Greek Government 's Debt Has Been Around Since 2010

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Greece government’s debt has been around since 2010. The countries surrounding Greece are now worried that it may affect them. The economy in Greece started getting worse after United Stated had its crisis in 2007. Since Greece entered the Eurozone changes in the economy, financial stability, and employment had caused Greece to go into more debt, but it could have been avoided if Greece would have not entered the Eurozone. There are several events that led to Greece being bankrupt, but for a better understating let’s start in the year 2001. This year they entered the Eurozone, which is one of the biggest economic regions that consists on all the European Union countries and its currency is the euro. Two years later people found out that…show more content…
This might have not happened if Greece would have collected its taxes, this collapse of Greek economy resulted in unemployment, low salaries, and immigration labor being abused. (Sakellaropoulos, Spyrous, and Panagiotis, 72-73). Greece was not doing any better and the Prime Minister was not helping, so the government decided in 2011 to fire Prime Minister George Papandreou. Now they ran through two provisional Prime Ministers, which were not much help either because they accepted one more loan making things worse. Greece: The Open Circle analyzed more in depth the conservative economic by previous ministers and all the overspending they had. (Kulukundis, 74- 98). In the year of 2007 United States had its own crisis, were many of the citizens also struggled with unemployment and financial instability. Surprisingly as the crisis progress it also caused social disaster. Van der VEEN says that there has been decline in public health, much more suicides, child hunger, longer working hours starting with teenagers, and more immigrants. One factor that was in United States advantage is that it has its own currency, which is the US dollar; unlike Greece that joined the Eurozone and it had to changed its currency to euros. One possibility that might happen is that Greece will have to leave the Eurozone in order to stand back on its feet. Greece owes great amounts of money, but in foreign debt United States has the
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