The two adjustment programmes that Greece accepted in 2010 and 2012 went off track for one main reason: the recession was much deeper than anticipated. The exceptional downturn of the Greek economy was attributable to two main reasons: the extraordinary fall in investment and the lack of export recovery.
The trauma of the July bailout
Since the outbreak of the EU debt crisis, severe budget constraints and urgent domestic concerns have been seriously affecting Greece’s foreign policy.
The first part of the paper tries to shed light on how structural factors underlying both Greek policy-making and its regional context produce stabilizing effects on the country’s foreign policy. The emphasis is put on the outcomes of the Europeanization process and NATO’s influence on South-eastern Europe and the Eastern Mediterranean.