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Euro Crisis in terms of the Greek Debt Issue
Finance & Accounting
Pages 6 (1506 words)
Euro Crisis in terms of the Greek debt issue Name Institution Date Euro Crisis in terms of the Greek debt issue Introduction Greece had experienced a rapid growth in its economy in the year 2000. The economic growth of Greece during this time was regarded to be the fastest growing in Europe (James, 2001).
This aspect caught the government of Greece unawares because the expenditure that had been made on the defense equipments was so high meaning that the rest of the country’s economy had been under budgeted. The major economic sources that comprised of tourism and the shipping industry were adversely affected by the economic deterioration that had hit all parts of the world. Lack of monetary fund to plan and budget for the governmental and non-governments needs arose in 2010. This caused the government of Greece to request for a loan in late April in the year 2010 from the European Union and International Monetary Fund (IMF) so that it could be able to cater for its needs and the needs of its citizens. Researchers announced few days after the issuing of the loan that the Greek government could not be able to repay the loan thus the investors that have invested in the Greek government and companies risked losing almost half of their investments. This announcement caused fear among the investors, existing and willing investors, and they withdrew from their original plans to avoid further losses. Effects of the crisis of Greece The Greek government had to introduce drastic measures that led to the infliction of high economic standards to the citizens of Greece in May that year. ...
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