This study aims to analyze the policy success of the two economic adjustment programmes introduced to solve the Greek debt crisis to better understand the EU's change and development after dealing with crises. The analysis uses McConnell’s (2010) policy evaluation framework, which enables the study to see what degree/spectrum of policy success occurred and which of the five policy areas were more or less successful. The findings of this study conclude that the crisis management policies are leaning towards the spectrum of success and that there is an incentive to suggest that policy success is a factor contributing to the EU's organizational change and development, but that more research is needed to confirm it as a significant factor. Furthermore, the study does reveal which policy success areas can be a bigger cause for the EU’s change and development, them being more achieved implementation, the targeted policy group/actor seeing benefit without damaging other groups/actors, and there being minor opposition aimed towards the policies introduced in crises.

This study offers a reinterpretation of the so-called Eurozone crisis, arguing that its crisis character is overstated and that it is rather a normal stage in the process of European banking sector integration. Particularly, I maintain that it is neither a sovereign debt crisis caused by profligate peripheral governments, nor a crisis of the Eurozone's common monetary policy. Nor, however, are the Eurozone's low growth, high unemployment, and economic and political instability deliberate policies, whether by German or Greek governments, European institutions, or the European banking circuitry. Rather, I trace the Eurozone's low growth and high unemployment back to what I call transpositions. Transpositions change the possible boundaries of perceiving political and economic situations by altering the syntagmatic structure governing their intelligibility. The shift from 2003-2007 'boom times' to post-2007 'times of crisis' is one such transposition, which occurs behind the backs of human actors and thus forms the horizon of possible behavior of market and political actors. The Eurozone's 'crisis' transposition, results in differentiations within the asset class of Euro-denominated sovereign debt between a 'core,' comprising Germany, Austria, Latvia, and Finland, among others, and a 'periphery,' encompassing Greece, Ireland, Italy, Portugal, Spain, and Cyprus. It follows that the solvency of Eurozone member states is a derivative function of banking sector liquidity, reversing the conventional 'sovereign debt crisis' explanation to what I call the country-fundamental transposition. The second transposition I explore is the austerity transposition. I maintain that the Eurozone's real economy is more interconnected than conventional narratives of European economic unification allow, and that supposedly national European economies – including particularly that of Germany – are integrated subcircuits of Europe's real economy. Constituting them as supposedly national economies is itself a transposition, necessary for the preservation of the European banking circuitry's interconnected balance sheets. Yet, the austerity transposition goes further, beyond a form of political economy oriented towards growth and sustainability, and into a moral economy of condemnation differentiating between morally virtuous and morally pernicious economies in the Eurozone. Its destructive effects are therefore neither irrational nor the result of a German hegemonic agenda, but that of the Eurozone's post-2007 syntagmatic structure. / Ph. D.

The introduction of euro in 2002 was considered to be a risky "experiment. Even before its actual existence, many economists have doubted the success of the Economic Monetary Union (EMU) emphasizing the potential costs of such a bold action. The traditional Optimum Currency Area by Mundell (1961), Mc Kinnon (1963) and Kenen (1969) has pointed out the loss of the exchange-rate mechanism and the structural differences among the member states as the main sources of costs within a monetary union. Ten years after the circulation of euro, the ongoing Greek debt crisis has revealed the imperfections of the EMU. Greece has become the "black sheep" of the union, having accumulated unsustainable levels of public debt and deficits that could pose a threat for the future of the Eurozone. It is widely believed that the profligate fiscal policies of the Greek government and the domestic flaws of the Greek economy have played an importan role on the country's debt crisis. However, the impact of Greece's accession to the EMU on the current crisis is still a moot question.

The purpose of this study is to analyze if the workmethods in the European Commission's crisis management had post-bureaucratic characteristics, more specifically less hierarchy, horizontal communication, collective decision-making and own responsibility, during the Greek debt crisis 2010-2015. To carry out an analysis this study identifies four characteristics of a post-bureaucratic organization, in order to use the theory as a tool to clearly identify if there are any post-bureaucratic characteristics in the Commission's workmethods during the Greek crisis 2010-2015. The material used in the study is based on published reports from the European Parliament, European Court of Auditors, International Monetary Fund and the European Commission where facts on the European Commission’s crisis management are presented. This study's analysis shows that post-bureaucratic characteristics can be identified on the workmethods the Commission used in some situations during the Greek debt crisis 2010-2015. The study's conclusion is summarized by the fact that the European Commission’s workmethods in relation to post-bureaucratic characteristics are only found in some instances. Therefore the study can not conclude that the European Commission is a post-bureaucratic organization during the Greek crisis 2010-2015.

