The Political Economy of Privatization in Greece after the Economic Crisis

London, United Kingdom

7 November 2017

Speaker:

Dr Özgün Sarımehmet Duman

Visiting Fellow, Hellenic Observatory, LSE

 

Chair:

Prof Kevin Featherstone

Head of the European Institute; Eleftherios Venizelos Professor of Contemporary Greek Studies and Professor of European Politics

Date:

Tuesday, 7 November 2017

Venue:

Cañada Blanch Room, COW 1.11, 1st floor, Cowdray House

European Institute, LSE

Time:18:00-19:30   

Abstract

This research makes an inquiry into privatisation as a critical policy tool in economic recovery after the economic crisis in Greece. It defines privatisation as the transfer of assets, ownership, responsibilities, services and rights from the public sector to the private sector. It provides a concise background of the economic crisis, the state of the real economy and the financial market, and the non-structural and structural measures introduced for economic recovery. It offers a comprehensive analysis of the role attributed to privatisation policies after the economic crisis by evaluating official documents (Hellenic Stability and Growth Programmes, Economic Adjustment Programmes and Memoranda of Understanding, National Reform Programmes and the Medium Term Fiscal Strategy) and legal-institutional regulations (the adoption of Law 3986/2011 on privatisation and the establishment of Hellenic Republic Asset Development Fund - HRADF). In this seminar, Dr Sarımehmet Duman claims that Greece has experienced a restructuring in its privatisation policy after the emergence of the economic crisis, and privatisation has been carried to the top of the agenda. The seminar concludes that there have been two explicit motivations, i.e. collecting revenues for debt repayment and increasing competitiveness, and one implicit motivation, i.e. achieving further liberalisation of the economy, behind this restructuring.



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