International Monetary Fund And The European Union Has Changed The Environment Of The Country 's Worst Economic Recession

The Troika, made up of the International Monetary Fund, European Commissions and the European Central Bank have the most to lose in this debt crisis as they own 78% of Greek debt. With so much to lose we have seen European “bailout” agreements that mostly front the Greek government more money coupled with crippling austerity in an effort to “rebuild” the economy. Austerity discourages growth as it cuts the spending of the government who is by far the biggest spender in the economy. The effects of austerity can be devastating, but the true effects are often hidden beneath the messages we get from mainstream news sources. The stereotype of the Greek people as lazy and tax evading has desensitized the public and has made austerity seem like more of a sensible option. The media messages have made strict austerity measures seem justified and in effect have hegemozined the Greek people.

In some periods of our history immigration is often associated with conflict and warfare. Nearly 8 million refugees found a new home in West Germany and 3.5 million in East Germany by 1950, as a result of Second World War. Other examples are Algerian independence in 1962 also resulted an inflow of one million Algerians into France in last than a year. The Balkan wars in the 1990s also led more than one million refugees into Germany. Some other periods of high immigration are related to economic need, mostly inflows into France, Germany and the Great Britain in 1950s and 1960s. Ethnic mix results from these movements are very different than others in Germany, France and

Illegal immigrants prefer to settle at major city centers, parks at poor neighborhoods and areas where their preinstalled compatriots live. That made local residents to believe that their area has become a ghetto because there exist conditions that characterize these areas as ‘transitional’ towards becoming a ghetto. If Greek authorities do not stop this phenomenon, “no-go areas” will be created where riots, ethnic clashes and organize crime will proliferate. The arbitrary settlement of illegal immigrants to public spaces and the ineffectiveness of Police to drive them away show a state which cannot impose its law and security.

The immigration is not a new concept in the 21th century. Throughout history, people would travel into new places to establish better lives. Immigration involves the movement of people from their home country to a host country, which they are not native, to settle and live. People migrate for many reasons; some of which include economic or political reasons, family reunification, natural disasters, or the desire to change one 's surroundings. Today, the influx of migration became a dilemma in European nations, which ultimately brought so many people from other nations to get settled, especially from war countries. Leaving your country into a new place might be the hardest decision in your life you make, since you have no knowledge about it your new place. For the last few years, thousands of immigrants from the Middle East, South Asia, and Asia are crossing the borders of Europe illegally to look for new places and live in better. They take so much risks in their lives and some even cannot make it through due to the brutality of borders and waters of the seas and oceans. Immigrants get drowned in the sea. A friend of mine who left Afghanistan last year with his two children and wife, his older son sunk in the Mediterranean Sea and died. Is it worth it? However, those even who make to their final destinations have also have so much difficulties to get settled. For example, some European nations do not accept the flow of immigrants because they argue that immigrants will

The article “How Germany Prevailed in the Greek Bailout” discusses Germany’s successes financially in comparison to most other (19 countries) in Europe. Although Germany has such success others see the country as a bully almost due to their militaristic background even though they have come to the aid of Greece and helped. Many other European countries are hesitant about Greece receiving aid considering the countries past failures financially. This is not the first time the country has been in debt and undoubtedly will not be the last. Since the economy fell in 2008 Greece’s unemployment rate is about 22% which is double the U.S. Due to an imbalance in European countries where some are creditors and others debtors it is difficult to fix this

This credit was available until 2008, when the U.S. housing market crashed, and the global economy tightened up everywhere (“The European Debt Crisis Visualized”). Greece suffered terribly from this because their economy relied on borrowing and deficit spending. Without being able to borrow that money, not only their economy, but all of Europe’s economy suffered.

The Golden Age of Greece is well known for its sculptures, buildings, rulers, and philosophies. Today, modern Greece is known for having economic crisis's as well as political turmoils. Greece's problems began when they joined the European Union. Greek drachma was officially replaced by the euro when they joined. Greece approved the euro in 2001, not knowing what they were getting in to. When the Prime Minister Konstantinos Karamanlis came to power he realized that the budget deficit was not 1.5%, but 8.3%. That outstanding amount greatly hurt the economy. By 2008, Greece's tax collection crumpled and unemployment was at an all time high. Unfortunately, by 2014, 30% of Greek's population did not have a job (Greece Debt Crisis). In contrast, today's Greece is a complete different from the Golden Age. Greek unemployment soared as austerity took its toll.

