Crisis In Greece The country of Greece is located in the southern part of Europe, on the eastern edge of the Mediterranean Sea. Greece joined the Eurozone expecting it to help the countries economic and financial power, but in the recent months the Eurozone and Greece have not been on very good terms. The Eurozone is comprised of 19 countries that all agreed on using the same currency, the euro. Greece is facing a debt that could completely bankrupt it, and if a deal is not made with the European Union (EU) and the International Money Fund (IMF) for a bailout the country could fall and people could really start being effected. Frist, the reasons why Greece is in crisis mode will be presented. Second, what is being done to fix Greece’s problems,
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In February Greece’s Financial Minister Yanis Varoufakis signed an extension that would last four months after February. This gave Greece much needed time to figure out what they can do to fix their problem without leaving the Eurozone, which could be a move in the future. Another way Greece has tried to solve their problems is by pledging to reform and try to satisfy the demands of the creditors in Europe. “Some of Greece’s economic reforms are the following: Fiscal Structural Policies, Tax Policies, Public Spending, Social Security, Public Administration and corruption, Financial Stability, Installment Schemes, Banking and non-performing loans, Policies to Promote Growth, Privatization and Public Asset Management, Labor Marker Reform, and lastly the Humanitarian Crisis.” (Walker). Greece has even tried to get Germany to pay them back for the Nazi Occupation of Greece back in World War II. “It is the first time Greece has officially calculated what Germany allegedly owes it for Nazi atrocities and looting during the 1940s.” The grand total of 279 billion euros was denied by Germany due to the conflict already being ‘legally closed.’ A surprising and relatively recent try by Greece is from their new friends over in Russia. Russia has offered to fund Greece some money if they allow a new gas/oil line be installed across Europe into Greece. This leads into the future of …show more content…
As just stated before Greece’s relationship with Russia can go many different ways. By signing that deal Russia would control most of the oil that runs through Europe. Another possible move for the future could be a bailout. The IMF and EU could give in to the demands of the Greeks, and relieve them of what they owe. Even though that’s highly unlikely it could still happen. The most obvious and feared move is Greece dropping out of the Eurozone completely. It could then influence other countries to leave as well, then most likely leading to the collapse of the Euro. Greece’s future is like a path that splits into 10 different directions, if nothing is solved and the country doesn’t work out its debt the country could be facing what Ireland faced a few years back. For example a housing crisis could arise, government will have to cut back on essential commodities, and small business would be most likely
In February Greece’s Financial Minister Yanis Varoufakis signed an extension that would last four months after February. This gave Greece much needed time to figure out what they can do to fix their problem without leaving the Eurozone, which could be a move in the future. Another way Greece has tried to solve their problems is by pledging to reform and try to satisfy the demands of the creditors in Europe. “Some of Greece’s economic reforms are the following: Fiscal Structural Policies, Tax Policies, Public Spending, Social Security, Public Administration and corruption, Financial Stability, Installment Schemes, Banking and non-performing loans, Policies to Promote Growth, Privatization and Public Asset Management, Labor Marker Reform, and lastly the Humanitarian Crisis.” (Walker). Greece has even tried to get Germany to pay them back for the Nazi Occupation of Greece back in World War II. “It is the first time Greece has officially calculated what Germany allegedly owes it for Nazi atrocities and looting during the 1940s.” The grand total of 279 billion euros was denied by Germany due to the conflict already being ‘legally closed.’ A surprising and relatively recent try by Greece is from their new friends over in Russia. Russia has offered to fund Greece some money if they allow a new gas/oil line be installed across Europe into Greece. This leads into the future of …show more content…
As just stated before Greece’s relationship with Russia can go many different ways. By signing that deal Russia would control most of the oil that runs through Europe. Another possible move for the future could be a bailout. The IMF and EU could give in to the demands of the Greeks, and relieve them of what they owe. Even though that’s highly unlikely it could still happen. The most obvious and feared move is Greece dropping out of the Eurozone completely. It could then influence other countries to leave as well, then most likely leading to the collapse of the Euro. Greece’s future is like a path that splits into 10 different directions, if nothing is solved and the country doesn’t work out its debt the country could be facing what Ireland faced a few years back. For example a housing crisis could arise, government will have to cut back on essential commodities, and small business would be most likely