| ID | 135206 |
| Title Proper | Misrule of the few |
| Other Title Information | how the oligarchs ruined Greece |
| Language | ENG |
| Author | Eleftheriadis, Pavlos |
| Summary / Abstract (Note) | Just a few years ago, Greece came perilously close to defaulting on its debts and exiting the eurozone. Today, thanks to the largest sovereign bailout in history, the country’s economy is showing new signs of life. In exchange for promises that Athens would enact aggressive austerity measures, the so-called troika -- the European Central Bank, the European Commission, and the International Monetary Fund -- provided tens of billions of dollars in emergency loans. From the perspective of many global investors and European officials, those policies have paid off. Excluding a one-off expenditure to recapitalize its banks, Greece’s budget shortfall totaled roughly two percent last year, down from nearly 16 percent in 2009. Last year, the country ran a current account surplus for the first time in over three decades. And this past April, Greece returned to the international debt markets it had been locked out of for four years, issuing $4 billion in five-year government bonds at a relatively low yield -- only 4.95 percent. (Demand exceeded $26 billion.) In August, Moody’s Investors Service upgraded the country’s credit rating by two notches. |
| `In' analytical Note | Foreign Affair Vol.93, No.6; Nov-Dec.2014: p.139-147 |
| Journal Source | Foreign Affairs Vol: 93 No 6 |
| Standard Number | Financial Crisis |