The Impact of the Global Financial Crisis on Greece & Turkey

Greece, located in the Southern Europe and has a very irregular-shaped peninsula, it is surrounded to the east by the Aegean Sea, to the west by the Ionian Sea, and to the south by the Mediterranean Sea. Greece is also located between Africa, Asia and Europe which makes it very attractive and strategic destination. Greece gained its independence in 1830 from The Ottoman Empire and over the years has gone through a various number transformation from the Ancient Greece to the Republic of Greece. Its capital Athens is located in the heart of the country and has kept most of its landmarks since the 5th century. Greece joined the European Union in June 2001, has suffered a severe economic crisis in 2009 and recently agreed on its third bailout valued at$96 Billion.

On January 1st 1981 Greece joined the European Communities ushering in a period of sustained growth. The countries widespread investments on infrastructure coupled with funds from the European Union led to a sharp increase in revenue from tourism and the service sector. This helped the country reach historical highs in their standard of living. By 2001 Greece had adopted the Euro and in the proceeding 7 years the GDP per capita went from $12,400 in 2001 to $31,700 in 2008, an increase of 156%. The Greek government was encouraged by the European Central Bank and other private banking institutions to

In order to be a member of the EU, you must be able to maintain and prove a stable economy. Greece's economic difficulties, it have impacted the EU as a whole. If one country is unable to prove their economy

Greece has a long history, one that has helped to shape the western world and

Ever since Greece joined the Eurozone their economy has been falling apart. Greece was the last country to join in 2001. The euro replaced their modern currency of the drachma. Today Greece is still trying to fight to pull out of the deep and horrid debt they are in. Greece could become the first country to leave the Eurozone, due to its struggling economy and financial crisis, leaving the European Union in debt while helping Greece crawl out of their terrible nightmare.

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

Greece is one of many countries that have had its vicissitudes that have occurred frequently throughout history. There have been multiple leaders, wars, debts, and losses that have been recorded through history. Although Greece has had its many eras, “Each era has its own related sphere of interest.” (History of Greece). The complications that originated in ancient Greece are now reoccurring in present day to an extent. Fortunately, Greece is a country that is very strong; they are not afraid to fight for what they feel is right. It also helps that Greece stays out of any worldly dilemma that does not have anything to do with them. Of course, there have been times in which Greece has been defeated or taken advantage of, but the country did

Greece is a thriving country, but if it wasn’t for its beautiful islands, seas, and mountains, Greece would not be as strong of a country today. All these factors have helped Greece grow as a country. Throughout history, various mountains such as Mount Olympus and seas such as the Mediterranean have played an important role in the development of Greece history and culture.

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.

For my journey, I am traveling to Greece. Greece is a small country located in the Balkan Peninsula with a total area of about 50,942 square miles. About a fifth of the country is made up of more than 1,400 islands scattered throughout the Ionian and Aegean Seas. The capital of Greece is Athens, an ancient city located along the southern coast of Greece (“Greece - Location, Size, and Extent”). Greek culture and language dates back to 1500 BC, and it evolved over thousands of years to become what we know today. In 1821, Greece declared independence from the Ottoman Empire. However, it was not until 1829 that Greece officially became an independent state (“Greece/Greek - Development of a Nation”). The national flag, adopted in 1978, is made up

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

New Athens is a thoroughly planned island city in the Adriatic Sea, with equidistant historic landmarks of Mainland Greece, the birthplace of democracy, and Italy, the birthplace of the Renaissance. About 600,000 residents inhabit our city of mild winters and warm summers, typical of a Mediterranean climate. Our city includes an inviting, sandy coastline, with leafy green forests speckled throughout the central region of the island, while a magnificent volcano stands proudly near the northern coast. These features lend themselves to tourism, one of our city’s primary industries and sources of income. In addition to tourism, a large-scale, commercial aquaponics farming facility serves as a means of economic activity and growth,

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