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Beyond AusterityReforming the Greek Economy$
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Costas Meghir, Christopher A. Pissarides, Dimitri Vayanos, and Nikolaos Vettas

Print publication date: 2017

Print ISBN-13: 9780262035835

Published to MIT Press Scholarship Online: May 2018

DOI: 10.7551/mitpress/9780262035835.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 27 May 2022

Greece and the Euro

Greece and the Euro

(p.75) 2 Greece and the Euro
Beyond Austerity

George-Marios Angeletos

Harris Dellas

The MIT Press

This chapter studies the implications of Greece's membership in the Eurocurrency area for her macroeconomic performance and welfare. It first discusses the perceived economic benefits and costs from participation in Economic and Monetary Union (EMU) at the time of the original entry decision. It then argues that it made good economic sense for Greece to join. The chapter then describes what proved to be the actual main benefits and costs. Finally, attention is turned to the issue of the implications of continued membership in the eurozone. It asks what opportunities are associated with the two alternative scenarios of staying or exiting and how the two scenarios matter for Greece's macroeconomic performance and welfare. The chapter also examines the possible cost—for Greece—of default against official creditors.

Keywords:   Greece, eurozone, debt crisis, Eurocurrency, Economic and Monetary Union

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