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The Greek and the European Crisis in Context

by C.J. Polychroniou

Winter 2012

At the beginning of the new millennium, Greece, a weak, peripheral nation in the European economy, was still licking its wounds from the greatest politico-financial scandal in its post-war history — the collapse of the Athens stock exchange. The wild stock market speculation had been fuelled by often-repeated statements from various government officials (with Finance Minister Yiannos Papantoniou leading the chorus) that the upward trend was an accurate reflection of the robust state of the real economy.

The Greek and the European Crisis in Context

C. J. Polychroniou

September 20, 2011

AT THE BEGINNING OF THE NEW MILLENNIUM, Greece, a weak, peripheral nation in the European economy, was still licking its wounds from the greatest politico-financial scandal in its post-war history -- the collapse of the Athens stock exchange. The wild stock market speculation had been fueled by often-repeated statements from various government officials (with Finance Minister Yiannos Papantoniou leading the chorus) that the upward trend was an accurate reflection of the robust state of the real economy.