The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...

Introduction : the responsibility of knowledge, challenges and responses -- The changing world and the Greek economy before the crisis -- The pre-crisis growth of the Greek economy -- The question of growth -- Human capital : education, innovation and health -- Cultural values, stereotypes and...