Many people have already questioned whether Greece would default: investors, economists, politicians and general public. The Greek debt crisis has also caused a great turmoil in the EU causing fears of its spreading to other countries with poor fiscal situation in Eurozone through bond markets. Finally the rescue package was prepared for Greece consisting of EUR 110 billion loan facility from both Eurozone and IMF. We study the Greek fiscal crisis in the thesis. We try to find its real causes in the historical chapter and we also show the methodology which can be used to assess the credit risk of Greek government using bond market information and CDS contracts information. In the empirical part we study the evolution of the probability of default of Greek government during the debt crisis using parsimonious model based on the bond market information.

The thesis deals with discourse surrounding the topic of the Greek debt crisis (GDC) in the online version of the British daily newspaper the Guardian (www.theguardian.com). The study builds on a bilateral division of the EU public discourse on the economic crisis, distinguishing between two opposing perspectives: "the Northern diagnosis" (DeGrauwe 2011: 5) prevailing in Germany and other creditor states, and 'the Southern opinion' on the situation held mainly by the debtor countries. The thesis examines the position of the Guardian in relation to this bilateral discourse framework. The Guardian represents a liberal, socially aware and traditionally EU-supportive newspaper that is published in a country which counts among the Europe's leading economic and political powers, a country that is also characterized by strong Eurosceptic tendencies. These aspects form a complex background with regard to the EEC/GDC discourse framework. There are factors supporting both "the Northern diagnosis" of the GDC and those suggesting inclination to 'the Southern opinion'. The analysis, dealing with a self-collected corpus (altogether 349 texts, 277 973 words) consisting of the Guardian online news on the GDC is situated - both theoretically and methodologically - in the field of Corpus- assisted discourse studies...

Η οικονομία της Ελλάδας από την μεταπολίτευση έως την είσοδό της στην Οικονομική Νομισματική Ένωση (Ο.Ν.Ε) και η δημοσιονομική πολιτική που ακολουθήθηκε από την εποχή διακυβέρνησης της χώρας από τα κόμματα που απετέλεσαν τον δικομματισμό μέχρι την κυβέρνηση συνεργασίας του 2012, θα αποτελέσουν την βάση για την ανάλυση του θέματος της παρούσας εκπονηθείσας εργασίας. Βασικός μας στόχος είναι να αναδείξουμε ομοιότητες και διαφορές στην ελληνική και πορτογαλική οικονομία, επικεντρώνοντας την ανάλυση και το ενδιαφέρον μας στην πορεία των μακροοικονομικών τους μεγεθών κατά τη διάρκεια της τελευταίας παγκόσμιας οικονομικής κρίσης που ξέσπασε στις Ηνωμένες Πολιτείες Αμερικής (Η.Π.Α) το 2007 και επεκτείνοντας τις επιπτώσεις στον ευρωπαϊκό κόσμο εως το 2009. Παράλληλα, θα εξετάσουμε κατά πόσο η ένταξη της Ελλάδας και της Πορτογαλίας στο Διεθνές Νομισματικό Ταμείο και σε καθεστώς πολυετούς επιτήρησης , βοήθησαν ή επιδείνωσαν την πορεία των οικονομιών τους αναδεικνύοντας δυνατά και αδύνατα σημεία της πολιτικής της τρόικας. Επιπροσθέτως, ειδική μνεία θα γίνει σε βασικά μακροοικονομικά μεγέθη της πορτογαλικής οικονομίας και στην τάση τους την τελευταία δεκαετία (2002-2012), συγκρίνοντας τα ευρήματα με την πορεία των αντίστοιχων ελληνικών μακροοικονομικών μεγεθών.Βάση για την σύγκριση αυτών των δεικτών, θα αποτελέσουν τα άρθρα του Οικονομάκη Γεώργιου, Ανδρουλάκη Γεώργιου και Μαρκάκη Μαρίας «Profitability and crisis in the Greek economy (1960-2012): an investigation-2013» καθώς επίσης και «Η εξωστρέφεια και κρίση της ελληνικής οικονομίας-2014». / The economy of Greece from dictatorship to its entry into the Economic Monetary Union (EMU) and fiscal policy followed by the era of government by political parties which formed the bipartisanship until the two-party coalition government until 2012, will be the basis for the analysis of the issue of this work elaborated. Our main goal is to highlight similarities and differences in Greek and Portuguese economies, focusing on analysis and our interest in the course of the macroeconomic aggregates during the last global economic crisis that erupted in the United States of America ( USA ) in 2007 and expanding its impact on the European world by 2009 . Moreover, we will examine whether the inclusion of Greece and Portugal in the International Monetary Fund and a multi surveillance system helped or worsened the state of their economies highlighting strengths and weaknesses of policy Troika. In addition, special mention will be made in macroeconomic fundamentals of the Portuguese economy and the trend over the last decade (2002-2012), comparing the findings with the state of the corresponding Greek aggregates. Basis for comparison of these indicators will be the articles of Oikonomakis George, Androulakis George and Markaki Mary «Profitability and crisis in the Greek economy (1960-2012): an investigation-2013» and also «Extraversion and crisis Greek economy-2014".

