A Case Study of Greece

 

Cracks in the Euro

Introduction – Since the global financial crisis of 2007-2009, the European Monetary Union (EMU), colloquially known as the “Eurozone,” has experienced significant stresses. The EMU was the next step in the European Union’s movement towards economic and political integration, which began nearly sixty years ago, progressed through the Common Market, and became the… read more.


Greek and Euro FlagThe Case for Greek Amnesty – Greece owes roughly €320 billion in foreign debt. In February 2015, the Greek   government agreed to a repayment plan in order to address the loans it received in 2010 and 2012. These loans were to be used to ease the economic recession austerity measures propagated. In July, when Greek citizens voted against the repayment conditions the European Union set… read more.


Austerity AheadThe Case for Greek Austerity –  The early and mid 2000’s was a time of economic prosperity for Greece. Following their adoption of the euro, Greece gained access to inexpensive credit, allowing them to achieve one of the fastest economic growth rates between 2000 and 2007. Greece saw record high GDP levels, even higher than the Eurozone average of 2.5%, at 5.9% in 2003 and 5.5% in 2006. It was… read more.


 

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