The Greek Economic Crisis

1268 Words6 Pages
Since 2008 there has been an ongoing financial debt crisis that has affected the majority of the world states. However, the most disastrous economic decreases have been witnessed in the European continent. Therefore, this crisis is widely known as the European Sovereign Debt - Crisis. The aim of this document, however, is to analyze and discern possible policies focusing on providing a set of solutions that may help the Greek government in regards to their financial debt within the larger European crisis. As such the prime focus of the forthcoming analyses and policies will focus on the handling of the Greek government debt and recommended policies. Additionally, the paper will provide the summary of the economic crisis and the implications of the international community (mainly, the European Union and the International Monetary Fund).
The Greek crisis is a result of an accumulation of dire policy mistakes. It all began when the previous Greek governments decided not to reveal their debts and deficits in order to fulfill the necessary requirements for the membership of the Eurozone. Furthermore, the government consisted of mass tax evasion as well as corruption. In 2009, the newly elected Greek government decided to expose the real debt and deficits’ figures, which brought much speculative waves regarding the economy. At the moment (since 2010) a number of organizations and countries are providing the Greek state with assistance in regards to alleviating their government debt. International organizations, such as the International Monetary Fund and the European Governing body, the European Union, are undergoing a set of policies designed to assist Greece in its debt crisis. One of the main supporters of the Greek economy is German...

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