Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/177413
Authors: 
Niemeier, Ernst
Year of Publication: 
2016
Citation: 
[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Volume:] 96 [Year:] 2016 [Issue:] 1 [Pages:] 64-69
Abstract: 
In der Augustausgabe 2015 veröffentlichte der Wirtschaftsdienst einen Aufsatz von Jens Boysen-Hogrefe und Ulrich Stolzenburg über „Rettungsprogramme und ‚Ownership ‘ — Irland, Portugal und Griechenland im Vergleich“. Nach der Replik von Ernst Niemeier folgt hierzu eine Erwiderung der Autoren.
Abstract (Translated): 
In his reply, Niemeier accuses Boysen Hogrefe and Stolzenburg of erroneously ascribing the failing of the Greek programme to insufficient "ownership", whereas the true cause is - in his view - an inadequate austerity policy. The alleged success of this policy in Portugal and Ireland refers solely to GDP growth and ignores the continuing high levels of unemployment in those countries. Boysen- Hogrefe and Stolzenburg insist that the "success" of a rescue programme actually implies that the respective country is able to return to capital markets. The Greek crisis was structural rather than cyclical, so a temporary stabilisation of domestic demand (financed by additional foreign debt) would not have solved the issue.
JEL: 
E65
F34
F53
Persistent Identifier of the first edition: 
Document Type: 
Article
Document Version: 
Published Version

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