Published in Journal of Democracy 24(2), April 2013 https://www.journalofdemocracy.org/articles/why-greece-failed/
On 1 January 1981, Greece became the tenth member of what is now the European Union, well ahead of Spain and Portugal. This was a just reward for a country broadly seen at the time as an unqualified success story. Within just a few years after the 1974 breakdown of a fairly brief dictatorship (the so-called colonels’ regime that began in 1967), Greece had been able to establish—and by all appearances consolidate—a liberal and pluralist system with fully inclusive institutions. The early post-authoritarian governments implemented brave policy reforms while striving for political moderation; they also kept the books in order by combining modest borrowing with fast economic growth. At the same time, society seemed to be vibrant and optimistic, with the country’s imminent EU entry promising new prospects and opportunities. For nearly three decades thereafter, and especially after its 2001 transition into the Eurozone, Greece appeared to be a perfectly democratic and increasingly prosperous European nation.[1] Hardly anyone seriously doubted the country’s continuing success. Continue reading “WHY GREECE FAILED”
