Update and News on the Greece Crisis

Prime Minister Alexis Tsipras has been making difficult political and financial decisions to adhere to the policies that were created by the European Central Bank and the International Monetary Fund to receive the 86 Billion Euros (240 Billion Euros in total) that are needed to balance the national debt and reopen the banks.

The Roots of the Crisis

greek flag and map

Greek flag and map

Their financial crisis began in 2009 and had worsened ever since international investors have pulled their funding through the selling of the Greek bonds. It has weakened their economic stability substantially and even with some private investments, Greece continues to deepen in their financial woes. Greece has had to make deep budget cuts, increase taxes and streamline government processes through the releasing of many positions.

European Union at the Heart

The European countries who use the Euro are somewhat responsible for one another as they are tied together through this currency. It has changed the face of Europe in several important ways uniting the countries and offering assistance to those countries in financial distress. There are safety measures as well to assure the autonomy of each nation, but it has proven that Greece, at the doors of bankruptcy, must receive assistance from its neighbours.

News and Recent Updates

Greece’s economy has not improved much since the overhaul and bailouts, and the overall economy has shrunk, and their unemployment rate has increased. The money that would have been used to assist in the quality of the economy is being used to payoff the loans that were given to Greece to get them out of debt. These debts are a heavy burden to the Greek people.

Anti-austerity movements in Greece

Anti-austerity movements in Greece

The European countries continue to feel frustrated with Greece’s inability to make the required plans that were to be implemented for the loans that have already been given. The Greek government is a slow moving machine in many ways, and this is causing many negative feelings towards Greece. Hopefully, Prime Minister Tsipras will be able to lead his country into a new and financially stable time.