The Origins of the Crisis and Current Approach of the Troika
Greek Debt Crisis is a mislabeled phenomenon. The causes of the turmoil does not originate solely from Greece’s own economic mismanagement and structural problems but in fact from the inherent contradictions of European banking system. Credit boom which was mainly driven by European Banks during the first decade of Euro made everyone to borrow and lend with “super-low” interest rates without taking into account the differences and vulnerabilities of European economies (Blyth 2015a). Hence, the responsibility lies on reckless international lenders as much as it lies on irresponsible Greek borrowers.