Greece’s economy and society have undergone important structural changes in recent years as a result of the financial crisis and consequent austerity policies that have been implemented. The Greek labour market and employment relations system have been subject to immense pressures, leading to fundamental changes both in the structure of institutions and in the behaviour of the main employment relations actors. The present volume constitutes a first attempt to appreciate the consequences of a decade of austerity politics on the Greek labour market. Offering a multidisciplinary perspective and building on original research by leading Greek scholars in the fields of labour economics, employment relations and the sociology of work, it will discuss the impact of the crisis and the resulting policies on the Greek labour market and employment relations. This volume will be of interest to policy makers, researchers and students interested in the past, present and future of Greek employment relations and the impact of austerity on Greece.

The aim of the study is to explore developments in key labour market aggregates, such as the unemployment rate, the participation rate and the employment rate, and to highlight the fact that in the current environment of deep and protracted economic downturn, these developments varied significantly compared with the period before the crisis. The empirical analysis, employing a two-regime threshold cointegration model, shows that the labor force participation rate has increased throughout the period from 1990 onwards, reflecting the long-term trend for increasing female employment. However, prior to 2010, this upward trend is found to be independent of the level of the unemployment rate. Conversely, after the period of Greece's entry into the Memorandum of Understanding (MoU), the participation rate appears to be associated with a particularly high level of unemployment rate that characterizes this period, while accompanied by a sharp fall in the employment rate. It is concluded that the recent high level of unemployment does not discourage potential workers from seeking employment. It appears, however, that new entrants have low employment chances.

This book offers a comprehensive guide to the on-going Greek debt crisis. It identifies and explains Greece’s idiosyncratic weaknesses, and highlights the existing rigidities in the EU architecture that make the recovery prospects of the Greek economy challenging. Chapters from expert contributors highlight aspects of the performance of the Greek economy with focus on export performance, labour market conditions, political cycles and regional income disparities. The book then goes on to outline the banking system in Greece in the post-crisis era, and includes analysis that explains how the credit rating score affected Greece’s borrowing capacity prior to the start of the insolvency crisis. The final part analyses and compares alternative scenarios of fiscal consolidation, seeking to identify whether there are alternatives to fiscal austerity and the impact of each one of them. This section also clarifies various misconceptions about the significant determinants of international competitiveness. Despite the focus of the book, the lessons drawn from the chapters are not limited to Greece. This volume will be of interest to academics, practitioners and policy makers who wish to take a closer look at the Greek debt crisis and learn more about the challenges the Greek economy is currently facing.

The recession that followed the global financial crisis and the sovereign debt crisis resulted in large falls in output and rises in unemployment across Europe. In this context, many countries implemented significant reforms of their labour market. In order to analyse the impact of labour market reforms and investigate how firms adjusted to the shocks affecting them, the European System of Central Banks (ESCB) conducted a third wave of the Wage Dynamics Network survey in 2014-2015. This paper describes the main findings of the Greek survey. The results show that the decline in economic activity, during the period 2010-2013, had a significant negative impact on Greek firms' activity. Greek firms reacted to shocks by adjusting both labour input and wages, and reforms seem to have made it easier for this adjustment to take place.

This article examines the effects of the economic crisis and the institutional reforms undertaken in the Greek private sector labour market using Social Security Fund (IKA) data. The data used are classified by the number of insured employees, their wages as well as the number of active firms. The number of employees and the number of firms have been trending downwards since the summer of 2008, with the trend intensifying particularly in 2011 and 2012. However, since January 2013 a recovery has been recorded. The latter changes appear to partly reflect the effect of the labour market reforms implemented during the crisis. The evolution of the variables examined shows that if wage adjustment had been implemented earlier, the employment losses or equivalently the size and duration of unemployment may not have been so high.

As the tensions in the Greek economy take centre stage in the international headlines, this book examines the failed policies and political corruption that have bankrupted the nation. The authors comment on recent bailouts and haircuts and explore the uncertain future of Greece in the Eurozone.

The recession that followed the global financial crisis and the sovereign debt crisis resulted in large falls in output and rises in unemployment across Europe. In this context, many countries implemented significant reforms of their labour market. In order to analyse the impact of labour market reforms and, in particular, to investigate, how firms adjusted to the shocks affecting them, the European System of Central Banks (ESCB) conducted a third wave of the Wage Dynamics Network (WDN3) survey in 2014-15. This paper describes the main findings of the Greek WDN3 survey. The results show that the decline in economic activity, during the period 2010-2013, had a significant negative impact on Greek firms' activity. Greek firms reacted to the shocks affecting them by adjusting both labour input and wages and reforms seem to have made it easier for this adjustment to take place.