However this period of prosperity was only short

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However, this period of prosperity was only short lived. Greece’s growth was unsustainable. The Greek economy has been growing at an unsustainable rate since the 1990s when Greece was trying to gain membership into the Euro zone. During this span of economic growth that Greece experience, the government engaged in an exorbitant amount of deficit spending to better the Greek economy, causing Greece to accumulate a
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large runaway budget deficit. The growth of the Greek economy was only superficial; there were many structural weaknesses and flaws in the way that the Greek economic system was set up. The economy’s instability should have been addressed from the very beginning, but it was allowed to keep growing, putting Greece into a bigger hole. When the recession hit the European nations in 2008, Greece took a tremendous hit, spiraling the Greek economy into an economic crisis. The effects from this economic crisis were dreadful. Greece’s two main industries, shipping and tourism, suffered greatly from the consequences of the economic crisis. Many lost their jobs due to the economic crisis, leaving them unemployed and with no source of income. These people were left helpless, with no way to provide for their family, no way to put food on the table every night or provide warm shelter their children. The people have reached a state where they
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  • Fall '07
  • BLAND
  • European Union, Subprime mortgage crisis, economic crisis, Bailout

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