While this money and time has healed the wounds of Greece’s economy, the problems have not gone away and probably never will. Despite implementing measures of austerity, the economy has shrunk by a quarter in the last five years and the unemployment rate is 25 percent and rising. Most of the bailout money has been allocated to pay off Greece’s international loans, therefore never actually being injected into the local economy (“Greece’s Debt Crisis Explained.”). Amid other issues was the concern that Greece’s financial problems would spread not only to other European nations but also across the world. A loan default by Greece might have produced a global financial shock. However, this opinion is not shared by everyone and there are people who believe that Europe’s safeguards are enough to prevent the financial damage from spreading. Greece’s possible exit from the European Union might benefit both Greece and its
While this money and time has healed the wounds of Greece’s economy, the problems have not gone away and probably never will. Despite implementing measures of austerity, the economy has shrunk by a quarter in the last five years and the unemployment rate is 25 percent and rising. Most of the bailout money has been allocated to pay off Greece’s international loans, therefore never actually being injected into the local economy (“Greece’s Debt Crisis Explained.”). Amid other issues was the concern that Greece’s financial problems would spread not only to other European nations but also across the world. A loan default by Greece might have produced a global financial shock. However, this opinion is not shared by everyone and there are people who believe that Europe’s safeguards are enough to prevent the financial damage from spreading. Greece’s possible exit from the European Union might benefit both Greece and its