Im Südosten nichts Neues? Ein historischer Blick auf die griechische Finanzkrise
Nothing New in Southeastern Europe? The Historical Roots of the Greek Fincancial Crisis

Summary/Abstract: Abstract. This article explores the grounds of the present Greek financial and economic crisis by placing it in the historical context that extends back to the War of Independence and the beginnings of the state (1830/32). Focusing on the internal and external structural factors that led to the economic and financial developments and the notorious indebtedness that was present from the beginning, the paper argues that throughout the 19th century Greek irre- dentism posed a major impediment to the country’s socio-economic development. However, in the 20th century Greece also enjoyed periods of consolidation and rapid modernization. This was true during the inter-war years following Greece’s defeat in Asia Minor in 1922 and also after World War II when the country managed to recover, at least economically, from the twin disasters of axis occupation and the civil war that lasted until 1949. These two periods provide examples of successful policy making under difficult conditions and clearly refute the notion that Greece is a “failed state”. Successful economic policy was also the key to Greece’s eligibility for the accession process to the EEC which began with the association agreement of 1961 and, interrupted by the military dictatorship 1967-1974, led to full EC membership in 1981. The article concludes with a critical evaluation of developments since EC-accession and with remarks on possible perspectives for the future.

• Details
• Contents