Finance

Veronica Salvador Cruz

A01154145
The Greek debt crisis
Five years ago the Greek crisis started through different events, such
as the burgeoning crisis and Europes economic behemoth.
Greece has been struggling when it comes to taxpayers paying its bills
and the unemployment rate of the country has been the worst of all
times. This is worrying because it will shadow future Greek
generations.
Recently the referendum was called to see if Greece would accept help
from the austerity measurer Europe demanded. Ultimately, this led to
an increase in the political crisis and the economic crisis.
Greeks decided to vote against the European austerity meaning banks
could collapse and the country could separate from the Euro zone.
When Greece voted for what they wanted, it meant they would
increase taxes in order to reduce the deficit.
Syriza, the current leftist party, has been bad at leading the country
through its financial crisis.
The Washington Post mentioned that if Greece had voted yes, there
would be a new election in view of the fact that the EU doesnt trust
Syriza.
Greece might have to consider bringing back the drachma, Greeces
original currency.
The EU cant just leave Greece to on its own luck since its part of the
zone but other nations within the euro zone are being affected by this
because its people have to pay for all the bailout loans. In addition, the
European union cannot kick out Greece because it could affect exports,
investments and currencies.
Thankfully, the Greek parliament voted in favor of the austerity
measures in return for an $86 billion bailout.