Publication

This book evaluates the macroeconomic adjustment programs in Portugal, Ireland, Greece and Cyprus that resulted from the assistance programs established by the Troika of the European Commission, the European Central Bank and the IMF. The authors argue that the programs in Portugal and Ireland were a success as the expectations of what they would achieve were fulfilled. For Greece, they say that although the fiscal adjustment is almost completed, its initial plans were insufficient and the external adjustment has not proceeded well. Finally, for Cyprus, they say that the outcome of the adjustment has been less severe than initially feared.