Greece made its opinion of the ECB’s offered deals on its debt known on July 5 with a resounding vote against accepting the austerity measures. Solon Stephanou, a Greek himself and a student of political science, is well-versed in the challenges facing Greece since it started using the euro. Among other factors, key contributors to Greece’s economic crisis (and its inability to recover) include:
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Description
Greece made its opinion of the ECB’s offered deals on its debt known on July 5 with a resounding vote against accepting the austerity measures. Solon Stephanou, a Greek himself and a student of political science, is well-versed in the challenges facing Greece since it started using the euro. Among other factors, key contributors to Greece’s economic crisis (and its inability to recover) include:
- Increasingly loans for both internal expansion and to build stadiums for the 2004 Athens Olympics,
- An economy that wasn’t close to being as advanced as countries such as Germany or Belgium,
- Social programs the country can’t afford,
- Lack of control of its monetary policy,
- …and interest payments that leave little to stimulate economic growth in Greece.
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Notes
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