The greek debt crisis and Southern Europe: Majoritarian pitfalls?

Kovras, I. & Loizides, N. (2014). The greek debt crisis and Southern Europe: Majoritarian pitfalls?. Comparative Politics, 47(1), pp. 1-20. doi: 10.5129/001041514813623164

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Abstract

Although widely debated in broader socioeconomic terms, the Eurozone crisis has not received yet adequate scholarly attention with regard to the impact of alternative political systems. This article revisits the debate on majoritarian and consensus democracies drawing on recent evidence from the Eurozone debacle. Greece is particularly interesting both with regard to its potential "global spillover effects" and choice of a majoritarian political system. Despite facing comparable challenges as Portugal and Spain, the country has become polarized socially and politically, seeing a record number of MP defections, electoral volatility and the rise of the militant extreme right. The article points to the role of majoritarian institutions to explain why Greece entered the global financial crisis in the most vulnerable position while subsequently faced insurmountable political and institutional obstacles in its management.

Item Type: Article
Subjects: H Social Sciences > HJ Public Finance
Divisions: School of Social Sciences > Department of International Politics
URI: http://openaccess.city.ac.uk/id/eprint/13104

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