By Panagiotis E. Petrakis
On June three, 2015, the Greek Parliamentary funds workplace, the nationwide and Kapodistrian collage of Athens, the Democritus college of Thrace, and the collage of Peloponnese backed a world convention to deal with medium- and long term development in Greece. This assortment provides the most powerful papers at the stipulations required to restore and preserve financial progress. best specialists conceal virtually each significant factor pointed out within the most modern literature, from demographic concerns and suggestions for export technique to the necessity for innovation and structural reform. the combo of qualitative and quantitative ways to assessing current stipulations make this ground-breaking assortment a necessary source for numerous teachers, specialist economists, and financial coverage practitioners planting the seeds of Greece's future.
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Additional resources for A New Growth Model for the Greek Economy: Requirements for Long-Term Sustainability
2013). Furthermore, the experience of the Baltic states during the recent crisis has drawn much attention, as they were more severely affected than any other country by the turmoil in global trade and financial markets. The period 2009–2010 caused a major crisis in the economy of the Baltic states (cumulative output declined by 20–25 % from peak levels), as well as an almost automatic rebalancing of the current account deficit. THE GREEK GROWTH DECOUPLING 37 As a result, in December 2008, the IMF approved a Stand-By Arrangement (SBA) with Latvia in connection with an adjustment program that was jointly elaborated with the EU and the representatives from the ECB, Sweden, and other Nordic countries (IMF 2008).
Despite the progress made in the unification of the EU, many of its separate markets display no signs of unification. C. KOSTIS ET AL. noting that unified markets were achieved for a period (2002–2009). It was expected that lower capital costs would make Eurozone financial markets more unified, with the effect particularly evident for less financially credible countries (Askari and Chatterjee 2005). However, since 2008, certain indicators of market segmentation have emerged. Importantly, the area where one would expect full unification exhibits intense symptoms of segmentation.
Although the macroeconomic developments in those countries converged up to 2009, subsequently a great decoupling has been occurring that has destabilized the economic operations of the Eurozone. First, looking at the evolution of GDP, a divergence is observed among the countries under analysis (Fig. 2). 8 % in 2011) being smaller than that in the Baltics (IMF-World Economic Outlook Database, April 2015). The duration of the recession in Greece is the main issue to be solved because the recession continued for 6 years from 2008 to 2013, and the associated political uncertainty, capital controls, negotiations with European counterparts, and the third financial program to be implemented may lead to low or negative GDP growth change for 2015.
A New Growth Model for the Greek Economy: Requirements for Long-Term Sustainability by Panagiotis E. Petrakis