Government Debt Crisis in Greece

Abstract
The government debt crisis, in some of the biggest Eurozone countries has become a great concern
for the European societies. The inability of the governments to cover their expenditures over the
years has resulted into high public debts, followed by a set of economic problems such as recession,
unemployment and growth issues and fewer investments.

https://ec.europa.eu/info/business-economy-euro/euro-area/what-euro-area_en

The Greek debt crisis is the dangerous amount of sovereign debt Greece owed the European Union
between 2008 and 2018. Since the debt crisis began in 2010, the various European authorities and
private investors have loaned Greece nearly 320 billion euros. It was the biggest financial rescue of a
bankrupt country in history.1 As of January 2019, Greece has only repaid 41.6 billion euros. It has
scheduled debt payments beyond 2060.

In return for the loan, the EU required Greece to adopt austerity measures. These reforms were
intended to strengthen the Greek government and financial structures. They did that, but they also
mired Greece in a recession that didn’t end until 2017

https://www.thebalance.com/what-is-the-greece-debt-crisis-3305525

Problem Statement?
This thesis explores recent government crisis in the Eurozone with a particular focus on Greece.
Specifically, we are trying to investigate the recent government debt crisis from its origin (2009) by
focusing on the fiscal and monetary policy of Greece. This explains how the national fiscal policy goals
of these governments were interacting with the long-term goals of the common monetary policy of
the euro area members. Also, we will study the roles and response actions of European Central Bank
(EBC) and International Monetary Fund (IMF) toward the growing government debt of Greece