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The Greek Crisis

Buy custom The Greek Crisis essay

Buy custom The Greek Crisis essay

The Greek government-debt crisis is a big problem for the people of Greece and for the global financial system. It started in 2009 and still continues now. This paper discusses the origin of the crisis, the role of the international community, explains how Greeks are involved in the crisis and what they think about it.

The purpose of the studying this problem is to understand and analyze it.

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The Origin

The Greek crisis started in 2009 after the defeat of the conservatives and the coming to power of the Papandreou’s socialistic government. At first, Greek economic grew: the salaries increased to 50 %, the GDP reached 4.2%. However, after that, Greece faced the crisis. The Greek productions were not able to compete with the foreign commodities. The national budget became exhausted and Greece had to take credit from the other countries. The European Union helped it and is still helping now, but the debts have reached €325. The country is not able to pay them. It implemented series of the reforms, but they caused a lot of problems in the national life. The economy has diminished by a quarter in five years, and more than 25 percent of Greeks are unemployed.

The ole of the international community

The role of the international community is highly important for Greece, because it helps country to handle the crisis. It tries to restore the Greece’s economy and convinces to remain in the European Union. The Greek crisis can cause serious problems in the global financial system if it leaves the EU. So, a lot of countries try to solve that issue. The leaders of the different states give Greece a support; they even cancelled some debts to make the situation more favorable. The common people understand the Greece’s problems and sympathize with Greeks. Therefore, the international community tries to overcome this problem.

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Thoughts of Greeks about the crisis

The people of Greece have different thoughts about the crisis. The minority thinks that they have to fulfill the European requirements, because the government cannot solve their problems. They think Greece is a part of Europe and they oppose the leaving of the EU. However, the majority thinks that the country has to solve this problem on its own. They feel that Europe makes them dependent and humiliates them. They do not agree with the European requirements and believe that Greek government will be able to overcome the crisis. These peoople think that their country has to leave the European Union and become independent.

How people of Greece are involved in the crisis

Every Greek has already felt the crisis. The new taxes became a dreadful shock for them. People, who used to live happily in their big villas with the swimming pool in the backyard, were not able to adopt the new high taxes that were imposed on them. Also a lot of officials, that started to get the lower salaries, began to protest. However, Greek crisis became the biggest shock for the common people. Many of them lost their works, particularly in the tourist sector. Their salaries were reduced, but they had to pay the new taxes. The Greek crisis caused a lot of problems in the national life. The discontent of the people of Greece caused a lot of demonstrations. Even now country cannot recover completely from the situation.

In conclusion, the Greek crisis is a big problem for the whole financial system. It started in 2009 because of the waste and the infinite debts of the Greek government, and the low quality of the national productions. The international community plays a highly important role in its overcoming. Greeks have different thoughts about that problem, but all of them have already felt the crisis.

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