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Essay / Research Paper Abstract
This 24 page paper is an in-depth examination of the causes of the Greek financial crisis of 2010, discussing the different causation factors, including the accumulation of debt, as well as budget deficit and influence on those deficits. The paper then it does the sponsor of the Greek government, and the impact that this is happening on both the economic position and the citizens of the country. The bibliography cites 17 sources.
Page Count:
24 pages (~225 words per page)
File: TS14_TEGreece2010.rtf
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Unformatted sample text from the term paper:
Investment in Greece 1970 - 2009 7 2.2 Government Financial Management 13 Figure 1 Government budget deficit 1992 - 2010 13 Table 4 Greek government revenue compared to the EU average 16 Table 5 Government
expenditure compared to the EU average 17 2.3 Global Influences 18 3. Government Responses and Impacts 21 Glossary 26 References 26 1. Introduction Greece faces a crisis, this began in 2009 and
has continued into 2010, the country is near bankruptcy and has required international aid in order to avoid bankruptcy, which is having a significant impact on the economy as a
whole, resulting in the need for austerity measures with the inherent negative economic impact on the Greek population, a move that has resulted in aggravating already high unemployment and saw
riots in the streets of Athens, a bank attacked with a petrol bomb all accompanied by short strikes (OGrady, 2010). The story of the Greek economy is chequered, this
is not the first economic crisis that they have faced, but the potential impact on this crisis has international ramifications, not limited to the European Union (EU). To appreciate how
and why this crisis is so severe and the reasons for these wide ramifications, including potential bankruptcy for Greece, the scenario that led up to the crisis needs to be
examined to look at the causes as well as the ramifications that have led to the current scenario which include the build up of public debt, commonplace tax evasion, generous
state pensions rights and a growing trade deficit (Roberts, 2010). These influences alone may not be sufficient to cause a crisis, many examples of exist of economies that have
faced and come through similar situations and come through, such as the US in 1945 following the Second World War where both debt and borrowing were higher as a proportion
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