An evaluation of the Memoranda
in The European debt crisis
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The chapter provides an assessment of the two Memoranda that accompanied Greece’s bailouts. It is argued that initial assessments over the sustainability of the Greek debt were overly optimistic and based on projections that did not account for the realities of the Greek economy. The same is also true for some of the assumptions of the second Memorandum. The severe austerity paradigm that underpinned the two programmes was based on a defensive reading of the crisis and a high degree of moralism. Fiscal discipline, although necessary, does not, on its own, constitute a credible exit strategy from the crisis.

The European debt crisis

The Greek case

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