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The European debt crisisThe Greek case$
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Costas Simitis

Print publication date: 2014

Print ISBN-13: 9780719095795

Published to Manchester Scholarship Online: September 2014

DOI: 10.7228/manchester/9780719095795.001.0001

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The crisis peaks

The crisis peaks

(p.225) 23 The crisis peaks
The European debt crisis

Costas Simitis

Manchester University Press

The chapter discusses developments in the Eurozone during the early months of 2012. It is argued that in Greece the Papademos government was fatally undermined by the unwillingness of the coalition partners to endow it with a longer-term mission. Yet, the prospect of a new election halted the domestic reform momentum. At the European level, hopes for the containment of the crisis did not materialise as both Italy and Spain remained under severe pressure from the markets. The prospect of an imminent Lehman Brothers moment for the European economy alarmed the US which pressed Germany for a relaxation of austerity in the Eurozone, but to no avail. The election of Hollande in France raised expectations in Greece that the German policy was about to be reversed. Such expectations, however, proved rather unrealistic.

Keywords:   Eurozone, Greece, Papademos, Germany, United States, Austerity, Eurobonds, France, Hollande

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