No pain, no gain? Economic adjustment programmes in Greece and Portugal

Greece and Portugal were bailed out by rescue packages from European partners and the IMF. In return, both countries had to implement macroeconomic adjustment programmes. The outcomes were quite different despite similar problems and comparable programme design. While the Greek economy developed much less favourably than the programme had assumed, Portugal remained largely on course, partly because the austerity requirements were looser and its export sector grew faster. Nevertheless, Portugal's current economic problems illustrate that the patient is not yet out of the woods.

No pain, no gain? Economic adjustment programmes in Greece and Portugal(PDF, 83 KB, non-accessible)