CRITICAL APPRAISAL: ECONOMIC POLICIES of the Greek government taken to address the threats from the recent GLOBAL FINANCIAL CRISIS
More or less, Greece is indigent. The nation's amidst an obligation emergency. The government owes around 325 billion euros (generally $350 billion U.S.)– 180% of its aggregate GDP — to various creditors: the IMF, other European nations, and different banks and financial institutions. The legislature is coming up short on money and doesn't have enough to pay back what it owes. Recently, it failed to repay a huge amount of 1.7 billion euro to the IMF, and organisation is still skeptical that they'll have the capacity to pay off other huge bills due not long from now. Moreover, they do not have enough cash for things as important as paying government representatives or building streets and schools.
So in the course of recent years, the Greek government was forced to impose multiple austerity measures, incorporating real cuts in government compensations and positions, benefits, wellbeing and defence, and the minimum wages. The proposed actions were a tough sell for the voters under the most favorable circumstances — however they're more excruciating for a nation amidst an a soaring monetary emergency.
Talking about how devastating it’s been for the average Greek folk, unemployment is more than 25% across the nation, and much higher for youngsters. A significant number of the individuals who can leave the nation, do. The individuals who can't have been hauling their funds out of banks — to such an extent, that the administration needed to provisionally close them down. Every day ATM withdrawals are restricted to 60 euros (about $65), and any organizations will just acknowledge payment in real money.
The new Syriza government needed to renegotiate the last bailout. Long story short, they fizzled. Greece essentially has no influence as of right now—it can't weight its banks to be more...