The Causes Of Democracy In Greece And The Eurozone Crisis

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The Eurozone is ‘the economic region formed by those member countries of the European Union that have adopted the euro.’ Democracy can be defined as ‘a system of government in which all the people of a state…are involved in making decisions about its affairs, typically by voting to elect representatives to a parliament’. The Eurozone crisis, in simplistic terms refers to the idea that a few European countries are in debt and incapable of paying their dues. Countries like Greece have been in the spotlight most recently due to their huge deficit of 340 billion Euros that they have borrowed over the past five years. In order to repay the debt, Greece has had to make many cuts, consequently leaving many impoverished. However, Greece lacked in repaying their debts and was given an ultimatum of either making cuts or losing aid from other countries. After a period of time, the people of Greece voted in the Syriza Party and they had refused to do as the rest of the European Union members had asked. The main problem in Greece now, is that their …show more content…
This had meant that Greece was no longer able to refinance their own debts and needed a way out. Consequently, other European Union members no longer want Greece to be a member of the European Union. This is because they have to help Greece with their debt repayments and if a country such as Greece falls, which could bring down the rest of the euro, and this could also bring down the rest of the world economy, as they are financially interlinked. In other words, the banks within the Eurozone have lent out so much to the countries that are in debt, that if a country that is indebted leaves the euro, it could possibly cause the downfall of the Eurozone banks, and ultimately even the worlds banking system could be brought down along with

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