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...
... middle of paper ...
...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.
Álvarez-Rivera, Manuel. "Election Resources on the Internet: Elections to the Hellenic Parliament (Vouli)." Election Resources on the Internet: Elections to the Hellenic Parliament (Vouli). N.p., n.d. Web. 20 Nov. 2013.
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.
Janssen, Arnold. “Greece and the IMF: Who Exactly is Being Saved?” Center for Economic and Policy Research. (July, 2010)
"Eurozone Crisis Explained." BBC News. BBC, 27 Nov. 2012. Web.
"The Troika Is Coming." Economist. N.p., 21 July 2012. Web.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- ... Even through all this many pensions will still be hurt as it slowly stabilizes. Many question what would happen if Greece left the Eurozone and the affects It would and if it would create a global financial meltdown. Some people think that it would be better if this separation actually happened, but the support of many countries to prevent a global economic crisis. This was all caused when Wall Street imploded leaving Greece open to these problems. Another problem is the incoming of refugees in the country will use up 550 million euros and this is a result of them no detaining refugees as many other countries have done to avoid these waste of fund ,but in Greece’s state of economic welfa... [tags: European Union, Euro, Greece, Pension]
713 words (2 pages)
- ... Reform effort and adjustment that have been enforced throughout the recovery process shows that expected recovery is enormous and painful. Even though the crisis resulting crucial and severe impact, structural reforms have been going into the correct way. For example, the liberalization of various sectors of the economy has been proceeding which the country's international competitiveness has been mostly repaired. In addition, for the first time in many years, the external current account showed a surplus in 2013.... [tags: recession, recapitalization, policy]
873 words (2.5 pages)
- "Europe must prevent Greece from becoming an out-and-out catastrophe and make sure that the same fiscal 'remedy' is not applied to other weak economies" -- MEP, Franziska Brantner. The Greek economy has seen a large collapse following the recent worldwide recession. The European Union has expressed concerns for the impact that Greece’s economic collapse will negatively affect other member nations. Greece and the European Union are working to reduce the Greek deficit and to contain the economic crisis to Greece.... [tags: Greek Economy]
2881 words (8.2 pages)
- Months of negotiations on extending Greece's cash-for-reforms deal with the eurozone have collapsed, so the Greek bailout ran out on 30 June and Alexis Tsipras's government failed to make a key debt repayment to the IMF. The European Central Bank (ECB) has said it won't extend emergency funding for the banks and there is a growing risk of Greece leaving the single currency. How in the world did it come to this. Late in 2013 Greece’s public debt was estimated at 171.8 percent of gross domestic product (GDP) (ANSA, 2014), accentuating the Greek debt crisis that has been growing since before the economic crisis of 2008.... [tags: Greek Debt Crisis]
2643 words (7.6 pages)
- Following the events of the catastrophic 2008 European Financial Crisis, members of the Eurozone began to fear for what they once thought was impossible; the collapse of the Eurozone. After hopes of a speedy recover proved futile, European leaders expected recovery processes to take longer than anticipated. The P.I.G.S. members of the Eurozone, Portugal, Ireland, Greece, and Spain, were hit hardest by the financial crisis, with Greece undoubtedly being in the worst economic condition. Being brought to the brink of collapse, Greece can attribute to its poor economic condition from its reckless deficit spending, poor fiscal policy, and weak state institutions.... [tags: European Financial Crisis]
2362 words (6.7 pages)
- Chapter 1: Introduction Introduction Historically, financial crises have been followed by a wave of governments defaulting on their debt obligations. The global economic history has experienced sovereign debt crisis such as in Latin America during the 80s, in Russia at the end of the 90s and in Argentina in the beginning of the 00s. The European debt crisis is the most significant of its kind that the economic world was seen started from 2010. Financial crises tend to lead to, or exacerbate, sharp economic downturns, low government revenues, widening government deficits, and high levels of debt, pushing many governments into default.... [tags: Greece's Economic Crisis]
3195 words (9.1 pages)
- Introduction Greece is a democratic, high income and developed country from the European continent with the 44th highest GDP and the 29nd highest HDI in the world. According to the International Monetary Fund, Greece’s GDP for fiscal year 2012 was USD 266 billion. The service sector accounts the largest chunk of it at 78% that includes the public and tourism sector. The industrial sector contributes to 18% of Greece’s GDP. Greece’s agricultural sector contributes a mere 4%, as shown in Figure below: Source: The World Fact book, www.cia.gov.in – Greece (2012) Source: The World Fact book, www.cia.gov.in – Greece (2012) The workforce composition is also shown above.... [tags: Tax Receipts, Failed Political System]
2981 words (8.5 pages)
- Greece Lack of economic discipline Greece has been facing the problem of government debt for all the periods of its history since the beginning of 19th century. Economists gear this fact with some inherent features of Greek economy and Greek society such as costly and ineffective government, tax evasion and political clientelism, which is based on relations of patronage. Altogether these drawbacks manifested themselves against the background of the latest global financial crisis, having sharply raised the deficit of Greek government budget.... [tags: debt, budget crisis, recession]
1056 words (3 pages)
- Recently Greece and its economic performance has been of notable debate as a result of Greek financial crisis and the position it takes these days so I find it interesting to analyse the effectiveness of the fiscal framework Greece pursued within the last fifteen years. The purpose of this assignment is to examine the impact of fiscal contractionary ex-post policy of 2010 on the aggregate economy of Greece by mainly focusing on global shock effects, financial crisis and its consequences on GDP and subcomponents of aggregate demand.... [tags: Macroeconomics, Economic growth, Public finance]
2265 words (6.5 pages)
- Introduction Eurozone crisis can be seen as the most important economic problem of the European Union in the history. Because of that crisis the currency union have faced the possibility of separation which is an extremely critical issue not only economically but also politically. Until the subprime crisis which became prominent by the bankruptcy of Lehman Brothers in 2008, the economic level of the EU members were similar. When the bankruptcy occurred those countries started to differentiate in a very significant way.... [tags: Eurozone Crisis]
1921 words (5.5 pages)