The political economy of the Greek debt crisis: a tale of two bailouts
Ardagna, S. & Caselli, F.
(2012).
The political economy of the Greek debt crisis: a tale of two bailouts.
(Centre for Economic Performance special papers CEPSP25).
London School of Economics and Political Science. Centre for Economic Performance.
(2012).
The political economy of the Greek debt crisis: a tale of two bailouts.
(Centre for Economic Performance special papers CEPSP25).
London School of Economics and Political Science. Centre for Economic Performance.
We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that the second bailout was not on the Pareto frontier and sketch political-economy arguments for why this may be so.