A Brief Note On The Greek Debt Crisis

1903 Words Aug 31st, 2015 8 Pages
Essay history 3 – solutions to the Greek debt crisis

Greece is a country in southern Europe, the country goes back thousands and thousands of years and would be considered as one of the most historically wealthy, and successful countries in the world. But in the last decade, things may have changed – for the worse.
The Greek debt crisis has been an ongoing problem officially beginning in 2009, but later discovered to have begun in the 1990’s, and what began as a national disaster has quickly spread to become a worldwide catastrophe. The steady income of many Greeks has declined, levels of unemployment have increased – to the highest in the EU - Elections and resignations of politicians have altered the country 's political landscape radically, the Greek parliament has passed many austerity bills, and protests have become common sights throughout the country.
It was believed to have begun in 2001 when the country made a nationwide decision to switch from the Drachma to the European currency – the Euro.
The Drachma currency was implemented into the country in 1832, and after 169 years of service to the country, eventually Greece made the decision to change to the Euro. Which at the time seemed like a great idea, but after the Drachma had been successful and around for so many years the decision went from a national breakthrough into the Eurozone and quickly turned into an international catastrophe.
So, it was in 2001 Greece had joined the Eurozone – a European zone of 19…

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