How to Handle the Crisis in Greece?
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How to Handle the Crisis in Greece?

Empirical Evidence Based on a Survey of Economics Experts

Niklas Potrafke and Markus Reischmann
CESifo Group Munich, 2016
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  • Analytical
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Recommendation

Greece’s economic travails have raised the question of whether it should leave the euro zone. Opinions on the merits of a departure vary, at times widely. Economic researchers Niklas Potrafke and Markus Reischmann conducted a survey of experts around the world to see if any consensus exists on what Greece should do. Written for the most part in plain English, this relevant and accessible report provides ample food for thought. getAbstract recommends it to investors, executives and policy makers.

Summary

Whether Greece should leave the euro zone is highly controversial. The country’s economic crisis stems largely from a lack of competitiveness relative to other members. A “Grexit” is but one of four possible options facing Greece. Alternatively, the European Union could continuation of its financial support, though that’s untenable in the long run; Greece could engineer internal deflation through steep price cuts, which is unlikely, because that would cause bankruptcies and raise the ire of trade unions and those committed to multiyear contracts; or the northern euro-...

About the Authors

Niklas Potrafke and Markus Reischmann work at the Ifo Institute-Leibniz Institute for Economic Research at the University of Munich.

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