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Macroeconomic changes such as economic depression and stock market crashes can have an impact on private life, mood and attitudes toward individuals and, by this, on the macroeconomy. This paper deals with the mental health indicators depression and grief as a result of economic and financial crises. For this purpose, it refers to the seminal five phases of crisis response well known from psychology and applies them to the setting of Greece since the start of the most recent crisis. In this context, we differentiate between investors and the "normal" population and deal with important feedback effects from lower mental health to the macroeconomy. Finally, as these feedback effects tend to lead even deeper into macroeconomic trouble, a vicious cycle cannot be excluded given these findings. The paper also generalizes its considerations to the case of mental health effects of economic crises beyond the Greek case. [ABSTRACT FROM AUTHOR]

This paper empirically studies public debt sustainability with the penalized panel splines approach for 25 EU economies from 2000 to 2019 by estimating the response of the primary surplus to lagged debt relative to GDP, respectively. A positive coefficient on average indicates sustainable policies, which is supported by all our results. Moreover, we show that this relationship is not homogeneous across the distribution of the debt ratios but varies with the magnitude of public debt to GDP. The estimations reveal a strongly increasing reaction for small and high debt ratios while it is rather flat for intermediate levels. This holds for normal times, too, whereas during years of economic crisis a monotonously increasing response can be observed. Additionally, for a cluster consisting of smaller EU economies, there is an indication of 'fiscal fatigue', meaning that the effort of active fiscal counter-steering peters out for high ratios of public debt to GDP. The same effect can be observed for the whole sample and a sample including the large EU economies, once Greece is removed. [ABSTRACT FROM AUTHOR]

In this paper we investigate the role of debt as an additional determinant of growth complementing the relevant empirical growth literature using insights gained during the recent economic crisis. Our focus is the case of Greece, the country more severely affected by the crisis, thus having to resort to tripartite external assistance. More specifically, we are exploring whether the pillars of the Troika Adjustment Programme for Greece could actually be the key to overcome the current deadlock the Greek economy, as the required fiscal consolidation resulted in deep and prolonged recession which in turn jeopardizes the sustainability of the improvement in general government accounts. The Troika Programme for Greece featured specific structural reforms as a prerequisite to improve the business environment and enhance the outward orientation of the Greek economy, thus identifying investment (domestic and foreign) and international competiveness as the new growth drivers of the Greek economy. Using panel data for EU countries we are investigating the validity of the proposed economic policy mix, placing special emphasis on the role that indebtedness (both private and public) has played in the past and could also play in the future (as public debt is ruled out for financing investment but credit expansion to the private sector through increased liquidity is a sine qua non condition for the recovery of investment). The innovation of this study is that it takes stock of both structural reforms (through PMI) and indebtedness and estimates their relevant impact on growth. [ABSTRACT FROM AUTHOR]

This paper analyses the role of external pressures, internal motivations and their interplay, with the intention of identifying whether they drive substantive or instead symbolic implementation of ISO 14001. The context is one of economic crisis. We focus on Greece, where the economic crisis has weakened the country’s institutional environment, and analyse qualitatively new interview data from 45 ISO 14001 certified firms. Our findings show that (a) weak external pressures can lead to a symbolic implementation of ISO 14001, as firms can defend their legitimacy without incurring the costs of internalization in the local market; (b) weak external pressures can lead to substantive implementation of ISO 14001 when firms have strong internal motivations seeking to strategically differentiate from competitors in international markets. Firms internalize ISO 14001 so as to restore their legitimacy and reputation in foreign markets and stimulate their competitiveness; and (c) strong internal motivations pave the way for companies to stimulate their competitiveness by enhancing their efficiency, as some companies might strengthen their position in the local market by implementing ISO 14001 substantively. The contribution of this paper to the literature on ISO 14001 internalization lies in refining existing theory on the importance of internal motivations for the substantive implementation of ISO 14001 in the context of economic crisis. In addition, this paper extends current theory by challenging studies that dismiss the importance of external pressures. We argue that the intensity of external pressures influences the internalization of ISO 14001, but propose that this relationship might not be linear. [ABSTRACT FROM AUTHOR]

World financial markets have been in turmoil as investors grapple with the possibility that Greece and perhaps Italy, Ireland, Portugal and Spain will default on their debts. The 2011 downgrade of the S&P outlook for US debt to 'negative' suggests that there may eventually be concerns that the US will go the way of Europe. The paper studies possible transmission effects of a crisis for reserve-currency debt which may occur via central bank holdings of reserve-currency debt. [ABSTRACT FROM AUTHOR]

