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Yunanistan Borç Krizi: Nedenleri, Etkileri ve Alternatif Çözüm Önerileri

Year 2013, Issue: 25, 19 - 43, 01.06.2013

Abstract

Yunanistan borç krizi, sadece Yunanistan’ı değil, Avrupa Birliği içerisindeki diğer ülkeleri de olumsuz
etkilemiştir. Gittikçe bozulan makroekonomik yapı, artan ticari açık, zayıflayan rekabet gücü ve hatalı
finansal yönetimle Yunanistan, ekonomi yönetiminde yeterince başarılı olamadığını ortaya koymuştur.
Öte yandan, bir yandan AB üyesi diğer ülkelerin, diğer yandan da yerel yöneticilerin tüm çabalarına
rağmen kamu borçlarını ödeme konusunda piyasa beklentilerinin giderek zayıflaması, Yunanistan
borç krizinin derinleşmesine neden oluşturmuştur. Bu kriz, Yunanistan ekonomisindeki derin
problemleri gün yüzüne çıkarması yanında, Avrupa Birliği bünyesinde uygulanan ortak para
politikası ve ayrık maliye politikalarının da sorgulanmasına yol açmıştır. Üstelik birlik içindeki
finansal bağımlılığın yüksek olması nedeniyle, para birliği içinde olan diğer ülkelere de krizin bulaşma
ihtimali söz konusu olmuştur. Bu bilgiler ışığında, bu çalışmada Yunanistan borç krizinin endojen ve
egzojen nedenleri belirtildikten sonra, krize yönelik olarak Yunanistan ve Avrupa Birliği tarafından
alınan tedbirler üzerinde durulacaktır. Çalışmanın son kısmında ise krize yönelik olarak kısa ve uzun
vadede uygulanabilecek alternatif çözüm önerileri açıklanmaya çalışılacaktır.

