Greece’s Failing Economy

By on February 10, 2015
Greece Failing Economy

Greece Failing Economy

If you thought the U.S., had massive economic problems, take a look at Greece and you’ll understand the dire strait they are in.

With a massive 27 percent unemployment rate and over 315 billion euro worth of debt, Greece as a nation is falling at an astronomical rate and according to the Wall Street Journal, Greece only has a few weeks of cash left.

Greece’s new prime minister, Alexis Tsipras and the rest of the Greece government have been exploring different options on keeping the nation afloat. Their most recent proposal for a $5 billion bridge loan was denied by euro-area governments leaving Greece scrambling to find money.

There are many factors at play for Greece’s failing economy. According to C.J. Polychroniou a writer at Truthout, he believes the problems began in the early 1980’s with Greece joining the eurozone. That is when public debt started to rise with the bubble finally bursting in 2010.

Eurozone officials have told the Greece government to go back to the drawing board and resubmit a new proposal this coming Wednesday. If the proposal is rejected, Greece could be the first country to go bankrupt, and that is a very scary thought.

My hope is that countries around the world are watching and taking notes as Greece is going through a process that I’m sure no one thought would ever happen.