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1 results

  • 6 - Two Depressions in the Early Twenty-First Century

  • Andrés Solimano
  • Book:
    A History of Big Recessions in the Long Twentieth Century
    Published online:
    06 February 2020
    Print publication:
    20 February 2020, pp 114-134

  • Summary

    Chapter 6 examines severe and protracted economic contractions following the Great Recession of 2008–09 in two countries on the European periphery: Latvia and Greece. It documents the evolution of main macroeconomic aggregates and social indicators in these two countries before, during, and after the 2008–09 crisis. The chapter also critically examines the role played by the International Monetary Fund (IMF) and other European institutions in the design and implementation of austerity in these economies, and draws lessons for other nations from these two experiences. The chapter also discusses the futility of democratic consultation (referendums) in Greece for the amelioration of conditionality and austerity.