Abstract
The present article aims to shed light on the critical matter of overcoming the existing Greek sovereign debt crisis, a crisis that brought to the surface the chronic structural problems of the Greek economy and the long-standing state distortions, by highlighting the importance of a sound and efficient fiscal policy administration model. The author identifies the problematic issues in the current fiscal policy procedures and proposes a new framework so as for the Greek economy to overcome the ongoing crisis and return to positive growth rates, while achieving sustainable growth, a perquisite for socioeconomic welfare. The overall target of this paper is to set the required fiscal policy mix so as for Greek economy to overcome current and future crises and hopefully initiate a fruitful discourse on the subject among all the involved parties.
Highlights
The burst of the financial crisis in 2008 gradually caused a global credit crunch and economic recession, leading to a huge increase in public debt in several advanced economies
Greece was at the center of the sovereign debt crisis in the Eurozone and in urgent need to refinance its public debt, following the exclusion of the Greek economy from international markets in 2010 (Vousinas, 2016)
This crisis brought to the surface the chronic structural problems of the Greek economy and the long-term state distortions
Summary
The burst of the financial crisis in 2008 gradually caused a global credit crunch and economic recession, leading to a huge increase in public debt in several advanced economies. Greece was at the center of the sovereign debt crisis in the Eurozone and in urgent need to refinance its public debt, following the exclusion of the Greek economy from international markets in 2010 (Vousinas, 2016). This crisis brought to the surface the chronic structural problems of the Greek economy and the long-term state distortions. The most significant ones, as highlighted by a large amount of recent research (Kouretas and Vlamis, 2010; Arghyrou and Tsoukalas, 2011; Dellas and Tavlas, 2012; Nikiforos et al, 2015; Tsoulfidis et al, 2016), are the structural problems of the Greek economy and the large fiscal and external imbalances, as well as the severe effects of the recent global financial turmoil of 2008 and
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