The Troika’s variations on a trio: Why the loan programmes worked so differently in Greece, Ireland, and Portugal

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Title: The Troika’s variations on a trio: Why the loan programmes worked so differently in Greece, Ireland, and Portugal
Authors: Hardiman, Niamh
Araújo, Joaquim Filipe
MacCarthaigh, Muiris
Spanou, Calliope
Permanent link: http://hdl.handle.net/10197/9573
Date: 17-Oct-2017
Abstract: Portugal and Ireland exited Troika loan programmes; Greece did not. The conventional narrative is that different outcomes are best explained by differences in national competences in implementing programme requirements. This paper argues that three factors distinguish the Greek experience from that of Ireland and Portugal: different economic, political, and institutional starting conditions; the ad hoc nature of the European institutions’ approach to crisis resolution; and the very different conditionalities built into each of the loan programmes as a result. Ireland and Portugal show some signs of recovery despite austerity measures, but Greece has been burdened beyond all capacity to recover convincingly.
Type of material: Working Paper
Publisher: University College Dublin. Geary Institute
Series/Report no.: UCD Geary Institute Discussion Paper Series; WP2017/11
Keywords: Loan programmeEurozone crisisConditionalityTroikaEuropean periphery
Other versions: https://ideas.repec.org/p/ucd/wpaper/201711.html
Language: en
Status of Item: Not peer reviewed
metadata.dc.date.available: 2018-11-30T10:26:13Z
Appears in Collections:Geary Institute Working Papers

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