The costs and benefits of the CAP: Greece's experience in 1981

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Abstract
The net benefits of the application of the CAP have been one of the most celebrated arguments for Greece's full membership in the Common Market. Estimates of the budgetary effects presented both before and after full membership have been used to support this thesis. Direct income transfers between consumers and producers located in different countries have not been taken into account. In this paper, we present the total (direct and budgetary) income transfers between Greece and the other EC countries in 1981, the first year of its accession to the Community. It is shown that although Greece has had a net budgetary benefit, the direct income transfers between Greek consumers and EC producers have been much larger than the corresponding transfers from EC consumers to Greek producers. The negative balance of the latter has outweighed the positive balance of the former leaving a net loss of about 115 million ECU for Greece.

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