Great Issues—Miller Center

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Great Issues: Scholarship in the Public Interest

More from Greece and the Eurozone


What are the Origins of the Greek Debt Crisis? - Yiorgos Allayannis traces the origins of the Greek sovereign debt crisis. The borrowing problem started, according to Allayannis, before Greece became a member of the EU and worsened as the debt to GDP ratio increased.

What are Greece’s Options? - Yiorgos Allayannis discusses potential models for debt relief in Greece. He compares and contrasts plans for increasing income, defaulting, and restructuring debt.

What were Germany’s Motivations? - David Leblang traces the history of the sovereign debt crisis to the banking crisis in 2008. This framing provides a context for understanding Germany's motivation for bailing out other EU member states.

The Political Geography of Bailouts - Why did Germany bail out Greece for a second time, even after markets had stabilized? David Leblang examines the political and geographic pressures that have led to past Eurozone bailouts.

A Crisis of Competitiveness - Bill Antholis argues that while excessive regulation affected Greece's debt, ultimately the country faces a problem of innovation and competitiveness.

Where Does the U.S. Stand? - While the U.S. agrees, according to Antholis, that austerity is not the way to grow out of the crisis, the American position recognizes that Greece still imposes too much regulation and taxes the private sector in unproductive ways. Ultimately, the U.S. is concerned with stability and the geopolitical forces in the region that could be affected by the Tsipras government's turn towards Russia.

Tourism, the Private Sector, and the Way Forward - In the six years since the crisis started, Greek tourism has continued to grow each year. Antholis argues that Greece needs to continue investing in the private sector and private infrastructure to address its ongoing economic instability.