutional conditionalities imposed by the Troika. We refer to this period as the era of the Greek economic crisis. To what extent did the EAPs address the macroeconomic and institutional weaknesses that pre-existed in the Greek economy before 2010, and how effectively did they reduce the risk of future economic crises? Using a political economy approach, this study assesses the evolution of Greece’s macroeconomic and institutional parameters.