Greece Crisis and Globalization Essay

2442 WordsDec 12, 201210 Pages
Table of content: Executive Summary……………………………………………………….…….. Page 3 Introduction…………………………………………………………………………Page 3 How Greece went into Crisis and reached a record unemployment of 25.1%.................Page 3-4 How can Greece crisis affect others and globalization.............................Page 4-5 How other countries are support Greece......................................................Page 5 What Greece is doing about this crisis.........................................................Page 6 Conclusion……………………………………………………………………….…Page 6 Reference…………………………………………………………………………...Page 7 Executive Summary: Being a part of Europe Zone, Greece has to pay attention to its economy because this country is linked with other European countries. If Greece is not doing well it affects the economy and it will literally take down the currency “Euro” which is being used by other European countries too. But here’s a sad part, In July 2012 there were more than 1000 jobs lost which made over 1.26 Million people unemployed in Greece. This number is 25.1% of total Greece employment. The age group which was affected the most were people from 15-24 years of age (bbc.co.uk, 11-OCT-12). The reason why banks went bankrupt is because people don’t play taxes so when banks need help from governments the governments doesn’t have enough money to fund the banks. The economy of Greece is only surviving on international bailouts which doesn’t seems to last longer so Athens will be imposed using austerity measures for the return of money. This Greece can be a very serious threat to globalization. Introduction: In this fast growing world, even countries are interdependent on each other economies. As globalization is growing and the world is becoming a global village countries are getting more close to each other but the drawback of this is, if once country suffers the other

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