This paper constructs a dynamic model in which fiscal restrictions interact with government borrowing and default. The government faces fiscal constraints; it cannot adjust tax rates or impose lump-sum taxes on the private sector, but it can adjust public consumption and foreign debt. When foreign debt is sufficiently high, however, the government can choose to default to increase domestic public and private consumption by freeing up the resources used to pay the debt. Two types of defaults arise in this environment: fiscal defaults and aggregate defaults. Fiscal defaults occur because of the government's inability to raise tax revenues. Aggregate defaults occur even if the government could raise tax revenues; debt is simply too high to be sustainable. In a quantitative exercise calibrated to Greece, we find that our model can predict the recent default, but that increasing taxes would not have prevented it. In fact, increasing taxes would have made the recession deeper because of the distortionary effects of taxation. [ABSTRACT FROM AUTHOR]

This study compares the development of insurance markets in countries such as Portugal, Italy, Greece and Spain to mature markets in countries such as the UK and Germany during the 2007 financial crisis. Markets are examined from the product innovation perspective. The market in a country is assessed using taxonomic measures, such as distance and similarity. Markets are described by a set of features divided into five groups: market structure, technical sphere, finance and investment, effectiveness, and product. The measures are calculated at two points in time, 1997 and 2010. The data were gathered from publications of the World Bank, European Union Commission (statistics offices), National Polish Bank and insurance associations. The financial crisis has slowed the speed of market development and influenced other spheres. In countries like Greece and Portugal, progress was even slower than in post-Soviet states, like Poland. The crisis has not imposed structural changes within the selected markets and the influence of the crisis is visible. The sectors were not very innovative, particularly in the product sphere. The literature on the influence of the crisis on insurance is contradictory. This study's novelty is that it applies multidimensional analysis when comparing insurance-market innovativeness and development. [ABSTRACT FROM AUTHOR]

European financial crisis has raised questions about the sustainability and the contribution of innovation anchors especially in Southern European countries such as Greece. This paper utilizes the concept of regional innovation systems (RISs) and introduces a methodological approach that allows for evaluating an Science and Technology Park's (STP) contribution into the corresponding RIS performance, taking into consideration (1) the RIS idiosyncrasies, (2) the dominant role of government expenditures on R&D and (3) the underlying complexity of knowledge production and management, under alternative sets of restrictions imposed by fiscal consolidation on the preferences of authorities which design and implement Science, Technology and Innovation (STI) policies. Our framework relies on the estimation of a multi-input-multi-output latent knowledge production function approach and the corresponding efficiency indices. Data requirements are sourced from the Regional Innovation Scoreboard, for the four Greek regions and from a small-scale case study, with respect to the examined regional STP covering the period from 2000 to 2012. The main empirical findings highlight that the contribution of the examined STP in the corresponding RIS performance diminishes alongside with the decrease in GERD investment levels, with respect to all the efficiency indices. These findings are attributed to the structural characteristics of both the RIS and the STP under investigation, and capture their dependence on managing public financial resources for STI activities. [ABSTRACT FROM AUTHOR]

On July 5, 2015, Greek voters were asked whether to approve or reject the terms of an austerity program offered by the European Union (EU) to resolve an ongoing financial crisis. With a turnout rate of 62.5% overall, 61.3% of Greeks voted 'no.' While a majority of voters in every district opposed the bailout's terms, the margin against the proposed austerity measures ranged from 51.2% in Lakonias to 73.8% in Chanion. This paper presents empirical evidence on the determinants of the 'no' vote across Greece's 56 electoral districts. Our analysis is grounded in public choice theories of why large numbers of people turn out to vote in mass elections. In addition to controlling for standard 'instrumental' vote motives, we ask whether political party labels, which serve as summary measures of partisan positioning, and party platforms, which express partisan preferences on ballot questions, are salient in determining electoral outcomes. Holding constant the unemployment rate and average voter age (at the regional level) and the fraction of young people casting ballots for the first time on July 5, 2015 (at the district level), we find that the percentage of 'no' votes was reduced significantly by voter support for Greece's leading pro-austerity party (New Democracy) in the previous nationwide election held in January 2015. In contrast, voter support in January for the anti-austerity party (Syriza), led by sitting Prime Minister Alexis Tsipras, had no measurable impact on July's referendum results. This finding offers support for both instrumental and expressive theories of voting and bolsters the claim that political parties can shape electoral outcomes on questions decided by an institution of direct democracy. [ABSTRACT FROM AUTHOR]

