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The Greek national debt

The Greek economy has been struggling in deep recession and facing major problems with its national debt. Dimitrios Syrrakos examines some of the factors that led to the crisis

debt crisis, balance-of-payments current account, fiscal discipline, bailouts

The financial crisis of 2008/9 triggered a global recession. Some countries were better placed to deal with this situation than others. Those in the eurozone faced constraints because of their inability to pursue an independent monetary policy, which disadvantaged some countries more than others. Greece was among the group of countries that suffered from this, and found itself with an unsustainable national debt.

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Dani Rodrik

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