Why are the Greeks having so much financial trouble?
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Why are the Greeks having so much financial trouble?
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Solution Summary
This solution discusses the financial troubles that Greece is experiencing.
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In recent years, Greek has been living beyond their means, and their national deficit is four times what it should be. In 2010, the government in Greece had to start repaying part of their debt, and because they couldn't do so, the EU formed the largest bailout package in history, for the Greek government. Analysts have forecasted that the recession in Greece will last a minimum of three years, due to how bad the financial situation is, in the economy. In last last decade or so, the spending in Greek both both government and public sector reached an all-time high. The wages being paid to workers across the country, both in private and public sectors doubled, and in some cases, it nearly tripled. The government ...
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