by on 2 Φεβρουαρίου 2017

Greece today is still reeling from its reckless financial decisions from decades earlier…

On September 29th, 2008, Greece, along with the rest of the world, saw its economy fall into turmoil. But while the world has (relatively speaking) seen its economies slowly stabilize since, Greece has fallen further into the abyss. That’s because the financial crisis of ’08 didn’t cause the economic downfall of Greece; it exposed its underlying problems that its leaders had been putting off for decades.

The crash of the Greek economy was decades in the making, and can be traced back to the mid-1980s. After decades of rapid growth in the region, the GDP started to level off, and inflation was reaching concerning levels. To combat this, the Greek government implemented expansionary fiscal policies, where it lowered taxes and increased government expenditure.

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