Who’s to Blame for Greece?
Austerity in Charge of Saving a Broken Economy
Theodore Pelagidis and Michael Mitsopoulos



The Euro constitutes the crowning achievement of a prolonged process of integration between European states. It incarnates the vision for a united and prosperous Europe: the attainment of major political goals through the promotion of closer economic cooperation. However, the 2009 crisis brought the EU head-to-head again with its perennial threat – the short-term interests of member states. Greece's economy symbolizes in many ways the Euro area's economic problems and divergent interests as it amasses most of the economic disadvantages characterizing the Euro area's economy itself. After almost five years since inception of the crisis, Greece's economy today is in the headlines again – this time for the so-called political risk. This book discusses the economic and political challenges to Greece and the EU member states.

Theodore Pelagidis is a non-resident senior fellow at the Brookings Institution, USA, and Professor of Economics at the University of Piraeus, Greece. He has also been a NATO scholar at the Center for European Studies at Harvard University, USA; an NBG fellow at the London School of Economics, UK; and a Fulbright professorial fellow at Columbia University, USA. He also has served as an expert to the International Monetary Fund in the Independent Evaluation Office, USA. Michael Mitsopoulos holds a PhD in Economics from Boston University, USA. He is an economist at the Hellenic Federation of Enterprises, Greece, and has taught at the University of Piraeus and the Economic University of Athens, Greece. He has published extensively in academic journals and is the co-author with Pelagidis of Understanding the Crisis in Greece: From Boom to Bust (Palgrave, 2011) and of Greece: From Exit to Recovery? (2014).