Greek economic crisis

Essay by bbarcena7 September 2014

download word file, 6 pages 0.0

For the past 5 years, the Greek public has been suffering from an economic crisis. puts this into a perspective that everyone can understand: Imagine taking a 40% pay cut. Then on top of that you suffer an increase in sales tax to 23%. Add on an increased price on electricity, and a newly formed tax on heating oil. All of that and a $10 price tag on a gallon of gas is enough to ruin a business. That's exactly what happened to Leo, who declined the use of his last name in the NBC interview. Leo, a 64 year old painter of religious figures, saw his business dry up before his eyes. The money ran out and he ended up living on the streets. Evicted from his home, Leo took what he could to his new home, a metal bench near a park in central Athens. He spent 45 days with what he called "The unhappy homeless."

What angered Leo the most is that the government is to blame. "They borrowed. Everytime they needed money they borrowed and then borrowed some more." Although one of the biggest issues for people, the Greek economic crisis is also one of the least talked about issues. Large economies such as the United States and China are in the news much more than Greece, yet according to BBC news, the Greek unemployment is 28% compared to the 6.6% of the United States. The Greek government has overspent and borrowed money repeditally for the last 15 years, which could lead to them leaving the euro, causing a domino effect on the rest of Europe.

The majority of the causes of this issue are economic, understandably, since it is a debt crisis. For the past 20 years, Greece has been grossly overspending. They have...