Austerity and growth
Implementing the second Memorandum
in The European debt crisis
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The chapter discusses the implementation of the provisions surrounding Greece’s second bailout package. It is argued that the successful completion of the PSI programme offered important breathing space to both Greece and the Eurozone, but did not fully dispel concerns over the sustainability of Greece’s debt. At the European level a network of provisions were now in place as ammunition against the crisis, but their suitability to provide a holistic response to the root causes of the crisis was contested.

The European debt crisis

The Greek case

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