A Brief Note On The Greek Debt Crisis

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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…show more content…
As you could imagine 19 countries sharing the same currency has its major problems. Greece are needing more money to pay off their excessive debts, so a simple thing that could be done is print more money, but you see a major problem of this is that the amount of money printed is controlled by the European Central Bank, so basically they weren’t allowed to print any money. But we all wonder where it all started for Greece, how did they get in this ‘unpayable’ massive debt in the first place? Such a sufficient debt could not be all piled on in a matter of days, months or years, this is a problem that has been going on for decades. Since the 1990’s Greece had been reporting deficits and debts much lower than the actual deficits and debts. Basically this had a knock on effect as when the next government came in they would have been amazed at the debt that the country was in, so this would lead the new government to proceed to not tell the whole truth about deficits. The problem here was that if the next government told the public that the country was in debt then what would’ve happened was the country would have stopped spending, this of course would have resulted in a halt in the Greek economy which would have put them further into debt. It was in December 2009, that a newly elected government and the Prime Minister at the time Mr. Papandreou announced that the previous debts was a lie, and the deficit that they were in was a lot
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