Question

Research the financial crisis in greece and summarize it in one-two paragraphs. note: paragraphs consists of three complete sentences. this is an academic assignment where you need to use proper grammar (i.e., capitalization, punctuation, and no abbreviations). peer

Answer 1

The current Greek financial crisis exists as a result of large amounts of Greek debt that could threaten the integrity of the European Union (EU). This crisis began in 2008 during the recession and few solutions have been offered since then. Greece wishes the the EU would forgive the debt, while the EU wants Greece to reform its government. If Greece defaults, it could harm the EU in the end.

Answer 2

By the end of 2009 financial irregularities and statistical manipulations committed in the Greek public accounts for years were uncovered. The magnitude of the debt discovered was such that the EU had to come to the rescue, while tough measures of adjustment were approved in the Hellenic country.On December 8 of that year, the magnitude of the debt caused the collapse of the stock market and Greek bonds, and Brussels gave its first attention to the Greek Government for the possible repercussion that this could have on the Eurozone.  

The European Central Bank urged the country to take action. The well-known one already began like first great crisis of the euro.Indeed, the loans coordinated by the IMF, the European Commission and the European Central Bank have helped to reduce the impact of the Greek crisis on the common currency. It is estimated that the Greek economy has been reduced by 25% since the beginning of the austerity programs, which has accentuated its dependence on external credits. And the impact of the measures on the Greek people has been brutal: their unemployment rate of 26% is the highest in the entire European Union and among young people already exceeds 60%. And there are millions of Greek citizens living below the poverty line.