This paper presents the results of a novel survey of 550 small and micro enterprises in Greece regarding their tax compliance behaviour and drawing some useful policy implications for a country facing one of the largest tax gaps in the developed world. We explore the determinants of such behaviour, by integrating economic and psychological perspectives on tax compliance. Results suggest that respondents perceive a strong connection between the quality of political and of tax institutions, while trust seems to play the most significant role in increasing intended compliance and in deterring strategic tax evasion. We contrast the theoretical results with the actual reported compliance behaviour of entrepreneurs and analyse how this behaviour is influenced by factors like perceived nature of power of tax authorities (legitimate versus coercive), perceived fairness of the tax system, etc. The strategy currently followed, that is toughening the profile of tax authorities is a viable short-term response to increase enforced tax compliance. The present study, however, has provided evidence on the multifaceted nature of power and trust and their relation with tax compliance, and the link between power and trust in political regulatory strategies. Current policies seem to completely miss that link. [ABSTRACT FROM AUTHOR]

Greece and the other crisis nations of the Western financial crisis are, to a large extent, victims of a dysfunctional international monetary system that has caused multiple financial crises since the collapse of the Bretton Woods system in 1973. In the Eurozone, the government bond market allowed the government of Greece to borrow at favorable rates without taking into account the possibility of default until it was too late. The capital from the surplus countries, Germany and the Netherlands being the most prominent, created housing price booms and housing construction in Ireland and Spain, while the public sector borrowed in Portugal and Greece. The problem of the recipient countries was magnified by imperfect institutions, such as inefficient financial supervision or an inefficient or corrupt political establishment. Thus, financial integration magnified local problems and made them take on an international dimension. The burden of adjustment within the Eurozone has been left largely with the debtor countries. The surplus countries have not reduced their current account surpluses. Though macroeconomic and public sector imbalances have been reduced in Greece, the country continues to lose its young through emigration and a vibrant export sector has not emerged. [ABSTRACT FROM AUTHOR]

Organisations included in social partnerships jointly address the gaps in their society and community. Community-based social partnerships are based on the principles of self-organisation, yet logistically, this can bring many challenges. This study therefore focuses on the logistical aspects of a community-based social partnership in Greece and the contribution of this partnership to community resilience. The role of community-based logistical activities in building community resilience has been studied. An in-depth qualitative study of a particular community-based social partnership was conducted, with interviews across all partner organisations and secondary data from publicly available documents. Logistical activities are performed mainly by the membership base of various non-governmental organisations in a manner of self-organised "collective action". Interestingly, community resilience refers to a capacity for collective action; hence, organising logistical activities in this fashion ultimately contributes to community resilience. [ABSTRACT FROM AUTHOR]

So far, empirical research on an ex-post benchmark of the euro adoption has relied on the synthetic control method by Abadie & Gardeazabal (Am Econ Rev 93:112-132, 2003) and Abadie et al. (J Am Stat Assoc 105:493-505, 2010, Am J Polit Sci, 59:495-510, 2015). However, the evidence obtained with this method is not overly consistent, leading to the conclusion that the method is not too robust to different settings of the adjustment screws. Using a new method developed by Harvey & Thiele (J Appl Econ 36:71–85, 2021) based on structural time series models, I find that France and Italy are clear losers from the euro while there are no real winners until 2019. Spain, Netherlands, Greece gain in the period before the financial crisis, but afterwards they lose. In fact, only the German economy is robust to the two crises but it loses until 2008. Relating the theories of optimum currency areas to the estimated gaps of the euro adopters from their synthetic controls, I find that openness, real convergence, and net migration are the main drivers of gains from a euro adoption, while the main drivers of losses are low levels of competitiveness, fiscal instability and labour market rigidity. Examining the crisis channels of the financial and euro crisis shows that fiscal instability, labour market rigidity and also business cycle synchronization cause large losses during the crises. Net migration helps to dampen these shocks. While openness is beneficial during the pre-crises period, it cannot help dampen the shock of the crises. [ABSTRACT FROM AUTHOR]

A simple theoretical model of monetary unification and data from 11 euro members are used to investigate the common currency's role in the macroeconomic performance of these countries. Euro membership has been typically accompanied by lower (or steady) inflation, but also by higher business-cycle volatility. In addition, synchronization of cyclical output was substantially affected by the common currency only in Greece (where it declined considerably) and Finland and Ireland (where it increased). Consistent with the theoretical predictions, the empirical evidence shows a strong negative relationship between cyclical synchronizations and volatilities, which however is not much stronger under the euro than it was during the Maastricht period. [ABSTRACT FROM AUTHOR]

