achieve its goals: to reduce the debt-to-GDP ratio to 120.5% in 2020 and to ensure the return of Greece to market financing by … restructuring process and (3) costs of restructuring; and applies them to the case of Greece. Based on this analysis, three policy … implications are formulated, with relevance to Greece and the wider eurozone. Firstly, the importance of increased policy effort by …

foodstuffs (olive oil, ewe’s milk cheese) but at a lower price. On the other hand, for Spain and Portugal efforts to stimulate … wages only will not solve the euro crisis. Only in the case of Greece, Europe’s biggest 'problem child', would a general … wage cut lead to improved competitiveness – regardless of the pain such a reform would cause. This is because Greece …