References

  • BIS (2010). Quarterly Review. Bank of International Settlements, http://www.bis.org/publ/qtrpdf/r_qt1006.htm
  • Bank of Greece (2009). Annual Report. http://www.bankofgreece.gr/BogEkdoseis/Annrep2009.pdf
  • Buchheit, Lee C.; Gulati G. Mitu. (2010).“How to Restructure Greek Debt”, SSRN, pp.1–14. http://ssrn.com/abstract=1603304
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  • Darvas, Zsolt.; Pisani-Ferry J. and. Sapir, A (2011) “A Comprehensive Approach to the Euro-area Debt Crisis”, Corvinus Unıversıty of Budapest, Working Paper Series, 2011 / 01.
  • Darvas, Zsolt. (2011).”Debt Restructuring in the Euroarea: A Necessary But Manageable Evil”,Corvinus University of Budapest, Working Paper, 4 June 2011, pp.1–40.
  • De Grauwe, Paul. (2011). “The Greek Crisis and the Future of the Eurozone”, http://www.econ.kuleuven.be/ew/academic/intecon/Degrauwe/PDG-papers/ Discussion_papers/EuroIntelligence-March-2010.pdf   /02.09.2012
  • Economist Intelligence Unit. (2010). “Country Report: Greece”.  www.alacrastore.com/research/acm-eiu-special-report-2110 / 04.10.2012 http://
  • Eichengreen, Barry. (2002) “Predicting and Preventing Financial Crises: Where Do We Stand? What Have We Learned?1”, Kiel Week Annual Conference, Kiel, Germany, 24-25 June 2002, pp.1-40.
  • Euro Pact. (2011). Conclusions of the Heads of State or Government of the Euro Area of 11 March 2011.
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  • Gogos, Stylianos.G; Mylonidis; Nikolaos. Papageorgiou; Dimitris and Vassilatos. Vanghelis. (2012). “Greece 1979–2001: A (First) Great Depression Seen From the Basic RBC Model”, Athens University of Economics and Business, Department of Economics, Working Paper Series, No. 01- 2012, pp.1-25.
  • Hallerberg, Mark. (2011)“Fiscal Federalism Reforms in the European Union and the Greek Crisis”. European Union Politics. http://eup.sagepub.com/content /12/1/127
  • IFO (Institute for Economic Research, European Economic Advisory Group: Report on European Economy, 12 February 2003, pp.5-7.
  • IMF (2009). World Economic Outlook. October 2009 and European Commission, DG Economic and Financial Affairs, http://ec.europa.eu/economy_finance/publications/european _economy/ public_finances_emu_en.htm  /15.09.2012
  • IMF (2010). Country Report: Greece, March 2010.
  • IMF (2010). Country Report, Greece: Staff Report on Request for Stand-by Arrangement, No:10/110, May 2010.
  • IMF. (2012). World Economic and Financial Surveys, Growth Resuming, Dangers Remain, World Economic Outlook, April 2012.
  • IMF (2012) Country Report. Greece: Request for Extended Arrangement Under the Extended Fund Facility. No.12/57. March 2012.
  • Katsimi, Margaret and Moutos, Thomas (2010).“EMU and the Greek Crisis: The Political Economy Perspective”, European Journal of Political Economy, No.26, pp.568–576.
  • Christian, Kopf, “Restoring financial stability in the euro area, CEPS Policy Research, No. 237, 15 March 2011,pp.1–36.
  • Kouretas, Georgios, P. and Vlamis, Prodromos (2010). “The Greek Crisis: Causes and Implications”, Panoeconomıcus, pp. 391–404.
  • Krugman, Paul. (2010) “Appeasing the Bond Gods”, 19 August, 2010 http://www.nytimes.com /2010/08/20/opinion/20krugman.html?_r=0 /04.10.2012
  • Menguy, Severine. (2008)“A Dynamic Rule Applied to the Threshold Imposed on the European Budgetary Deficits”, Journal of Policy Modeling, 30, 1093–1105.
  • Milios, John and Sotiropoulos, Dimitris P. (2010).”Crisis of Greece or Crisis of the Euro? A View from the European ‘Periphery’” Journal of Balkan and Near Eastern Studies, 12(3): 223–240.
  • Nelson, Rebeca. M.; Belkin, Paul.; Mix, Derek, E.(2010). “ Greece’s Debt Crisis: Overview, Policy Responses, and Implications”, Congressional Research Service, 7–5700, pp. 1–15.
  • OECD Factbook Statistics., 2012
  • Oxford Economics (2010). “Is Greece Heading for Default?,” www.oxfordeconomics.com/publication /download/222555  /10.10.2012
  • Perotti, Roberto.; Strauch Rolf ; and Von Hagen, Jürgen (1998). Sustainibility of Public Finance, Centre for Economic Research, London UK.
  • Reuters.“Fiscal Woes to Dog Greek Bonds Even if Aid Offered,” March 22, 2010.
  • Rossi, Vanessa and Aguilera, Rodrigo Delgado (2010)“No Painless Solution to Greece’s Debt Crisis”, Chatham House, Programme Paper, IE PP 2010/03.
  • Shane, Oliver (2011). The Euro-Zone Public Debt Crisis, Edition 20. http://www.financialfoundations.com.au/pdf/The%20Euro%20zone%20public%20debt%20cri sis%20(again).pdf. / 10.10.2012
  • Sinn, Hans Werner (2010). Rescuing Europe, Cesifo Forum Special Issue, V.11, Munich. http://www.cesifo-group.de. /15.09.2012
  • Tavalas, George, S; Gibson, Heather, D.(2011). “The Greek Financial Crisis: Growing Imbalances and Sovereign Spreads”, University of Leicester, Department of Economics, Working Paper No:11/25, pp.1-31
  • The Economist (2010). The future of the euro, Don't do it, Dec 2nd 2010. http://www.economist.com /node/17629661. /10.10.2012
  • The Wall Street Journal, June, 19, 2012, http://online.wsj.com/article/ SB1000142405270230337920 4577474652466408254.html/10.10.2012
  • The Wall Street Journal, September 20, 2012. http://online.wsj.com/article/ SB10000872396390 444032404578008521228332116.html /10.10.2012
  • Wihlborg, Clas; Willett, Thomas, D.; Zhang, Nan (2010).“The Euro Crisis: It isn’t Just Fiscal and It Doesn’t Just Involve Greece”, Robert Day School Working Paper, No. 2011-03: 1-37.
  • Kocaeli University Journal of Social Sciences, 2013, 25 : 19 - 43
  • ÖNERİLERİ Ayfer GEDİKLİ•

