The aftermath of the Greek Public Debt Crisis: A case of house, land and households financialization

Keywords: financialization of housing, household financialization, greek public debt crisis
Session Type: Virtual Paper Abstract
Day: Monday
Session Start / End Time: 2/28/2022 05:20 PM (Eastern Time (US & Canada)) - 2/28/2022 06:40 PM (Eastern Time (US & Canada))
Room: Virtual 64

Abstract

This paper claims that the Greek Economic Adjustment Programs (EAPs) that were implemented in the aftermath of the Greek Public Debt Crisis (2010-2018) in the field of house and land property, resulted to the financialization of the Greek house and land production system, which consequently, acted as a key force for the financialization of Greek households. The research question of this paper looks for the main adjustment patterns of households’ housing and living conditions to the implementation of austerity measures that concern house and land property, and has three research objectives. First, to outline the general context and outcomes of the Greek EAPs, employing literature review that concerns the general characteristics, and context of the Greek EAPs, and the examination of relevant official statistics. Second, to analyze the context of the Greek EAPs that concern house and land property, employing content analysis of legal acts that concern house and land taxation, and the management of Non Performing Mortgage Loans. Third, to outline the ramifications of the implementation of the EAPs in the field of house and land property, focusing on households, employing the examination of relevant official statics. The paper concludes by defining doubled-up households, insufficient maintenance of the building stock, energy poverty, transactions of devalued property assets, and the skyrocketing of short-term rentals, as the main adjustment patterns of households’ housing and living conditions, that express the financialization of the Greek house and land production system, and the financialization of Greek households.