Reflections on the Greek Sovereign Debt Crisis : The EU Institutional Framework, Economic Adjustment in an Extensive Shadow Economy

The euro was generally considered a success in its first decade. Nevertheless, the ""unanticipated"" financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its