What is going on in Greece?

I just can't read 50 articles that are all 50 pages long. So im just wondering about what is happening over there.


0|0
3|8

Most Helpful Guy

  • From what I heard the Greek government was giving people lots of benefits and started to run out of money so they took loans. The previous prime minister of Greece tried to fix the economy through extreme austerity measures. The new prime minister got elected because he said no to austerity measures. The EU said the only way Greece will be able to pay back it's loan is if it puts austerity measures. So for the past few months it was a back and forth of the EU saying "do it" and the Greek Prime minister saying "no give us another option".

    To put pressure on the EU, Greece held a referendum to show that they don't want anymore austerity measures since people are already in a bad position economically, there are a lot of people starving and jobless so austerity would only make things worse. The EU doesn't want Greece to default since that would affect the Euro and mean that Greece would most likely have to leave the EU and use their own currency.

    If Greece does leave, what's stopping Italy or Portugal from leaving? The EU was meant to be a permanent union so now they are very scared.

    Greeks don't want to leave the EU they want a solution but so far even the best economists in the world don't know how to fix the problem.

    0|0
    0|0
    • *Correction Apparently the whole benefits thing is partially true. The other cause was the recession of 2008 and the one economic policy of the EU. Since Greece can't control it's own currency they had a lot of trouble getting out of the recession especially since they were already in debt.

    • Greece also has a problem with tax evasion.

What Guys Said 7

  • The Greeks love spending more money than they earn. The EU has been happy to lend them the extra money. . . . until now. Greece missed a critical payment (default) on loaned funds. Their banks are so low on cash so people can't get to their accounts. The banks will probably seize some depositors assets to get operating cash. This is the moral equivalent of theft. Today Greeks had a vote on whether to accept austerity (belt-tightening) measures to be able to make debt payment and they voted "no, screw the EU, we're not paying."

    The lesson for the rest of the world: "Never lend anything to a f'n Greek and never trust a Greek bank."

    0|0
    0|0
    • didn't this affect the EU? Because they borrowed money from it?

    • (Money they voted not to pay back)

    • The EU creditors (Germany is the largest) are out the money. Ultimately this shows a huge weakness in the EU system: having a common currency without a common fiscal policy. So any one country (like Greece) can sabotage the currency (Euro).

  • They spent way more money then they have and Germany won't lend them any more. Their politicians led them astray and people need to get to work in Greece pronto. This is the epitome of a democratic state that will kill an economy.

    The banks have physically run out of money and they may need to go back to the drachma and drop out of the EU. If that happens many people's life sAvings will be wiped out as they are forced to devalue their currency.

    0|0
    0|0
  • Bankruptcy. Greece is pretty socialist and has a crazy retirement age. A few years ago it was, what, 55? And then you get a "government pension."

    All that money had to come from somewhere, and they can't pay it back. Now people are trying to hold onto their free money.

    0|0
    0|0
  • greece is out of Europe, greek money is coming back in a couple of years. lots of greeks are happy because they voted to get out if Europe because they think that Europe isn't helping them enough

    0|0
    0|0
    • So... Greece is not a European country anymore? What?

    • no its not anymore. there is this greek girl on this site i forgot her name i want to ask her what her opinion is so if she comes she can answer

  • They are in debt and 2 days ago they failed to pay 1 billion

    0|0
    0|0
  • In a very short, Greek economy is doomed.

    0|0
    0|0
  • greece is about to die. thy ll vote barrowin or not...

    0|0
    0|0

What Girls Said 3

  • Basically, Greece borrowed a lot of money to bail themselves out when they were struggling, but now it's time to pay the money back and they can't afford to do that. The Greek people are suffering a lot because of it. Now they have to vote whether to accept more money or whether to reject financial aid.

    1|0
    0|0
  • i was just wondering that myself

    0|0
    0|0
  • I tell ya that reading stuff sucks, I mean such strenuous activities such as reading should be illegal. It's crazy I say. Who the heck reads anymore? it's 2015!

    0|0
    0|0
Loading...