The Greek Sovereign Debt Crisis: Causes, Impacts and Some Policy Recommendation

Year 2013, Issue: 25, 19 - 43, 01.06.2013

Abstract

The Greek Sovereign Debt Crisis, exposed both Greece and Eurozone. Greek authorities had failed to overcome endemic problems of fiscal mismanagement, low competitiveness and trade deficits. Steady deterioriation of Greek macroeconomic fundamentals and disappointing market expectations from Greek fiscal liabilities can be considered as the basic reasons of Greek crisis. Greek Debt Crisis has also brought questions with the Eurozone which has unified monetary policy and diverse fiscal policies. At this point, it has come to light that there may be a risk of contagion to the other EMU countries. This atricle provides an overview of the sovereign debt crisis in Greece, outlines the major causes of the crisis focusing on both domestic and international factors and the response of the local and Eurozone authorities to the crisis. Finally, short run and long run solution suggestions for the crisis will be explained

References

  • BIS (2010). Quarterly Review. Bank of International Settlements, http://www.bis.org/publ/qtrpdf/r_qt1006.htm
  • Bank of Greece (2009). Annual Report. http://www.bankofgreece.gr/BogEkdoseis/Annrep2009.pdf
  • Buchheit, Lee C.; Gulati G. Mitu. (2010).“How to Restructure Greek Debt”, SSRN, pp.1–14. http://ssrn.com/abstract=1603304
  • Council of the European Union, Press Release 9596/10, Extraordinary Council Meeting, Economic and Financial Affairs, Brussels, 9/10 May 2010.
  • Dağdelen, İlhan. (2011). “Bütünleşme Sürecinde Yunanistan’ın Borç Krizi”, Ankara Avrupa Çalışmaları Dergisi, 10(2):1–26.
  • Darvas, Zsolt.; Pisani-Ferry J. and. Sapir, A (2011) “A Comprehensive Approach to the Euro-area Debt Crisis”, Corvinus Unıversıty of Budapest, Working Paper Series, 2011 / 01.
  • Darvas, Zsolt. (2011).”Debt Restructuring in the Euroarea: A Necessary But Manageable Evil”,Corvinus University of Budapest, Working Paper, 4 June 2011, pp.1–40.
  • De Grauwe, Paul. (2011). “The Greek Crisis and the Future of the Eurozone”, http://www.econ.kuleuven.be/ew/academic/intecon/Degrauwe/PDG-papers/ Discussion_papers/EuroIntelligence-March-2010.pdf   /02.09.2012
  • Economist Intelligence Unit. (2010). “Country Report: Greece”.  www.alacrastore.com/research/acm-eiu-special-report-2110 / 04.10.2012 http://
  • Eichengreen, Barry. (2002) “Predicting and Preventing Financial Crises: Where Do We Stand? What Have We Learned?1”, Kiel Week Annual Conference, Kiel, Germany, 24-25 June 2002, pp.1-40.
  • Euro Pact. (2011). Conclusions of the Heads of State or Government of the Euro Area of 11 March 2011.
  • European Commission, DG Economic and Financial Affairs, Excessive Debt Procedure Notification, 2011. http://ec.europa.eu/economy_finance/publications/european_economy/ public_finances_emu_en.htm. / 15.09.2012
  • Gogos, Stylianos.G; Mylonidis; Nikolaos. Papageorgiou; Dimitris and Vassilatos. Vanghelis. (2012). “Greece 1979–2001: A (First) Great Depression Seen From the Basic RBC Model”, Athens University of Economics and Business, Department of Economics, Working Paper Series, No. 01- 2012, pp.1-25.
  • Hallerberg, Mark. (2011)“Fiscal Federalism Reforms in the European Union and the Greek Crisis”. European Union Politics. http://eup.sagepub.com/content /12/1/127
  • IFO (Institute for Economic Research, European Economic Advisory Group: Report on European Economy, 12 February 2003, pp.5-7.
  • IMF (2009). World Economic Outlook. October 2009 and European Commission, DG Economic and Financial Affairs, http://ec.europa.eu/economy_finance/publications/european _economy/ public_finances_emu_en.htm  /15.09.2012
