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Greek Debt Crisis

Aug 08

Greece is one of the Eurozone countries facing a debt crisis. After the global recession in 2009, the government debt soared to great heights as the country was unable to fulfill its debt obligations. Greece joined the European Union in 1981 and it was one of the poorest members. The country joined the Eurozone in 2002 although there was unreliable data on the country’s fiscal status. After the commencement of the debt crisis in 2009, it was discovered that the country had misreported its economic statistics to the Euro for many years. Greece had paid several banks large amounts of money to hide the country’s actual borrowing levels. This was aimed at helping the government to continue spending enormous amounts of money without revealing the real borrowing levels.

Causes of the debt crisis
1. Collapse of tourism industry: Greece boasts of having the best tourist sites in the world ranging from ancient churches, exotic beaches and museums. However, the tourism industry started deteriorating in 2002 when other competitive tourist destinations such as Turkey started offering cheaper holiday rates. The 2009 global financial crisis made matters worse as two of the most important industries in the country—shipping and tourism—were adversely affected. This resulted in falling of revenue by 15 percent in 2009, which had a negative effect on the country’s GDP rate.
2. Government overspending: The Greek government has been living beyond its means by borrowing too much and overspending. One such example is during the 2004 Olympics summer game held in Athens when the government spent astronomical amounts of money in building new stadiums, roads and airports during these games. More money was splashed in acquiring tram and metro systems to ease movement of people during the games. Most of this cash was borrowed from the EU and the income generated during the games was insufficient. The government has also spent a lot of cash in excessive salary rises and non growing sectors such as the army.
3. Corruption and tax evasion: Black market in Greece is thriving and it is estimated it costs the government €20bn in taxes. Corruption is rampant in Greece according to Transparency International and costs the government a substantial amount of income every year.
Current financial situation
Greece has received two bailouts loans from European Central Bank and International Monetary Fund. The first bailout loan totaled to €110 billion and the second one was €130 billion. The loans were awarded after the government put into place austerity measures that aimed at cutting down on government spending and increasing taxes. This resulted in massive protests and riots throughout the country.
Possible solutions to crisis
The Greek government must continue making spending cuts in all sectors of the economy and increase taxes. This will make it possible for the country to pay back the bailout loans from IMF and ECB. The government must also strive to eradicate corruption and fight the rampant black market. Greece must also put into place systems that will streamline tax collection and eradicate tax evasion.
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The Euro & The Dollar

Jun 18

Two of the most common and popular currencies in the world are the euro and the American dollar. The amount of strength each of these have is what will help drive the economy and it can be what decides the other currencies value as well. Once you have a basic understanding of how the euro relates to the American dollar, you will understand more of how the trends work on a global scale.

The European Union identifies its official currency as being the euro. The euro is also used in Spain, Portugal, Netherlands, Luxembourg, Italy, Ireland, Greece, Germany, Finland, Belgium and Austria. The United States uses the dollar as their official currency. The dollar is what decides and controls the trading of the dollar and the printing of the dollar. Ecuador, East Timor, Trust Territory of the Pacific Islands, and El Salvador also use the United States dollar as their official means of currency.A fixed exchange rate was introduced in the 1940s for the world currencies. The American dollar is the one sitting in the center of the exchange. Every other currency was exchanged on the basis of what the value of the United States dollar was. Changes were made to the system in the 70s. The way that the exchange rate was managed led to much speculation because of the way the market could speculate.

After more changes in the 90s, the exchange became more liberated. In 1999, the market value had the euro trading higher than the U. S. dollar. Since 2003, the euro has maintained a stronger balance than the American dollar but still has a daily fluctuation.

Many currencies in the world fix their values to the U. S. dollar and the euro. All those countries connected with either are affected by the value of the currency connected to them.

Being able to predict how the American dollar and euro perform can be a tricky thing. It depends on the economy, exchange speculation, and industrial performance. All of these things can change on a daily basis making it hard to know anything for sure. Regardless, economists still work to make their predictions based on the relative value.

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Welcome to AccessFoundation.org

Jun 13

The Access Foundation.org was created to discuss the state of the world economy.

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