Europe’s Monetary (Dis)Union
Europe's Progress Toward Economic Integration
New Opportunities and New Challenges
Euro Fantasies: Common Currency as Panacea
The Case for EMU: More than Money
EMU and International Conflict
The Dollar and the Euro
The Degeneration of EMU
The Future of the Euro
Why the Greek Crisis Will Not Ruin Europe’s Monetary Union
The Failure of the Euro
The Little Currency That Couldn’t
The Crisis of Europe
How the Union Came Together and Why It’s Falling Apart
Can Europe’s Divided House Stand?
Separating Fiscal and Monetary Union
Saving the Euro Will Mean Worse Trouble for Europe
Charting the Disastrous Choices Ahead
Can the Eurozone Be Saved?
Yes, but the EU Summit Was Too Little, Too Late
How to Save the Euro -- and the EU
Reading Keynes in Brussels
Why Only Germany Can Fix the Euro
Reading Kindleberger in Berlin
The Myth of German Hegemony
Why Berlin Can't Save Europe Alone
Europe's Optional Catastrophe
The Fate of the Monetary Union Lies in Germany’s Hands
Why the Euro Will Survive
Completing the Continent’s Half-Built House
Avoiding the Next Eurozone Crisis
How to Build an EU that Works
Europe After the Crisis
How to Sustain a Common Currency
Europe's New Normal
It's Here, It's Unclear, Get Used to It
So Long, Austerity?
Syriza's Victory and the Future of the Eurozone
Austerity vs. Democracy in Greece
Europe Crosses the Rubicon
Why Greece Will Cave—and How
Alexis Tsipras and the Debt Negotiations
Why Greece and Europe Will Still Stay Attached
How to Contain Athens' Economic Problems
A Pain in the Athens
Why Greece Isn't to Blame for the Crisis
The Agreekment That Could Break Europe
Euroskeptics, Eurocritics, and Life After the Bailout
Two and half years after Greeks voted into power a coalition government led by Antonis Samaras, the head of the center-right New Democracy party, they returned to the polls this weekend.
The elections, which were forced because the Greek parliament was unable to select a new president, have propelled Greece back into the world’s headlines. The Coalition of Radical Left, known by its Greek acronym Syriza, won a decisive victory, polling at 36.3 percent of the vote compared to 27.8 percent for New Democracy, 6.3 percent for the neo-Nazi party Golden Dawn, and six percent for To Potami, a centrist party. Those results hand Syriza 149 seats out of 300, and it will form a coalition government with the far-right, anti-austerity party of Independent Greeks (which won 4.7 percent of the vote). Syriza’s 40-year old leader, Alexis Tsipras, who ran a successful anti-austerity campaign, will be the next prime minister of Greece.
Until 2010, Syriza was a small fringe party on the far left. Its transformation to electoral powerhouse is commonly explained as a reaction to the devastating effects of the economic depression that has racked Greece for about eight years now. Since 2007, Greece has lost one fourth of its GDP, and its unemployment rate has surpassed 25 percent. It is, in other words, natural for Greek voters to turn toward a party that is promising them a different economic recipe.
In particular, Syriza has promised to do away with austerity, which was imposed on Greece in 2010 by the European Union, the European Central Bank (ECB), and the IMF (collectively known as the Troika), after Greece’s reckless economic policies caused it to over-borrow and subsequently lose its ability to finance its huge debt. To eliminate its deficits, Greece had to cut spending and raise revenues, a combination that caused widespread economic pain. It certainly didn’t help Greece’s self-esteem that the bitter medicine was administered from abroad.
In addition to austerity, Greece was supposed to launch a full reform of its dysfunctional administrative machinery and
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