▻https://www.youtube.com/watch?v=RdVpORDxBuI
Greece and the Eurozone Crisis: Past, Present and Perspectives for the Future
Talks about social resilience in Greece and how it finds its pride in Eurozone.
Some background context:
1. Greece entered Eurozone in 2001. Greece did not meet ’stability growth pack’ convergence criteria: 3% ceiling government debts. Since 1993, public debt exceeds 100% of GDP.
2. Peripheral European member states were highly affected by economic crisis in 2009 because:
i. uncompetitive of economy
ii. inefficiency of government service
iii. rampant tax evading mentality
iv. over borrowing and over spending
Interesting conclusion: it was too lenient to allow Greece to enter Eurozone; cosmetic to put up nice unreal figures; Greece was allowed to accumulate debts up to 10 years.
European Solidarity comes with conditionality, which brought devastating recession.
How Greece is going to grow socially and economically?
#greeceeconomycrisis