A service of the


Volume 52, March/April 2017, Number 2 · pp. 66-67


Greece: Searching for Light at the End of the Tunnel

George Pagoulatos

As the familiar saga unfolds of another seemingly never-ending review and a looming deadline of debt payments (€7.4bn due in July), it is tempting to view the Greek crisis with a mix of déjà vu, exhaustion and resignation. Add anger and despair, since these are the prevalent emotions in Greek society as well – for good reasons, to be fair. The Greek economy has contracted every year since 2008, with the sole exception of 2014. It has lost over a quarter of its 2008 GDP, comparable to the US Great Depression – except it has lasted twice as long.


This Intereconomics article is available for free at this page after an embargo period of two years. Reading it before April 2019 is possible via SpringerLink or in the next library.