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Public Debt Dynamics of Europe and the U.S. by Dimitris N. Chorafas

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5

Impact of Bailouts on the Economy of a Sovereign

Theoretically, the conditions attached to the second Greek bailout were wide-ranging privatizations and deep cuts in government expenditures. Such predictions were precarious because they failed to account for the ongoing reaction of the population against austerity measures.

Let’s face it. Neither the EU, nor the ECB, let alone the IMF, had a roadmap for Greece (or for Italy, Spain, Portugal, and France). On paper, much of what came out of the marathon sessions at EU headquarters, in Brussels, might have made sense, but there existed notable risks in implementation reflected in widespread concern among economists and analysts.

While the second package seemed to be more realistic than the first ...

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