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The Problematic Dynamics of European Monetary Union and the Greece Debt Crisis

Year 2015, Volume: 2 Issue: 2, 171 - 188, 02.10.2015
https://doi.org/10.17336/igusbd.49392

Abstract

This article evaluates the economic problems of Greece, a member of the EU, following the world financial crisis of 2008. It attempts to draw a theoretical framework on how policies of European Monetary Union (EMU) and the European Central Bank (ECB) may affect the economies of the Eurozone member countries with different levels of economic development. It specifically takes the economic conditions and the policies followed by Greece before and after the EMU membership into consideration in a historical manner. Also this article reviews the discussion on the basic dynamics and reasons that led to the sovereign debt crisis, namely, whether the internal factors (such as policy style of Greece, the effects of interest groups, or inefficiencies of the economic structure, etc) or the external factors (such as policies of EMU).

References

  • FEATHERSTONE, Kevin, ‘External conditionality and the debt crisi: the Troika and public administration reform in Greece’, Journal of European Public Policy, Vol 22, No 3, 2015.
  • FEATHERSTONE, Kevin, ‘The Greek Sovereign Debt Crisis and EMU: A Failing State in a Skewed Regime’, Journal of Common Market Studies, vol 49, no 2, 2011.
  • HELD, David ve Anthony McGrew, “Globalization and the Liberal Democratic State”, Government and Opposition, vol 28, no 2, 1993.
  • HENIG, Stanley, ‘The Mediterranean Policy of the European Community”, The New Politics of European Integration, edt. Ghita Ionescu, MacMillan St Martin’s Press, 1972.
  • HOLMAN, Otto, Integrating Southern Europe, EC Expansion and Transnationalization of Spain, Routledge, London, 1996.
  • KAELBERER, Matthias, ‘Sovereign Debt or Balance of Payments Crisis? Exploring the Structural Logic of Adjustment in the Eurozone”, Journal of Balkan and Near Eastern Studies, Vol 16, No 4, 2012.
  • KATSELI, Louka, “Economic Integration in the Enlarged European Community: Structural Adjustment of the Greek Economy”, Unity with Diversity in the European Economy: the Community’s Southern Frontier, edt. C. Bliss ve J. Braga de Macedo, Cambridge University Press, Cambridge, 1990.
  • KATSIMI, Margarita, Thomas MOUTOS, ‘Emu and the Greek crisis: The political-economy perspective”, European Journal of Political Economy, 26, 2010.
  • KITOMILIDES, Yiannis, “Stories, Fables, Parables, and Myths: Greece and the Euro Crisis, Toward a new Narrative”, Journal of Economic Issues, Vol XLVII, No 2, Sept 2013.
  • LEKAKIS, Joseph, Maria KOUSİS, 'Economic Crisis, Troika and the Environment in Greece”, South European Socety and Politics, Vol 18, No 3, 2013.
  • MARAVALL, Jose Maria, Regimes, Politics and Markets, Democratization and Economic Change in Southern and Eastern Europe, Oxford University Press, 1997.
  • MARKANTONATOU, Maria, 'The State and Modes of Regulation in Greece from Post-War Period to 2009 Financial Crisis', Journal of Balkan and Near Eastern Studies, Vol 14, No 4, December 2012.
  • MICHAEL-MATSAS, Savas, 'Greece and the World Capitalist Crisis', Critique, Vol 38, No 3, August 2010.
  • MILIOS, John, Dimitris P. SOTIROPOULOS, 'Crisis of Greece or crisis of the euro? A view from the Europhean periphery', Journal of Balkan and Near Eastern Studies, Vol 12 No 3, September 2010.
  • TSAROUHAS, Dimitris, “The Political Origins of the Greek Crisis: Domestic Failures and the EU Factor”, Insight Turkey, Vol.14, No 2, 2012.
  • VISVIZI, Anna, ‘From Grexit to Grecovery: the Paradox of Troika’s Engagement with Greece’, Perspectives on European Politics and Society, vol 15, no 3, 2014.