  • IMF (2010). Country Report: Greece, March 2010.
  • IMF (2010). Country Report, Greece: Staff Report on Request for Stand-by Arrangement, No:10/110, May 2010.
  • IMF. (2012). World Economic and Financial Surveys, Growth Resuming, Dangers Remain, World Economic Outlook, April 2012.
  • IMF (2012) Country Report. Greece: Request for Extended Arrangement Under the Extended Fund Facility. No.12/57. March 2012.
  • Katsimi, Margaret and Moutos, Thomas (2010).“EMU and the Greek Crisis: The Political Economy Perspective”, European Journal of Political Economy, No.26, pp.568–576.
  • Christian, Kopf, “Restoring financial stability in the euro area, CEPS Policy Research, No. 237, 15 March 2011,pp.1–36.
  • Kouretas, Georgios, P. and Vlamis, Prodromos (2010). “The Greek Crisis: Causes and Implications”, Panoeconomıcus, pp. 391–404.
  • Krugman, Paul. (2010) “Appeasing the Bond Gods”, 19 August, 2010 http://www.nytimes.com /2010/08/20/opinion/20krugman.html?_r=0 /04.10.2012
  • Menguy, Severine. (2008)“A Dynamic Rule Applied to the Threshold Imposed on the European Budgetary Deficits”, Journal of Policy Modeling, 30, 1093–1105.
  • Milios, John and Sotiropoulos, Dimitris P. (2010).”Crisis of Greece or Crisis of the Euro? A View from the European ‘Periphery’” Journal of Balkan and Near Eastern Studies, 12(3): 223–240.
  • Nelson, Rebeca. M.; Belkin, Paul.; Mix, Derek, E.(2010). “ Greece’s Debt Crisis: Overview, Policy Responses, and Implications”, Congressional Research Service, 7–5700, pp. 1–15.
  • OECD Factbook Statistics., 2012
  • Oxford Economics (2010). “Is Greece Heading for Default?,” www.oxfordeconomics.com/publication /download/222555  /10.10.2012
  • Perotti, Roberto.; Strauch Rolf ; and Von Hagen, Jürgen (1998). Sustainibility of Public Finance, Centre for Economic Research, London UK.
  • Reuters.“Fiscal Woes to Dog Greek Bonds Even if Aid Offered,” March 22, 2010.
  • Rossi, Vanessa and Aguilera, Rodrigo Delgado (2010)“No Painless Solution to Greece’s Debt Crisis”, Chatham House, Programme Paper, IE PP 2010/03.
  • Shane, Oliver (2011). The Euro-Zone Public Debt Crisis, Edition 20. http://www.financialfoundations.com.au/pdf/The%20Euro%20zone%20public%20debt%20cri sis%20(again).pdf. / 10.10.2012
  • Sinn, Hans Werner (2010). Rescuing Europe, Cesifo Forum Special Issue, V.11, Munich. http://www.cesifo-group.de. /15.09.2012
  • Tavalas, George, S; Gibson, Heather, D.(2011). “The Greek Financial Crisis: Growing Imbalances and Sovereign Spreads”, University of Leicester, Department of Economics, Working Paper No:11/25, pp.1-31
  • The Economist (2010). The future of the euro, Don't do it, Dec 2nd 2010. http://www.economist.com /node/17629661. /10.10.2012
  • The Wall Street Journal, June, 19, 2012, http://online.wsj.com/article/ SB1000142405270230337920 4577474652466408254.html/10.10.2012
  • The Wall Street Journal, September 20, 2012. http://online.wsj.com/article/ SB10000872396390 444032404578008521228332116.html /10.10.2012
  • Wihlborg, Clas; Willett, Thomas, D.; Zhang, Nan (2010).“The Euro Crisis: It isn’t Just Fiscal and It Doesn’t Just Involve Greece”, Robert Day School Working Paper, No. 2011-03: 1-37.
  • Kocaeli University Journal of Social Sciences, 2013, 25 : 19 - 43
  • ÖNERİLERİ Ayfer GEDİKLİ•
There are 41 citations in total.

Details

Other ID JA24PD83YY
Journal Section Articles
Authors

Ayfer Gedıklı This is me

Publication Date June 1, 2013
Published in Issue Year 2013 Issue: 25

Cite

APA Gedıklı, A. (2013). Yunanistan Borç Krizi: Nedenleri, Etkileri ve Alternatif Çözüm Önerileri. Kocaeli Üniversitesi Sosyal Bilimler Dergisi(25), 19-43.

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