La mise en finance de la dette d'Etat, et les crises auxquelles elle donne lieu, font de l'instauration d'un cadre juridique régissant la restructuration et le défaut des dettes d'Etat, un enjeu majeur pour l'Europe. En l'absence d'un droit européen de la « faillite » d'Etat, un régime de défaut a émergé sur le terrain de la pratique, dans les contrats d'emprunt d'Etat obligataires. Les Etats européens ont en effet privilégié une approche décentralisée et volontaire de la restructuration des dettes d'Etat : le contrat d'emprunt d'Etat établit les règles qui organisent les relations de dette entre les Etats débiteurs et leurs créanciers privés. Sous l'effet de l'intégration financière européenne, ce régime de défaut revêt des formes de plus en plus standardisées. Le présent travail consiste à identifier les éléments constitutifs du régime contractuel de défaut des Etats européens, à en apprécier le caractère idoine à l'aune des besoins de l'Etat et à en évaluer la portée. Il adopte pour ce faire une méthode pragmatique, basée sur une analyse empirique des contrats et une étude de cas.Il ressort de celles-ci que le régime de défaut contractuel des Etats européens conduit à l'abandon, l'érosion voire la suppression des prérogatives exorbitantes de droit commun qui étaient traditionnellement attachées à la qualité de souverain des Etats emprunteurs. D'une part, les Etats consentent, pour assurer l'attractivité de leurs titres de créance sur le marché européen très concurrentiel des dettes d'Etat, à adopter des dispositions attentatoires à leur souveraineté, qui les privent de la marge de manœuvre nécessaire à l'adoption de mesures de sauvegarde adaptées en cas de crise de la dette. D'autre part, les deux principaux fors compétents - les juridictions anglaises et new-yorkaises - ont consacré la force obligatoire des contrats d'emprunt d'Etat, lesquels priment les considérations d'intérêt général qui jadis fondaient le défaut souverain. En effet, la jurisprudence libérale de ces fors, favorables aux créanciers de l'Etat, ont encouragé la professionnalisation des requérants et le développement d'une industrie contentieuse du défaut d'Etat, communément désignée comme l'industrie des « fonds vautours». Les stratégies contentieuses agressives déployées par ces nouveaux acteurs ont permis d'obtenir la condamnation des Etats défaillants et des mesures de contrainte sur le terrain encore très préservé par l'immunité d'exécution des Etats. Cette thèse a ainsi pour enjeu, et s'inscrit, dans le débat contemporain relatif à la transformation de l'Etat européen sous le poids de son endettement. / Sovereign debts’ financiarization is a global phenomenon affecting a very substantial number of States in Europe. Nevertheless, European State insolvency has not been implemented. This legal loophole didn't lead to legal uncertainty : a State default's European regime has emerged from practical experience in sovereign debt contracts. Those contracts include harmonised standards : States adopted boilerplates with the aim of contributing to effective debt market and providing liquidity. Promotion and circulation of boilerplates have been made easier by the fact that many States turn to lawyers for their financial affairs. In fact, sovereign consultancy market remains concentrated among a few major law firms. Given the spread of sovereign debt crisis, which also affected developed economies, contract « as statute » has become a major issue for all democracies. The first part intends to identify and map European boilerplates, reflecting regional particularities ; to analyse them and assess their effectiveness and efficiency in crisis conditions. The second analyses the case law that has developed over the years regarding sovereign debt contract. The European States' default contractual regime had led to the dismissal of prerogatives derogating from the generally applicable rules of law, which States used to enjoy within their financing operations. This research has both practical and prospective dimensions, aiming at putting forward proposals to deal with sovereign debt crisis.