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Title: Greek Financial Crisis
Description: A review into Greek financial crisis and its causes. Part of a Phd research
Description: A review into Greek financial crisis and its causes. Part of a Phd research
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The Geek Economic Crisis
The 2012 was a terrible year for the Greek economy and the entire society as well
...
Such
experience was never seen within the EU countries since the foundation of the union
...
The combination of the two
puts enormous pressure, like never before, into the entire euro system since Greece was part of this
system
...
In 2004 the Eurostat the EU statistical agency, conducted an investigation in Athens in 2004
...
As well it was discovered a massive mismanagement of the entire domestic financial sector
...
This process started in 2009 when the bank deposits where 239 BN
Euros and culminating in the 2012 when the deposits account for 159 BN Euros
...
In this period an astounding amount of 29 BN Euros was pumped into the Greek banking system from
the EZB within a very short period
...
It was also certain that big amounts of money would be needed to bail out the country
...
The reasons which brought into this situation are many, but could be classified as:
•
Internal
Greek corruption mentality and system
Very high investment in nonproductive sectors such as military sector (12,6 BN USD spent in
2008 according to SIPRI)
Unstructured economy
Low productivity
Week production & processing sector
Aging population & concentration mainly in the capital city and Salonica
7 people out of 10 were state employed
Disbalanced economy towards truism, agriculture & services (mainly maritime services)
•
External
High productivity / competition from other EU industrialized countries
Introduction of the Euro which in fact was DM (Deutsche Mark) and not Drachma
Disharmony among the monetary policy which was decided in Frankfurt (ECB) and Fiscal Policy
which was decided locally
Strong competition from the Asian countries with their cheap and quality products
In October 2012 the German canceler Merkel visited Greece and in November the country received a 34,
5 BN Euros bail out, which was not the last one
...
It produced almost a new political landscape in the country, almost cancelling the old traditional political
parties
...
It helped as a catalisator to produce right
wing victories almost in all European countries, leading to a very xenophobic mood/orientation in the
respective countries
Title: Greek Financial Crisis
Description: A review into Greek financial crisis and its causes. Part of a Phd research
Description: A review into Greek financial crisis and its causes. Part of a Phd research