Reinhart, Carmen M. y Christoph Trebesch presentaron The Pitfalls of External Dependence: Greece, 1829-2015, en cuyo resumen leemos "Two centuries of
Greek debt crises highlight the pitfalls of relying on external financing.
Since its independence in 1829, the Greek government has defaulted four times
on its external creditors – with striking historical parallels. Each crisis is
preceded by a period of heavy borrowing from foreign private creditors. As
repayment difficulties arise, foreign governments step in, help to repay the
private creditors, and demand budget cuts and adjustment programs as a
condition for the official bailout loans. Political interference from abroad
mounts and a prolonged episode of debt overhang and financial autarky follows.
We conclude that these cycles of external debt and dependence are a perennial
theme of Greek history, as well as in other countries that have been “addicted”
to foreign savings."
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