Working Papers

Should Greece remain in the Eurozone at the cost of continued deflation and recession? Alternatively, is it realistic to believe that Greece can return to prosperity by leaving the Eurozone and readopting its own national currency, the drachma? An answer to these questions requires an understanding of why Greece has suffered prolonged recession.

*A previous version of this paper was circulated under the title "A Comparison of Greece and Germany: Lessons for the Eurozone?"