Resisting in times of crisis

The implementation of European austerity plans in Ireland and Greece

Authored by: Nikolaos Zahariadis , Laurie Buonanno

The Routledge Handbook of European Public Policy

Print publication date:  November  2017
Online publication date:  November  2017

Print ISBN: 9781138927339
eBook ISBN: 9781315682723
Adobe ISBN:

10.4324/9781315682723-35

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Abstract

The financial and economic crisis in the EU starting in 2008 triggered important economic difficulties for a number of member states. Amongst those, the governments of Ireland and Greece were confronted early on with difficulties raising money in world financial markets. Loans were thus provided by Eurozone leaders to insulate these countries from market pressure. Prodded by the European Council, the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) – collectively referred to as the troika – negotiated bailout plans with both countries. The implementation of these plans, however, took two different forms in Ireland and Greece. While Ireland has completed the structural reforms linked to the bailout plan, Greece is still confronted with serious delays in complying with the demands.

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