The Crisis Of The Euro Crisis

1184 Words Apr 25th, 2016 5 Pages
The Euro Crisis is the failure of the Euro, the currency that binds all 19 countries of the Eurozone together. The tightly knit nature of this economy means that if even one country’s economy fails, Europe as a whole goes with them. This currency, which was originally created to stimulate economic growth, has become the cause of much accumulated debt.

Situation:

Currently the PIIGS (Portugal, Ireland, Italy, Greece, and Spain), whose GDP ratios are all well over 100%, are in danger of sinking the ship from the amount of debts they cannot pay (Cannon). The projected debt for Greece alone is 300 percent of GDP by 2060 according to IMF economists (Thomas). There have been riots, especially in Greece, which has fallen into yet another recession and has been hit the hardest by this due to their irresponsible borrowing and spending. These riots are the result of budget cuts and the loss of jobs, and have been the cause of numerous injuries and deaths. The lack of employment opportunities greatly affects all of the working class, but especially the European youth. Less people are getting married, and many young professionals and graduates go abroad. For example, many Greek doctors now work in Germany while Greece’s health system is in crisis (Yardly). And with its own people leaving, this allows room for refugees to flood into Europe. Many people say the migration of immigrants into the already struggling European nations is part of the reason Europe’s economy remains in…

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