The first Memorandum
A medicine with dangerous side-effects
in The European debt crisis
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The chapter examines the provisions of Greece’s first Memorandum of Understanding with the IMF and the EU. It is argued that the targets set by the Memorandum were not realistic and the severity of the envisaged macroeconomic adjustment was unprecedented in the developed world. It is also argued that the Greek government failed to negotiate with its creditors a deal that would be better tailored to the socio-economic realities in the country.

The European debt crisis

The Greek case


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