Greek Foreign Trade and Finance The Mixed Blessings of Economic Dependence

This book examines the role of international trade and finance in the Greek economy since the beginnings of the Greek state two centuries ago to the present day. It focuses on the benefits and challenges of Greece’s economic dependence on the larger and higher income countries of Western Europe, and in particular the European Union, have played in its economic development.

The volume begins by examining Greece’s links to Europe in the 19^th century and its desultory participation in the Latin Monetary Union. Its main focus is the post- World War II period, starting with Greece’s efforts to establish sustainable economic growth, at a time when the country was facing severe foreign exchange constraints and relied on assistance from the US under the Marshall Plan. It then examines relations between Greece and the European Community, particularly on its efforts to integrate into the European Union, the debt crisis and the reforms and recovery in its aftermath.

The book details in accessible and engaging style how the story of Greece’s economic integration in Europe has involved both successful development but also failures by Greek, Eurozone and IMF policymakers. With valuable historical insights, this book will be of interest to academics and policymakers in Greece, the EU and emerging economies weighing economic integration. It will also be of interest to economic historians and political economists more broadly.

1. Introduction.- 2. The First Century of the Modern Greek State.- 3. From the 1923 Treaty of Lausanne to the 1953 Reforms.- 4. Approaching the European Community 1960-1980.- 5. Greece in the Community 1981-2000.- 6. Euphoria and Bust.- 7. Whatever it Takes.- 8. Greece and the EU: Present and Future.- 9. The Future of Economic Dependence.

Constantine Michalopoulos has worked on and written about economic development for more than half a century. Previously, he was a senior official at the World Bank, Chief Economist of the US Agency for International Development, and Special Advisor at the WTO. He also served as a development advisor to governments and international organizations on international trade, finance, and development. Most recently he was appointed Senior Advisor at the Hellenic Foundation for European and Foreign Policy, in Athens, Greece. He has also taught economics at several US universities, and is the author of ten books and over 100 articles and monographs.