Avrupa Para Birliği’nin Sorunlu Dinamikleri ve Yunanistan Borç Krizi

Year 2015, Volume: 2 Issue: 2, 171 - 188, 02.10.2015
https://doi.org/10.17336/igusbd.49392

Abstract

Bu çalışmada, Avrupa Birliği üyesi Yunanistan’ın 2008 yılında başlayan dünya finansal krizi sonrasında yaşadığı ekonomik sorunlar ele alınarak değerlendirilecektir. Öncelikle Avrupa Para Birliği (APB) ve Avrupa Merkez Bankası’nın (AMB) uyguladıkları politikalar ve ekonomi politikaları ilkeleri çerçevesinde para birliğine dâhil olan farklı ekonomik gelişmişlik düzeyindeki ülkelerin temel ekonomik göstergeleri üzerinde ne gibi etkileri olabileceğine dair teorik bir çerçeve çizilecektir. Ardından bu yapı içerisinde yer alan ülkelerden Yunanistan’ın, birliğe hangi ekonomik koşullar ve yapı altında girdiği, sonrasında ise ne tür politikalar takip ederek “Avro Bölgesi”nden çıkma alternatiflerinin bile dile getirildiği duruma nasıl geldiği tarihsel olarak incelenecektir. Krizi ortaya çıkaran temel dinamiklerin Yunanistan’a özgü siyaset yapma biçimi, ekonomi üzerinde etkili olan hâkim grupların davranışları, ekonomik altyapı yetersizlikleri gibi içsel nedenlerden mi yoksa AMB politikaları gibi dış dinamikler nedeniyle mi geliştiği yönündeki tartışmalar değerlendirilerek analiz edilecektir. 

References

  • FEATHERSTONE, Kevin, ‘External conditionality and the debt crisi: the Troika and public administration reform in Greece’, Journal of European Public Policy, Vol 22, No 3, 2015.
  • FEATHERSTONE, Kevin, ‘The Greek Sovereign Debt Crisis and EMU: A Failing State in a Skewed Regime’, Journal of Common Market Studies, vol 49, no 2, 2011.
  • HELD, David ve Anthony McGrew, “Globalization and the Liberal Democratic State”, Government and Opposition, vol 28, no 2, 1993.
  • HENIG, Stanley, ‘The Mediterranean Policy of the European Community”, The New Politics of European Integration, edt. Ghita Ionescu, MacMillan St Martin’s Press, 1972.
  • HOLMAN, Otto, Integrating Southern Europe, EC Expansion and Transnationalization of Spain, Routledge, London, 1996.
  • KAELBERER, Matthias, ‘Sovereign Debt or Balance of Payments Crisis? Exploring the Structural Logic of Adjustment in the Eurozone”, Journal of Balkan and Near Eastern Studies, Vol 16, No 4, 2012.
  • KATSELI, Louka, “Economic Integration in the Enlarged European Community: Structural Adjustment of the Greek Economy”, Unity with Diversity in the European Economy: the Community’s Southern Frontier, edt. C. Bliss ve J. Braga de Macedo, Cambridge University Press, Cambridge, 1990.
  • KATSIMI, Margarita, Thomas MOUTOS, ‘Emu and the Greek crisis: The political-economy perspective”, European Journal of Political Economy, 26, 2010.
  • KITOMILIDES, Yiannis, “Stories, Fables, Parables, and Myths: Greece and the Euro Crisis, Toward a new Narrative”, Journal of Economic Issues, Vol XLVII, No 2, Sept 2013.
  • LEKAKIS, Joseph, Maria KOUSİS, 'Economic Crisis, Troika and the Environment in Greece”, South European Socety and Politics, Vol 18, No 3, 2013.
  • MARAVALL, Jose Maria, Regimes, Politics and Markets, Democratization and Economic Change in Southern and Eastern Europe, Oxford University Press, 1997.
  • MARKANTONATOU, Maria, 'The State and Modes of Regulation in Greece from Post-War Period to 2009 Financial Crisis', Journal of Balkan and Near Eastern Studies, Vol 14, No 4, December 2012.
  • MICHAEL-MATSAS, Savas, 'Greece and the World Capitalist Crisis', Critique, Vol 38, No 3, August 2010.
  • MILIOS, John, Dimitris P. SOTIROPOULOS, 'Crisis of Greece or crisis of the euro? A view from the Europhean periphery', Journal of Balkan and Near Eastern Studies, Vol 12 No 3, September 2010.
  • TSAROUHAS, Dimitris, “The Political Origins of the Greek Crisis: Domestic Failures and the EU Factor”, Insight Turkey, Vol.14, No 2, 2012.
  • VISVIZI, Anna, ‘From Grexit to Grecovery: the Paradox of Troika’s Engagement with Greece’, Perspectives on European Politics and Society, vol 15, no 3, 2014.
There are 16 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Zeki İlker Görenel

Publication Date October 2, 2015
Published in Issue Year 2015 Volume: 2 Issue: 2

Cite

APA Görenel, Z. İ. (2015). Avrupa Para Birliği’nin Sorunlu Dinamikleri ve Yunanistan Borç Krizi. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 2(2), 171-188. https://doi.org/10.17336/igusbd.49392

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