In 2008, the world witnessed economic turndown of the most dangerous nature since the Great Depression of the 1930s. It all began in 2007 when high home prices in the United States turned downward that spread quickly to the entire US financial sector and then to financial markets globally. The overall casualty in the United States included the biggest insurance company, the entire investment banking industry, the largest mortgage lender, two of the largest commercial banks and the largest savings and loan. The impact of downfall in the United States had a huge impact globally and specifically the European countries. The worst hit country by financial turn down was Greece (Salas et al, 2010).
Greece even before joining the Euro was living beyond its means. After adopting single currency, public spending soared. Between 1999 and 2007, public wages increased by 50%, faster than most of the countries in Eurozone. The government also hosted 2004 Athens Olympics and piled up debt. The debt in Greece kept soaring till the point where the country was no longer able to repay its debts. Greece was forced to ask for help from the IMF and European parts in the form of massive loans (Shiller, 2008).
This research analyzes the global financial crisis and its impacts on Greece. It analyzes the austerity measures taken up by Greece and its impacts on the country. The research analyzes the bail outs that were granted to Greece to save the country from defaulting. IMF, World Bank and European Central Bank helped Greece by providing loans along with strict austerity measures by the economy of Greece had continuously shrank and the situation is not getting any better.
The aims and objectives of the research include:
• Analyzing the current financial crisis in Greece
• Analyzing if there is any opportunity present in Greece for economic revival
• Proposing a plan for revival of Greece’s economy
For analyzing the financial situation of Greece, secondary data was used for extensive and in-depth analysis. The secondary research data sources included books, case studies, articles and literature review. With this methodology, the research investigated and analyzed the weaknesses and strengths of steps that were taken in Greece in order to counter the financial crisis. The analysis revealed that it was the poor taxation policies and economic structure that contributed to the worsening financial situation of Greece.
Inhaltsverzeichnis (Table of Contents)
- Executive summary
- Introduction
- Background of the study
- Statement of the problem
- Research aims and objectives
- Structure of the rest of the report
- Description of the situation
- Statement of the problem
- Literature review
- Proposed plan of analysis
- Sources of data
- Analysis and findings
- Proposed solution to problem
- Integrated assessment of the analysis
- Recommendations
- Proposed plan of action
- Limitations of the study and scope for more research
- Application of learning to another organization
- Financial Crisis of Bank of America
- References
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This research examines the global financial crisis of 2008 and its impact on Greece. The study analyzes the austerity measures implemented by Greece and their effects on the country. It further investigates the bailout packages provided to Greece to prevent default, including the roles played by the IMF, World Bank, and European Central Bank.- Analyzing the current financial crisis in Greece
- Evaluating opportunities for Greece's economic revival
- Proposing a plan for Greece's economic recovery
- Examining the impact of austerity measures on Greece
- Assessing the role of international institutions in addressing the crisis
Zusammenfassung der Kapitel (Chapter Summaries)
- Executive Summary: The executive summary provides an overview of the global financial crisis of 2008 and its devastating impact on Greece. It highlights the country's pre-existing economic vulnerabilities, the role of austerity measures, and the involvement of international institutions like the IMF and World Bank in providing financial assistance.
- Introduction: This chapter delves into the historical context of Greece's economic development, highlighting shifts in the contributions of various sectors to the country's GDP. It explores the impact of migration, tourism, and foreign direct investment on the Greek economy. The chapter also examines the economic challenges faced by Greece in the years leading up to the 2008 crisis, including the legacy of the 2004 Athens Olympics and the growing budget deficit.
- Literature Review: This section will likely provide a comprehensive review of relevant academic literature on the financial crisis and its impact on Greece, including discussions on austerity measures, bailouts, and the roles of international institutions. It might also explore various perspectives on the causes and consequences of the crisis.
- Proposed Plan of Analysis: This chapter outlines the methodology and approach used in the research. It may detail the specific data sources utilized, including books, case studies, articles, and literature reviews. It could also explain the research methods employed, such as quantitative or qualitative analysis, and provide a framework for the analysis.
- Sources of Data: This chapter delves into the specific sources of information used in the research. It could include detailed descriptions of the books, journals, databases, or other resources consulted. It might also discuss the selection criteria for these sources and the rationale for their inclusion.
- Analysis and Findings: This section presents the results of the research analysis. It will likely examine the causes and consequences of the financial crisis in Greece, focusing on the impact of austerity measures on the Greek economy and society. It might also analyze the effectiveness of the bailout packages and the role of international institutions.
Schlüsselwörter (Keywords)
The key themes of this research include the global financial crisis of 2008, its impact on Greece, austerity measures, bailouts, international financial institutions (IMF, World Bank, European Central Bank), economic recovery, and the role of taxation and economic structure in exacerbating the crisis.- Citation du texte
- Richards Macdonald (Auteur), 2012, The Financial Crisis and its Impacts on Greece, Munich, GRIN Verlag, https://www.grin.com/document/213364
