Why is the Greek economy so f-cked?

I live in the USA and about five years ago we had a bad economy, but it was nothing like what's going on in Greece. 25% unemployment? Financial transactions are being restricted? I couldn't imagine not be able to get my money out of a bank. It sounds more like the Great Depression.


Most Helpful Guy

  • It's because the economy was based on socialist principles. When they joined the EU the countries credit shot up (a lot like if your parents agreed to co sign on your credit card) so the country began borrowing heavily, well above the countries output. Then the other countries (especially Germany ) started looking at their borrowing. Greece was less than cooperative (arresting one of the inspectors) and was rude about the whole thing. Well the other countries put in austerity measures that they didn't follow so the other countries withdrew their support. Now the country is saddled with a HUGE amount of debt that they are unable (or unwilling depending on who you ask) to pay off. Now they are in trouble.


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What Girls Said 2

  • Because they don't want to work longer work hours and they all want to make more money

  • it will get better.

    • Agreed, but why is it so bad now?

What Guys Said 3