Being unaware about issues on the other side of the world made me realize on intriguing economic debt crisis that is going on in countries that seem like they are holding together. Greece and the European was a great issue to discuss and view both sides before since I was unaware that there was a long going crisis going on in this side of the world. Greece can either get a so many bailouts repeatedly or they can fend for themselves to find how the country is able pay back the debt they owed the EU within the past years. In my opinion, I think that Greece should give the money from the EU to survive.

Ever since the end of 2009, Greece has been involved in a financial and economic crisis that has been record breaking and shattered world records in terms of its severity and worldwide effects. The Greek government, since the beginning of the crisis, has attempted to take several governmental measures to try and “stop the bleeding,” including economy policy changes, dramatic government spending and budget cuts and the implementation of new taxes for citizens. In addition to this, the government has tried to alter the perceptions of Greek government and economy by the rest of the world in an effort to appear both more liberal and more democratic. Greece has also been working to privatize many previous

A country who’s economy was devastated by the monetary exports demanded of them by the second world war, Greece has shown great financial fluctuation and vulnerability within the last 80 years, resulting in one of the most disputed economic records in the history of the European Union. Dubbed the ‘Greek Economic Miracle’, Greece showed great resilience throughout the 1950’s and 1960’s, with credit to their superior food trade and shipping industry, continuing to produce high levels of economic growth in contrast to others that had also been affected by the war. With the Treaty of Accession (1979) entering into force on 1st January 1981, Greek’s commitment to the European Communities (European Union) proved pivotal regarding it’s controversial qualification into the Eurozone in 2000. Owing to this, in an attempt to recover the unstable foundations of its economy, Greece has since been subject to various regulations and measures of austerity, leaving what was once a highly commended country both financially and socially, in a deplorable state of desperation.

Along with nationalism, there has been an increase in xenophobic sentiments, both of which can be attributed to burgeoning debt, sluggish economic growth, and high unemployment. In addition, because many countries have not yet recovered from the Eurozone crisis, even when immigrants settle in Europe it is not necessarily easy for them to create a stable life. Also, the increase in immigration has put a strain on a nations’ food and water supply, as well as their healthcare and education systems, which threatens the livelihood of natural born citizens, Finally, the increase of immigrants coming from destabilized Middle Eastern countries, such as Syria and Libya, presents a security concern, especially with the rise of ISIS and the increase of terrorist attacks across Europe.

The roots of Greece’s economic problems extend deep down into the recesses of history. After the government dropped the drachma for the euro in 2001, the economy started to grow by an average of 4% annually, almost twice the European Union average. Interest rates were low, unemployment was dropping, and trade was at an all-time high. However, these promising indicators masked horrible fiscal governance, growing government debt and declining current account balances. Greece was banking on the rapid economic growth to build upwards on highly unstable foundations. In 2008, the inevitable happened – the Greek debt crisis.

In 1999, ten European nations joined together to create an economic and monetary union known as the Eurozone. Countries, such as Germany, have thrived with the euro but nations, like Greece, have deteriorated since its adoption of the euro in 2001. The Eurozone was created in 1999 and currently consists of eighteen European nations united under the European Central Bank and all use the euro. The Eurozone has a one point six percent inflation rate and an eleven point six percent unemployment rate in 2014. Greece joined the Eurozone in 2001 and was the poorest European Union member at the time with a two point six percent inflation rate3 (James, 2000). Greece had a long economic history before joining the Eurozone. The economy flourished from 1960 to 1970 with low inflation and modernization and industrialization occurring. The market crash in the late 1970’s led Greece into a state of recession that the nation is still struggling with. Military failures, the PASOK party and the introduction of the euro have further tarnished Greece’s economic stability. The nation struggles with lack of competitiveness, high deficit, and inflation. Greece has many options like bailouts, rescue packages, and PPP to help dig it out of this recession. The best option is to abandon the Eurozone and go back to the drachma. Greece’s inflation and deficit are increasing more and more and loans and bailouts have not worked in the past. Leaving the Eurozone will allow Greece to restructure and rebuild

Although a commonly accepted view is that the hidden budget deficit in Greece is the beginning of the European sovereign debt crisis, the real causes of this economic crisis can be various. To reveal the whole event, a comprehensive review of the background is

As the world becomes increasingly interconnected, it is imperative to understand how societies interact and the issues they are facing. I have been interested in languages, cultures, and international affairs for many years which is why I have decided to major in Global Studies. To broaden my global perspective, I am currently participating on St. Lawrence University's Global Francophone Cultures program where I am studying abroad in Quebec, Canada; Rouen, France, and Dakar, Senegal. In addition to learning the French language, the main area of focus for this year's program is immigration. One of the courses I am taking is called, “The Age of Migration: Labor Mobility in the EU.” In this course we have read various articles on immigration, researched countries immigration policies, and are studying the economics of immigration. We