Greek Economic Crisis Essay

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After the United Kingdom 's recent exit from the European Union (EU), the union is inching closer to instability is now facing the risk of other countries following suit. Should another country exit, Greece would be the likeliest party as it has long struggled economically within the union, finding itself in a perpetual state of recession. It’s current debt as a percentage to GDP is in excess of 170% and is rising as it struggles to gain debt relief from the Eurozone. Multiple bailout measures failed to stimulate its economy as its price-level is too high to be competitive, and the single currency made it difficult for Greece to control its own economy because it relinquished authority over its monetary policies. Greece also faces the issue …show more content…
If Greece were to exit the union, it would surely fall into a more severe economic crisis. As a result of the criticism from the EU, blame could potentially be placed on the émigrés because of their perceived strain on the economy, especially as much of Europe is shifting politically to the right. Anti-refugee rhetoric will cause Greek citizens to push for reform against aid spending and potential changes to the immigration policy currently in place. Xenophobia puts both the refugees and their institutions that grant them aid at great risk. Hostility towards migrants puts medical relief organizations at risk as it increasingly becomes politically unpopular to support them. SAMS, for example, is largely supported by the US Department of State. Government funding could be suspended to organizations like these so that they remain neutral to the issues, preventing conflicts of interest within inter-governmental relations. Additionally, change in the public’s opinion could lead to a change in power and leadership which may push refugees to exit Greece, forcing medical aid organizations with the …show more content…
In 2015, Greece granted asylum to over 7.3 million migrants. The EU raised spending exponentially to cover costs for those who gained asylum to cover costs of housing, food, and medical care. Greece, already incredibly financially strained, is struggling to cover the high costs and government spending to accommodate for the refugees. Leaving the EU relinquishes it from being able to obtain any money dispersed among the union which primarily is from wealthier countries like Germany. Nearly five hundred billion euros has been granted to Greece for infrastructure to help manage the refugee crisis. Even with the aid from the EU, islands such as Lesbos, which is a hotspot for refugees coming through Turkey, remain very ill-equipped to handle the crisis. Lesbos, has few ambulances, as well as limited supplies and staff necessary for the arduous task of responding to sea-related emergencies While Greece is floundering to support the refugees even with the EU-provided aid, Grexit would likely force its government spending on aid to virtually cease, which puts medical relief (the costliest form of aid) in great jeopardy. The cuts in funding could ultimately cause the Greek government to forcibly return large numbers of migrants, causing in a reduction in patients to serve within the medical

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