The Current Greek Financial Crisis - 1982 Words

It’s no secret that Greece is in quite a predicament. The country is currently in the midst of a crisis that reaches not just all parts of Greek society but a global stage as well. Is Greece at the point of no return, will they end up defaulting on their massive debts from combined lenders, breaking away from the European Union (EU) and the singular monetary system of the Euro? While many people think that is the way to go for Greece, the government could also find solace in the examples of other EU countries. By looking at how these countries were in the same situation as Greece yet have managed to make the necessary spending cuts and social reforms, and in doing so have regained control. This paper, provided will be an overview of the†¦show more content†¦The country subsequently took one of the largest emergency package loans in history and has been taking on more and more debt since. Much of its credit is coming from countries that Greece currently does a majority of its trade with. Economic growth since then has been labored and much needed political leadership has been fleeting. The government is spending money to send their youth to college and university for free and upon receiving a degree, many of these young people are leaving the country for promises of better work and job security. In a way this could be a great incentive for the government because if they can bring their economy back, it will be more favorable not only for future graduates to stay at home and contribute to their national structure and economy but also for the current youth that have gone elsewhere seeking employment to comeback. These youth are not just coming back empty handed, they are coming back with priceless knowledge of international business and structure, also pros and cons of how other societies operate and make their society work. These youth are currently out in the wide world scattered among countries, receiving valuable information that in the future can help Greece as a whole and its presence on and international stage. Many different theories have been presented on the current financial problems of Greece, by top-notch scholars and economists, who differ in opinion but