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The Greek government was borrowing more money than it could afford to pay back. The 2008 financial crisis contributed to this since their tax base contracted due to the shrinking economy. They were lying about their true national debt saying it was less than it was in order to get more investors to continue to buy bonds from them. They used money from new loans to pay down the old ones. Eventually, they were found out and their bonds were downgraded to non-investment status and they were no longer able to pull off their "ponzi scheme". They then called upon other nations in the European Union to bail them out. The European Financial Stability Facility (EFSF) was set up to deal with the growing debt crisis in Europe with Greece being at the center of it. Spain, Ireland, Portugal and Italy are also facing their own serious debt crisises. As part of bailout loans Greece was forced to impletment austerity measures (cut government spending) which further contracted their economy. They have recieved two major bailouts already and have been pledged a third by October 26, 2011which will put them further in debt.
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Economic Transactions
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To exchange their surplus commodities for other commodities they needed. To make a financial profit from trading commodities and services.
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Hellene is Greek for Greek. In Greek their country is called Hellas.
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Why did the financial crisis occur in 2008?
why financial crisis occur why financial crisis occur
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There is no such crisis as the financial bailout package crisis. the bailout was created to overcome the financial crisis.
What are the exact dates of the 2008 financial crisis?
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Kingfisher Airlines financial crisis was created in 2004.
What southern European country is experiencing a financial crisis 2012?
Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.
What is the difference between a financial crisis and an economic crisis and which of both affects the other most?
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What major event was happening when Obama was president?
This is probably the US financial and mortgage crisis.
How do you stop financial crisis?
There are a few ways to stop yourself from having a financial crisis. Watching your spending, budgeting your money correctly, and having money in a savings account, can help prevent a financial crisis.
What factors contribute to a financial crisis?
Depending on what kind of financial crisis is being described for example; large scale financial crisis such as businesses and communities or small scale such as personal financial troubles. On a personal level not having enough money to live of for necessities is a crisis. For large scale like a community if the economy is bad then that is a big problem as well.
How you use the word crisis in a sentence?
Our country may be in financial crisis in future
Do you agree that we are now in the economic and financial crisis?
Yes I do believe we are in a economic crisis
