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Is Basel III a Panacea? Lessons from the Greek Sovereign Fiscal Crisis
Patras Hellenic Open University, Thessaloniki, Greece.
Jönköping University, Jönköping International Business School, JIBS, Accounting and Law.
Freelance Accountant.
2012 (English)In: South East European Journal of Economics and Business, ISSN 1840-118X, Vol. 7, no 1, 73-80 p.Article in journal (Refereed) Published
Abstract [en]

In the period 2007-2009 the global economy faced the most severe crisis after the Great Recession of 1929. Inthe aftermath of the crisis a substantially revised version of Basel II, named Basel III, was proposed, introducingnew, tighter capital adequacy and liquidity guidelines. Basel III constitutes the new basic embankment against apossible crisis in the future. The same period these discussions were taking place for the new global regulatoryframework, the most severe sovereign debt crisis the country ever faced burst out in Greece. One of the mainvictims of the crisis is the country’s banking sector which is sustaining great pressure in its profitability, volumeof deposits and credit growth, amongst others. Having as a starting point the Greek banking sector and theeffects of the fiscal crisis on it, this paper discusses the new Basel III guidelines and their possible implications intimes of turmoil. The new framework can play a crucial role in deterring a new financial crisis; however it shouldnot be regarded as a panacea for all the shortcomings of banking sectors.

Place, publisher, year, edition, pages
2012. Vol. 7, no 1, 73-80 p.
Keyword [en]
Basel Accord III, Banking Regulation, Fiscal Crisis, Greece
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-19078DOI: 10.2478/v10033-012-0007-5Local ID: IHHRedovisningISOAI: oai:DiVA.org:hj-19078DiVA: diva2:542044
Available from: 2012-07-28 Created: 2012-07-28 Last updated: 2015-11-06Bibliographically approved

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