GBA Short: Greek Bailout
The crisis over a Greek bailout by the European Union is reaching what many see as a make or break moment for both Greece and the European Union. Europe is reaching a breaking point when it comes to one of its oldest countries. For several years, Greece has been in a financial crisis. 5 years ago, they received a bailout to try and bring the country back to a better financial spot. But now, the country is being treated like that friend who never brings their wallet to group dinners. The country has brought little to no revenue to prove that they are on the up, now Europe is talking break up. It seems negotiations aren’t going as well as everyone had hoped. Where the bailout money went and the state of the country’s current budget are all under debate. It seems as though Europe isn’t really into giving third chances when it comes to money. We hope that they reach an agreement before the country becomes even more impoverished than it already is.
The Greek government-debt crisis started in late 2009. It is commonly understood to have been triggered by the turmoil of the Great Recession. However, the root causes for in Greece financial difficulties were a combination of structural weaknesses in the Greek economy with the pre-existence long standing overly high structural deficits and very debt-to-GDP levels of public accounts.
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