The First Country to go… Possibly Greece?
Story By: Richie Kim Editor: Sam Chung Web Designer: Andy Yoon
Greece, a country of beauty and peace, is starting to fail economically. This economic debacle started in 2008 when the recession hit the American financial markets. The frail conditions of Wall Street affected the Greek finance as well, and this set off a chain of events. First, this sudden shift in the financial market created an economic quandary for the Greeks because they have been understating their deficit figures. According to the New York Times, when foreign investors found out that Greece was in danger, they left the country amid fear that its financial market was doomed for failure due to the accumulated international debt. Eventually, the European Union stepped in to help the Greek economy because it was at the brink of failure. However, according to the Greek Crisis, the monetary aid, provided by the International Monetary Fund, the European Central Bank and the European Commission, put Greece into deeper trouble than before. When the aid was given, the lenders set harsh conditions, asking Greece to increase its taxes and cut its budget. So, instead of using the bailout to stimulate its economy, the government has used the money to pay off its international debt. As a result, Greece’s economic state did not get any better despite the several bailouts.
To find other opinions on this issue, SIS 8th grade students were asked “What do you think about this?”, “What do you think the government should do about it?” and “Who should take responsibility for this?”. Students who answered that it is not the government’s fault, but the EU’s fault mentioned that the EU did not take responsibility for their actions. Other people who think that it is the government’s fault believe that the Greek administration should stop using the money on useless things and start using them more productively. Those who were not informed about the crisis said that Greece is doing well. In the end, nothing really matters. Greece is still restless, and nobody is doing anything to help. The Greek finance will not prosper any time soon, and the “Who to blame” debate will not solve anything. This blame discussion really has to start shifting towards a problem-solving discussion. Many people are currently hoping for Greece’s quick recovery. Help this country and stop the blaming game.