This paper focuses on understanding the higher than average punishment to Greek stocks and bonds and the overall investor reactions to the worsening economic situation in Greece from 2000 to 2014. Were Greek stock and bond values driven by fiscal and financial conditions, macroeconomic indicators and event shocks to the economy? Time series regressions, Granger Causality Wald tests and impulse response functions are used to answer the question. The proxies for Greek stock and bond market performance include the Athens Stock Exchange Index growth rate and the short run and long run interest rate spreads between Greece and Germany. The macroeconomic variables include debt to GDP ratio, the National Bank of Greece return on equity growth rate, real GDP growth rate, inflation rate, and M1 and M2 money supply growth rates. The significant events include Greece joining the Euro in 2001, the Greek government admitting to lying about budget deficits in 2004, Greece’s first bailout in 2010 and the resignation of Prime Minister George Papandreou in 2011. Results show that most variables are significant and stock and bond market performance are dependent on macroeconomic indicators and event shocks.

[pt] De acordo com a visão neogramsciana, instituições internacionais tem o papel de fortalecer hegemonias por serem propagadoras de ideologias e serem capazes de fortalecer a criação de consensos, como também de silenciar tentativas contra-hegemônicas. O Fundo Monetário Internacional, desde sua criação em 1944, vem auxiliando na sustentação de ideologias hegemônicas, sofrendo transformações e adaptando-se aos desafios que o sistema global de acumulação capitalista o impõe na medida em que crises emergem. Com crise da Grécia, o FMI após anos de críticas sobre seus programas de financiamento, foi requisitado em conjunto às instituições europeias Banco Central Europeu e Comissão Europeia, estabelecendo o que ficou conhecido como Troika para auxiliar nas políticas de reestruturação macroeconômica da Grécia. Entretanto, a hipótese que se investiga é de que, em vez da atuação do Fundo nas políticas da Troika tenha se apresentado como uma oportunidade para a instituição recuperar sua legitimidade internacional, na verdade, a instituição teve um papel reduzido, sendo utilizada como válvula de escape para fortalecer o discurso de austeridade na União Europeia na construção das condicionalidades dos programas de financiamento, que restringiram o conjunto de alternativas macroeconômicas da Grécia em concordância mais aos interesses europeus do que país. / [en] According to the Neogramscian thought, the role of international institutions is to strength hegemonies by being sponsors of ideologies and being able to strengthen the creation of consensus, and to silence counter-hegemonic attempts as well. The International Monetary Fund, since its creation in 1944, has been helping to support hegemonic ideologies, undergoing transformations and adapting to the challenges that the global capitalist system imposes when accumulation crisis emerges. With the Greece s crisis, the IMF after years of criticism was asked jointly work with European Central Bank and European Commission, establishing what became known as Troika to assist in Greece s macroeconomic restructuring policies. However, the hypothesis being investigated is that instead of the Fund s actions in the Troika s policies presented as an opportunity for the institution to recover its international legitimacy, in fact the institution played a reduced role, being used as a space goat to strengthen the austerity discourse in the European Union for implementation of the conditionalities in the financial programs, that restricted the set of macroeconomic alternatives of Greece more in accordance with the European interests than the country itself.