Crisis in Greece

DOI: 10.20542/0131-2227-2011-4-70-78

Yu. Kvashnin, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation (

Abstract. The author points out that, despite some success in 2010, the medium-term prospects of Greece do not inspire much optimism. Even in the case of a quick recovery of the world economy in the next two years (which is highly questionable), the country will face a continuation of the recession. It is very likely that in the near future the government will have to restructure public debt, which reached 125% of GDP by 2010. Besides that, Greece faces a very difficult foreign policy challenge, that is to restore the credibility from the EU and to prove that Greece’s admittance to the Eurozone was not a mistake.

Keywords: world economic crisis, anti-crisis measures, Papandreou program, EU, Greek economy, labor market, pension reform

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For citation:
Kvashnin Y. Crisis in Greece. World Eonomy and International Relations, 2011, no. 4, pp. 70-78.

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