The Eurozone Crisis Of Greece Essay

1441 Words Apr 15th, 2016 6 Pages
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 banks are running out of money and if this happens, they will have to begin printing their own currency – the Drachma – and drop out of the euro. In other words, as stated in the Independent Newspaper; “Greeks voted in support of their Prime Minister Alexis Tsipras to shun the austerity proposals of Greece’s European lender.” Once the amount of debt Greece owed came to light, fewer countries began to lend to them, the countries…

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