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Why Not Default?$
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Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

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The Power of Finance in the Eurozone

The Power of Finance in the Eurozone

(p.225) Sixteen The Power of Finance in the Eurozone
Why Not Default?

Jerome Roos

Princeton University Press

This chapter considers the Greek debt crisis that began in late 2009, specifically the remarkable degree of debtor compliance in the Greek case in light of the country's long-standing reputation as a “debt-intolerant serial defaulter” that spent nearly half of its history since independence in a state of default. The chapter analyzes the Greek crisis through the lens of the three enforcement mechanisms of debtor discipline identified in the Mexican and Argentine cases in the preceding chapters. While much of the debate on Greece's policy response has centered on the question of the country's Eurozone membership, the chapter digs a little deeper to uncover many of the same power dynamics that had been at play in the Global South in the 1980s and 1990s.

Keywords:   Greece, Greek debt crisis, financial crisis, default, sovereign debt, debtor discipline

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