Transformations are fundamentally about agency: human intention, motivation, and power to influence and to resist. Most studies focus on deliberate system-level transformations, usually guided by a set of influential actors. However, system-level transformations may also occur as the result of the cascading effects of multiple individual transformations in response or in anticipation to various crises. Little is known about how crises foster these individual transformations, and how these may relate to different types of system-level change. This article fills this gap by looking at how crisis fosters two different types of agencies—internal and external—and how these link to individual transformations in the case of Greece's back-to-the-land movement whereby urbanites sought to reconnect with land-based livelihoods during the economic crisis (2008 onwards). The article draws on the qualitative analysis of 76 interviews of back-to-the-landers to further understand why people are going back-to-the-land (their motivations), how these relate to the concept of agency and individual transformation, and what implications might there be for system-level social-ecological transformations. This article makes three key points. First, crises create different opportunity contexts that may lead to rapid changes in what is valued in the broader social discourse. While social values and discourses are usually considered to be "deep levers" and slow to change, we found that they can rapidly shift in times of crises, challenging notions of the role of fast vs. slow variables in system transformations. Second, agency is needed to respond to crises but is also further catalyzed and enhanced through crisis; activating one's internal agency leads to personal transformations as well as collective transformations (linked to external agency), which are mutually co-constitutive. And third, systemic-level transformation emerges through multiple pathways including through the aggregation of multiple individual transformations that may lead to emergent system-level changes. [ABSTRACT FROM AUTHOR]

The article reviews the measures implemented in Greece during the economic crisis, and assesses their degree of success in leading to the catharsis for the chronic problems of the country's health system. Topics discussed include the European health model, European Union health policy intervention, and impact of health care reforms on population health and quality of life.

Focusing on 2002-2011, we analyse levels of trust in Greece and compare them with 17 other European countries. During this period, Greece endured a serious economic crisis. Signs of increasing mistrust in all societal institutions became evident and the nation witnessed extreme phenomena, such as violent demonstrations, the surfacing of radical political ideas, parties with nationalistic and racist characteristics, and noncompliance with rules, regulations, and taxes. However, little is known about generalised social trust, i.e. interpersonal trust between individuals, during the crisis. We analyse data from the European Social Survey Rounds 1, 2, 4, and 5 to test whether the crisis affected the levels of various forms of trust among Greeks. In addition to social trust, we distinguish between trust in political institutions (e.g. politicians and the national parliament) and impartial institutions (e.g. the police and legal system). The results reveal that the level of trust people show towards political and impartial institutions decreased substantially in Greece. Surprisingly, however, interpersonal social trust did not collapse; rather, it remained stable or even slightly increased concurrently with the notable decrease in political trust. This suggests that during an economic crisis, people do not deterministically lose their trust in other individuals; instead, in the Greek case they appear to lean on each other when both political and impartial institutions fail. Moreover, it is possible that shared experiences of nearly overwhelming adversities in Greece during the crisis increase a sense of togetherness among individuals, which in turn contributed to the robustness of social trust. [ABSTRACT FROM AUTHOR]

Keywords: COVID-19; Mental health help line; Pandemic crisis; Greece EN COVID-19 Mental health help line Pandemic crisis Greece 407 409 3 03/17/21 20210301 NES 210301 Past experiences on viral epidemics have underscored the importance of considering mental health an integral part of any health response to biological disasters, including the COVID-19 outbreak [[1]]. COVID-19, Greece, Mental health help line, Pandemic crisis. [Extracted from the article]

Purpose: Problem gambling in adolescents has recently emerged as a pressing public health concern. In this context and in light of the pervasive financial crisis in Greece, the present study aimed to explore adolescents' gambling involvement in Athens region to estimate the prevalence of its problematic form and to identify its risk/protective factors.Methods: A total of 2141 students were recruited from a representative sample of 51 schools located in greater Athens area. The presence of problem gambling was assessed through the use of the DSM-IV-MR-J questionnaire. Data were collected in the form of a self-reported questionnaire during one school hour.Results: Results indicate that 1-year prevalence of high severity problem gambling was found to be 5.6%. Regarding the risk factors for problem gambling; male gender, parental engagement with gambling activities, living without the parents, low grades at school, foreign nationality and the referent absence of availability of food in the household, increased the risk of suffering from the disorder.Conclusion: Gambling behavior among adolescents constitutes a problem in Greece and highlights the need for designing and implementing appropriate preventive interventions, especially amid the ongoing financial crisis. [ABSTRACT FROM AUTHOR]

The article discusses a study that estimated wage curves in the Greek labour market during the crisis period from 1999 to 2014. Topics include use of the Greek Labour Force Survey (LFS) data for empirical analysis with the use of typical least squares estimators 2SLS-IV techniques and fixed-effects panel estimation techniques. Results showed the responsiveness of wage rates to local conditions in the Greek labour market and adjustment of wages in response to macroeconomic deterioration.

