Exploring the Economic Debt Crisis and Recovery Efforts in Greece

This essay provides an overview of the Greek economy, highlighting its reliance on the service and industrial sectors. It discusses the debt crisis faced by Greece, which led to a significant drop in GDP and necessitated bailout programs from the Eurozone countries and the International Monetary Fund (IMF). The essay references the impact of the crisis on international confidence and the measures taken to mitigate the damage, underlining the challenges and interventions during the Greek economic downturn. Desklib provides more solved assignments for students.

Running head: ECONOMICS
Economics
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ECONOMICS
The economy of Greece
Greece is known to be a developed country where eighty percent is based on the
service and the rest depends on industrial sectors. Greece had been the seventeenth largest
economy in the whole of European Union (Featherstone, 2015). The Greek Merchant Navy is
also one of the largest in the world and the country is also one of the significant agriculture
producers in the European Union. Greece is also said to be an advanced and high-income
economy.
Greece had known to face debt crisis in the 19th century which was quite similar to
Great Depression. As a result of the deb t crisis which took place in Greece, there had been
25 percent drop of the gross domestic product of Greece which had critical effect.
Many bailout programs have come to rescue during the debt crisis. There had been a
huge debt crisis in international confidence of the ability of Greece to repay its sovereign debt
which have been reflected with the increase in the borrowing rates of the country (Katsanidou
& Otjes, 2016). Some of the Eurozone countries and the International Monetary Fund have
helped Greece by providing €45 billion for the bail out loans. The steps taken by IMF for
mitigating the damage have worked.

ECONOMICS
Reference list
Featherstone, K. (2015). External conditionality and the debt crisis: the ‘Troika’and public
administration reform in Greece. Journal of European Public Policy, 22(3), 295-314.
Katsanidou, A., & Otjes, S. (2016). How the European debt crisis reshaped national political
space: The case of Greece. European Union Politics, 17(2), 262-284.