Greece and Its Bail-Out Packages: Another Tragedy? Essay

Greece and Its Bail-Out Packages: Another Tragedy? Essay

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Greece is the first and only European Union country to request two bail-out packages from the international community. The main providers of the financial help were the International Monetary Fund and the European Union (specifically, the European Central Bank). The Greek government received over €200 billion to cover their debt and interest maturities. (BBC 2012) However, not only the amount of money was immense, so were the requirements. In 2010 Greece was requested to make €30 billion of budget cuts in 3 years, however in 2011 the INF experts asked to cut the spending even further. (Economides) It is evident, that these requirements are rather harsh, as the state is still running a budget deficit and even experiencing a political crisis. The latter situation has grown out of the unreasonable spending cuts. Instead of lowering the government workers’ wages, the statesmen started reducing the funding of social insurance, health-care system, public sector wages and even churches (Economist 2012). Due to this the society is restless, often going on strikes and protests. In 2012 the Greeks held two legislative elections, as the first Hellenic Parliament was dismissed after only one month. It can be concluded that the emergency loans from the EU and IMF have not helped the Greeks to end the crisis, not only because of strict requirements, miscalculation, but also due to poor allocation of the funds and budgetary decisions. Still, the crisis can be ended eventually if the Greek government does not listen to the so called troika and does what is beneficial for its country and people.
The majority of people will agree that the implications of international community did not help Greece to overcome the financial crisis. Therefore, we of...

... middle of paper ...

...of time to re-evaluate its economic situation and restructure its debts. At the same time negotiating about debts with creditors, payments of debts can be frozen without adding interest which will give Greece since its debt interest kept climbing up at a terrifying amount of money.

Works Cited

Alcidi, Cinzia, Alessandra Giovannini, and Daniel Gros. "History repeating itself: from the Argentine default to the Greek tragedy?” CEPS Commentary, 1 July 2011. (2011).
Altman, Daniel. "Foreign Policy Magazine." Foreign Policy. N.p., 17 May 2012. Web.
Economides, Spyros. "Viewpoint: The Politics of Greece's Financial Crisis." BBC News. BBC, 17 June 2011. Web.
Feldstein, Martin. "Let Greece take a Eurozone ‘holiday’." Financial Times16 (2010): 02.
"Eurozone Crisis Explained." BBC News. BBC, 27 Nov. 2012. Web.
"The Troika Is Coming." Economist. N.p., 21 July 2012. Web.

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