Modern Greece and its nation-building institutions have been associated with actual and symbolic, external and internal colonial-like projects within a double nationalist/colonialist critique. However, the ruins produced in the process are less explored despite their enduring effects among local communities. This is particularly the case in Greek Macedonia, where a major internal colonial project was carried out through a series of acts of spatial demarcation, erasure and re-inscription. The remains of this project, from military outposts to deserted villages, have an ambivalent nature: there are both institutional markers of state interventions with still felt consequences and resistive loci of counter-narratives. [ABSTRACT FROM AUTHOR]

Purpose: A series of repeated cross-sectional surveys conducted in 2008, 2009, 2011 and 2013 were conducted with the aim of estimating the prevalence of major depression and suicidality as well as of investigating its risk factors. The present report concentrates on the 2013 survey.Methods: A random and representative sample of 2.188 people was telephone interviewed with regard to various socio-economic indicators and the presence of major depression and suicidality, which were assessed with the germane module of the Structured Clinical Interview.Results: Findings suggest a rise in 1-month prevalence of major depression (12.3 %) and a decline in prevalence of suicidality (2.8 %). Female gender, residence in rural area, low educational attainment, unemployment and economic hardship were found to increase the odds of suffering from major depression. The influence of economic hardship and unemployment on suicidality was also substantial and independent of major depression.Conclusions: Results stress the imperative need for the design and implementation of social policies and interventions that would offset the dire impact of the sustained recession in Greece. [ABSTRACT FROM AUTHOR]

The euro crisis and a new debate about immigration in Europe have undermined support for the EU while the unsolved Greek debt problems as well as the ECB's quantitative easing policy have raised new crucial policy issues. It is necessary to identify the key issues of Eurozone stabilization and to clarify the economic benefits from monetary integration. As regards the economic welfare analysis of the euro, the new model presented shows the benefits of the euro's reserve currency position, namely in the framework of a neoclassical growth model with seigniorage based on international reserve holdings. Discounted benefits are about 10,000 € per capita in a stable Euro area. Thus the benefits are bigger than often considered, at the same time one may raise the question of whether the existing institutional setting of the Eurozone is sufficient for achieving long-term stability and prosperity. As regards the envisaged third rescue package for Greece it is emphasized that a haircut of public creditors along with adoption of a Greek capital levy plus privatization efforts are required to achieve debt sustainability and growth. The traditional interpretation of subsidiarity in the EU is found to be misleading and the vertical division of politics is destabilizing. [ABSTRACT FROM AUTHOR]

The membership trends and attitudes of a Greek hunting community, the Megara Hunting Club, were determined through the analysis of 408 questionnaires. The number of hunting licences increased from 2003 to 2008, decreasing thereafter, mostly because a proportion of hunters holding a national licence quit hunting. This was in agreement with the onset of the national debt crisis and the concurrent decrease of the gross domestic product. Factor analysis revealed that hunters rather agreed that a 'systemic' (mean score 3.48) and rather disagreed that a 'legal' (2.59) factor negatively affected the practice of hunting, while they agreed that a 'game status' factor (4.06) was important. In particular, they contended that improved hunting administration and stakeholder collaboration are needed (systemic dimension), and game populations have declined due to anthropogenic activities such as illegal hunting, pollution, habitat loss and climate change (game status dimension). Findings suggest that, in the light of the ongoing economic crisis, immediate action should be taken toward the retention of hunters and protection and enhancement of game, through the application of appropriate policy and management measures. [ABSTRACT FROM AUTHOR]

For the decade 2000-2010, suicidal rates appear to be both low and stable in Greece and unrelated to the socioeconomic environment. It is highly possible that the recent crisis caused a significant increase in dysphoria, stress, depression and maybe suicidal ideation in the general population, but completed suicides do not seem to have increased so far. Measures are needed to make sure there will be no increase in completed suicides in the near future, since historically, periods of socioeconomic instability might be related to increased suicidality. Community interventions reduce stigma and enhance help-seeking. However, only those including the creation of social support networks are essential in the fight against suicidality. [ABSTRACT FROM AUTHOR]

The article discusses a study which investigated the trade balance fundamentals of the Greek economy which indicate that the expected growth may lead to increasing account deficits and trade imbalances. It is suggested that an increase in imports coming primarily from consumption goods will result in unsustainable imbalances. The link between increased trade deficit and export-led growth is further explained.

An introduction to the journal is presented in which the editor discusses the argument of Costas Soukoulis of Iowa State University and FORTH that research system in Greece still demonstrates signs of excellence amidst financial crisis in the country.