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Book part
Publication date: 22 October 2020

Naya Kalfeli

Hit by an unprecedented financial crisis, the Greek society has been also swept away by an acute political crisis, rising political polarisation and social unrest. At the…

Abstract

Hit by an unprecedented financial crisis, the Greek society has been also swept away by an acute political crisis, rising political polarisation and social unrest. At the same time, over the last decade, Greece has faced an unparalleled state of emergency, with thousands of refugees and immigrants entering every year and remaining in the country, often in extremely difficult living conditions leading to ‘an exceptional crisis within the crisis’. In fact, during the recent years, immigration and the ‘refugee crisis’ have been among the most controversial topics on the Greek policy agenda and one of the principal issues that shapes public discourse and raises the most questions about social cohesion and the fundamental values of the Greek society. Media representations of the refugee and migrant ‘crisis’ have played a significant role in how this controversial issue is presented in the Greek public discourse as well as in how people perceive and respond to it. Within this context and having as a starting point the theoretical approach of peace journalism, this chapter explores the ways in which four national Greek newspapers portrayed immigration within different periods of the Greek crisis between January 2011 and September 2015. Research results reveal two different periods in the analysed news stories, one between 2011 and 2014, when immigration was portrayed as a ‘domestic problem’ and the other, in 2015, when the situation was designated as a ‘European refugee crisis’. In both cases, however, it was evident that immigration was positioned high on the agenda of the Greek newspapers, despite major political events taking place within the same periods. Findings were presented and discussed on four different but interrelated levels: immigration (1) as a source of conflict and polarisation, (2) as a political issue, (3) through securitisation and victimhood and, ultimately, (4) through a ‘journalism of conventions’ lens, with very important consequences on the quality of information (extensive lack of solutions related to immigration and asylum issues, absence of refugees' voice, insufficient context, among others).

Details

The Emerald Handbook of Digital Media in Greece
Type: Book
ISBN: 978-1-83982-401-2

Keywords

Article
Publication date: 28 January 2014

Prodromos Vlamis

The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek

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Abstract

Purpose

The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek property market.

Design/methodology/approach

The author follows a non-technical approach to discuss a number of factors that have contributed to the fiscal crisis that Greece has been experiencing since October 2009. The author critically analyses both the “internal” causes of the deteriorating fiscal stance of the Greek economy (that is the prolonged macroeconomic imbalances that the Greek economy faces and the credibility problem of macroeconomic policy) and the “external” factors that might have contributed to the Greek fiscal crisis (that is implications of the recent financial turmoil and the timing of the response of Europe to the Greek fiscal crisis). The author then studies the extent to which fiscal imbalances and the debt crisis have affected the Greek property sector.

Findings

The analysis indicates that the current fiscal stance of the Greek economy and the Greek property market crisis are intertwined.

Practical implications

The author believes that these results are useful, make a contribution to the existing knowledge and provide some evidence that current economic recession has a considerable adverse effect on the property sector in Greece.

Originality/value

One of the distinctive features of the paper is to critically discuss the direct and indirect effects of the prolonged macroeconomic imbalances on the Greek property sector. To the best of the author's knowledge, none of the existing studies in this area provides systematic treatment of the Greek fiscal crisis as a contributory factor in explaining the current crisis in the Greek property market.

Details

Journal of Property Investment & Finance, vol. 32 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 8 August 2016

Dionisis Chionis, Ioannis Pragidis and Panagiotis Schizas

The purpose of this paper is to uncover the determinants of the ten-year Greek bond yield in both pre- and post-crisis period that caused the unprecedented event, a…

Abstract

Purpose

The purpose of this paper is to uncover the determinants of the ten-year Greek bond yield in both pre- and post-crisis period that caused the unprecedented event, a country member of the Euro area, not to be able to tap the market. In doing so, following the recent literature, the authors employ two major set of variables, market driven and macroeconomic variables and the authors find two classes of results. Among others, debt to GDP ratio, deficit, inflation and unemployment, play a more significant role as determinants of the ten-years Greek bond yield during the crisis and second, the ten-years yield exceeds that fundamentals that price in. Moreover, the authors explicitly test for the impact of speculation on the yield. These results are in line with other empirical studies and shed line to the dramatic evolution of the bond yields in terms of fiscal consolidation era as it is in Greece. Since the Greek debt crisis is ongoing more than five years, policy makers should make substantial changes in their macro projections taking under consideration more the variables of inflation and unemployment, and release a viable concrete plan of debt relief, which among other, secures the success of the macro projections.

Design/methodology/approach

Empirical study on Greek debt crisis applying both macroeconomics and market indicators in separated estimations.

