The Single Market and the Greek Sovereign debt Crisis: the Bit Player that Should be Protagonist
The Greek sovereign debt crisis has drawn the spotlight on Greek governments' severe mismanagement of the country's public finances, especially in the late 2000s, and its grave consequences not only for Greece but for the Eurozone as a whole. However, while fi scal excesses, inter alia, undoubtedly exacerbated the country's underlying structural weaknesses, the prime culprit responsible for the depth and duration of the ensuing recession was a chronic neglect, on the part of government, of structural and administrative reforms consistent with the letter and spirit of Single Market requirements and prescriptions. Hence, sustainable recovery will probably take longer than is generally acknowledged. (original abstract)
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