The political economy of the Greek economic crisis in 2020

ABSTRACT

In this article, we emphasize the political causes of the crisis in order to evaluate not only whether these have been the main factors behind the economic crisis (particularly over the last decade), but also whether these can be considered the main factors for the failure of Greek and European officials to overcome the economic crisis. Over the last ten years, there has been something of a deterioration of the political variables and we are now faced with a question of whether we can begin to talk about a way out of the crisis. As per our argument, despite the acceptance of new institutional rules for the efficient operation of the economy through the memoranda of understanding, Greece’s performance has worsened in terms of its political and institutional governance indicators over the last decades. This fact is particularly worrying because it highlights an overall failure to change the political conditions that affect the overall quality of life and prosperity.

KEYWORDS:

• Political economy
• economic crisis
• political dimension
• institutions
• Greece