Findings

Debt to GDP ratio, deficit, inflation and unemployment among others, play a more significant role as determinants of the ten-years Greek bond yield during the crisis than had before and second, during the crisis ten-years yield is above the price that fundamentals would imply.

Originality/value

To the best of the authors’ knowledge it is the first time that the authors study the Greek debt crisis applying fundamental and market factors.

Details

Journal of Economic Studies, vol. 43 no. 3
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 4 November 2021

Fotios Pasiouras and Minas-Polyvios Tsagkarakis

The Greek sovereign debt crisis had a substantial impact on the real economy and the Greek banking sector. From a period of growth in the economy and high levels of…

Abstract

The Greek sovereign debt crisis had a substantial impact on the real economy and the Greek banking sector. From a period of growth in the economy and high levels of profitability, Greek banks experience a major decrease in demand in the local market, and a large increase in non-performing loans. This had a negative effect on the financing of the Greek firms and households, especially after the PSI and the recapitalisations of the Greek Banks. The Greek banking system has been restructured into four large systemic banking groups and after a long time of depression, the efforts are now being directed into restarting the economy through the financing of firms and individuals. However, the recent and on-going experience with substantial volumes of non-performing loans and strategic defaults, poses many challenges. The same can be said for stricter regulation that was introduced in the aftermath of the financial crisis, business model transformation, developments in the fintech and IT arena, and most recently COVID-19 pandemic, all introducing challenges to bank managers. This chapter provides an overview of these issues.

Book part
Publication date: 29 October 2014

Jesse Hembruff

Austerity in Greece has produced the ostensibly counterproductive effect of throwing the country into a deeper depression and rendering it more difficult to repay its…

Abstract

Austerity in Greece has produced the ostensibly counterproductive effect of throwing the country into a deeper depression and rendering it more difficult to repay its debts. I address this apparent paradox by examining both the integration of Greece into the European Monetary Union and post-crisis austerity measures with a particular focus on the Greek credit system. I do so by employing a historical materialist framework focusing on Marx’s concept of ‘fictitious capital’, capital not backed by a commodity transaction, but by a claim on future value. I argue that, while the crisis is overdetermined, one hitherto unexplored dimension is the rapid expansion of the Greek credit system in the 1990s and 2000s. More specifically, Greek banks expanded to neighbouring countries, and borrowing by households and firmed spiked dramatically after Greece adopted the Euro, but a number of domestic political-economic factors acted as drags to this process. In this context, I argue that the crisis has served as an opportunity to impose a radically accelerated restructuring of the Greek economy in line with the ideal neoliberal utopia. This can be understood as one of the three responses to a crisis of fictitious capital: internal devaluation, asset devaluation or upward. However, the success of this project is far from guaranteed, so far the austerity project pursued by the troika has failed to replace the old Greek balance of social forces that have dominated the post-junta political economy of Greece.

Details

Research in Political Economy
Type: Book
ISBN: 978-1-78441-007-0

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Book part
Publication date: 22 October 2020

Yiannis Mylonas

The Greek debt crisis (2009–2018) was an event that received unprecedented media attention worldwide. The media reproduced a highly negative image of Greece, addressing…

Abstract

The Greek debt crisis (2009–2018) was an event that received unprecedented media attention worldwide. The media reproduced a highly negative image of Greece, addressing the crisis in exceptionalist terms, usually under a moralistic and culturalist explanatory framework. Drawing on earlier research, this chapter focusses on the culturalist discourses developed by popular Greek mainstream news media, of conservative and liberal political orientation, such as Kathimerini, Athens Voice and Protagon.gr. Through what is understood as a ‘self-orientalising’ process, such media tend to reproduce the neo-orientalist hegemonic crisis and austerity discursive construction, as enunciated by the EU's political and economic establishment. Under this lens, austerity emerges as a modernising project that would presumably correct Greece's irregularities and would make Greece European and economically competitive for global capitalism. The period studied concerns the years of the crisis between 2010 and 2015. The analysis discloses the classist underpinnings of such discursive repertoires and their antipolitical and antidemocratic character. The analysis also discusses the disciplinary effects of such media practices, which mystify austerity and the processes of expropriation it unfolds, and passivises civic culture, and counterhegemonic resistances, by promoting a collective ‘self-bashing’ strategy.

Details

The Emerald Handbook of Digital Media in Greece
Type: Book
ISBN: 978-1-83982-401-2

Keywords

Abstract

Details

Journalism and Austerity
Type: Book
ISBN: 978-1-83909-417-0

Article
Publication date: 21 December 2021

John Marangos

The purpose of this paper is to discover the contradistinctions between the neoclassical and Keynesian paradigms of economics regarding the Greek Financial Crisis.

