Nicholas Sambanis

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EuropaUnión EuropeaEconomía

As of Aug. 20, Europe’s bailout for Greece was officially over. So how did Greece’s decade of ruinous economic crisis affect its citizens — not just economically, but socially? Research and experience have shown us that some crises, such as natural disasters, bring people together. We found that that’s not true for economic crises.

The crisis in brief

In 2009, Greece’s government announced that its budget deficit was 12.9 percent of the country’s GDP, four times the European Union-mandated 3 percent limit. That announcement triggered a financial crisis. Greece had to borrow 289 billion euros to keep its economy running and prevent its expulsion from the euro zone; the loan came conditioned on Greece’s acceptance of austerity measures.…  Seguir leyendo »

EuropaUnión EuropeaEconomía

Last week, European leaders met in Berlin amid new signs of an impending recession and an emerging consensus that Greece could leave the euro zone within a year — a move that would have dire consequences for the currency’s future.

There are many reasons behind the crisis, from corruption and collective irresponsibility in Greece to European institutional rigidities and the flawed concept of a monetary union without a fiscal union. But this is not just a story about profligate spending and rigid monetary policy. The European debt crisis is not just an economic crisis: it is an escalating identity conflict — an ethnic conflict.…  Seguir leyendo »