PAPER ASSIGNMENT 2: GREECE
Prompt: Since Wall Street imploded in 2008 Greece has suffered a very serious debt crisis. The troika — the International Monetary Fund, European Central Bank and the European Commission — provided Greece with a 240 billion euro bailout. The bailout came with harsh austerity terms requiring deep budget cuts and steep tax increases. The bailout also required Greece to overhaul its economy, streamline the government, end tax evasion and make Greece an easier place for international companies to do business. The required cuts caused a strong political backlash in Greece. In 2015 Greece formally defaulted on a $1.7 billion payment to the International Monetary Fund, making Greece the first “developed” country to default on an IMF loan. Use concepts from the Wallerstein and Stiglitz readings to analyze this crisis.
Some questions to think about:
What effects are the austerity policies having on Greece, its people and economy?
What effect is Greece’s decision to default on the IMF loan having?
How is this crisis changing Greece’s relationship to the European Union?
How is the situation in Greece similar or different to the situation we saw in Jamaica?
Is Greece developing or becoming more dependent, moving toward the core or periphery? In development terms are austerity measures causing Greece to converge or diverge?
Some possible resources:
Greece Defaults on $1.7 billion IMF Payment https://money.cnn.com/2015/06/30/news/economy/greece-imf-default/index.html
Greece’s Economic Crisis Goes On, like an Odyssey Without End
Rethinking Greece: Noe¨lle Burgi on Europe’s Austerity Laboratory
Use concepts from the assigned readings and course lectures to respond to the prompt. We are not asking you to summarize the readings or answer the questions above. We are not asking for your unsupported opinions. We are asking you to make your own coherent and well supported argument about the topic. Cite specific concepts, short quotes and examples from the assigned readings as evidence to support your own argument.
Your paper should be about 4 pages or 1200 words. Please pay careful attention to spelling, grammar and punctuation (see grading rubric attached). Remember that citations are required for both paraphrasing and direct quotes from either the text or lecture. Feel free to cite other books and articles as needed. Include a full list of works cited at the back.