Abstract

Purpose

The purpose of this paper is to discover the contradistinctions between the neoclassical and Keynesian paradigms of economics regarding the Greek Financial Crisis.

Design/methodology/approach

The answers to the questions and policies regarding the Greek Financial Crisis cannot be derived by using economic analysis alone; they also depend on the perception of social reality and ethical issues. Based on the assumptions about economic behavior, the answers and policies inevitably reflect the observer's assessment of each economic and non-economic performance dimension, as well as the significance assigned to those performance dimensions. Different views on “social reality” and “what is a good society?” are associated with distinct paradigms and a particular set of social values, which have implications for economic policy formulae. These give rise to alternative answers and policies to the Greek Financial Crisis, based on different assumptions, different methods of analysis and different goals.

Findings

Overall, in contradistinction, the two paradigms recommend quite distinct policies tackling the Greek Financial Crisis, and at the end, both paradigms have different perspectives on ethics and moral fundamentals regarding debt.

Originality/value

Students of the global financial crisis will benefit from this unique approach in testing the two alternative paradigms, between the neoclassical and Keynesian, concerning the Greek Financial Crisis.

Details

International Journal of Social Economics, vol. 49 no. 3
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 14 May 2018

Nashat Mahmoud Jaradt and Ijaz Ur Rehman

This research aims to focus on what has happened in light of the Greece legal crisis in terms of international contracts and what legal situations have arisen.

Abstract

Purpose

This research aims to focus on what has happened in light of the Greece legal crisis in terms of international contracts and what legal situations have arisen.

Design/methodology/approach

This research focuses on what has happened in light of the Greek legal crisis in terms of international contracts and what legal situations have arisen. The overall situation in relation to international contracts and risk mitigation is discussed to analyze the efforts that have been made. The state of affairs in the country with regard to facilitating financial trade and enabling Greeks to send payments abroad or at the rate they need to is also explored.

Findings

The effects of financial crisis on international trade contracts as they relate to commercial businesses without taking into consideration the wider contractual obligations that Greece, as a country, have already defaulted on. The crux of the current crisis is the fact that Greece did not stick to the commitments it made to the European Union when it joined the eurozone and took on euro as their currency, replacing the drachma. It is important to understand that due to the scope of the economic crisis in the Greece, it is not simply the other contractual party’s creditworthiness and trustworthiness that are at issue, it is their ability to keep any promises in whatever climate arises in their country.

Research limitations/implications

The study is based on the financial crisis in Greek. Further research is needed to investigate the applicability of the findings in different contexts.

Originality/value

The study findings are believed to be valuable for international commercial contracts with regard to the Greek debt crisis in discussing the financial legal situation, facilitating trade and enabling Greeks to send payments abroad or at the rate they need. The study contributes to a better understanding of international commercial contract system.

Details

International Journal of Law and Management, vol. 60 no. 3
Type: Research Article
ISSN: 1754-243X

Keywords

Book part
Publication date: 13 April 2021

Fani Giannousi

Since 2008, Greece has been spiralling down an economic and socio-political crisis. Over the past decade, it has endured massive riots, consecutive elections, a…

Abstract

Since 2008, Greece has been spiralling down an economic and socio-political crisis. Over the past decade, it has endured massive riots, consecutive elections, a debilitating public debt, and endless rescue plans by the EU and other international bodies. The crisis sparked an intense interest in the Greek public discourse, which is often accused of being dominated by populist rhetoric. This interest appears to be accompanied predominantly by a certain leitmotif: instead of appreciating the assistance offered, the Greek people resent it and taking refuge in populist rhetoric, further undermining the country’s stability. This echoes the age-old argument that ‘the people are an irrational mob acting impulsively, a lamentable state that should be cured or disciplined.’ Could the shaming, the appeal to sober morality – branding all other discourses as populist and dangerous – be the fashionable response of a cosmopolitan elite, high-profile pundits and institutions to the problems of global capitalism? The debate raged in the public sphere and in the streets of Athens. On multiple occasions, the crisis was used as a trope in the European public sphere to justify socio-political changes, austerity measures and disciplinary actions. The emerging schema juxtaposed populist/anti-populist discourses, reducing discourses and identities to black and white. This chapter reads discursive constructions of the Greek crisis, by-stepping the populist/anti-populist divide. Using analysis based on affect theory and the philosophy of emotions, it investigates the various uses of resentment as part of affective engineering and as an instrument of collective identification, in an environment of multiple overlapping crises in Europe.

Details

Political Identification in Europe: Community in Crisis?
Type: Book
ISBN: 978-1-83982-125-7

Keywords

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