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Maria Markantonatou

State-Imposed Austerity in Greece

by Maria Markantonatou

Since its establishment, the eurozone has followed proposals influenced by the great liberal economist Friedrich Hayek, especially the insulation of monetary and fiscal policy from national politics and thus from democratic processes and control. This project has been realized through a supposedly independent central bank and an institutional framework which requires heterogeneous economies to adhere to hard currency rules – even if, as in the gold...

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