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1. Ever since WW 2, Greece has been spending much more than it made in State income, partly because other nations always supported this with aid and loan programs. The traditionally strong influence of Communist trade unions had much to do with the loans and with Greece living beyond its means. The West during the Cold War years saw turning a blind eye to this situation as a way to keep strategically located Greece in its fold.
2. Since tax dodging was a national pastime, encouraged by a very lax policy of Greece's Internal Revenue Service, Greece's economy was for a large part an 'underground' economy and still is.
3. Greece's economy would already have long been bankrupt if it wasn't for billions of additional aid in the last few years.
4. The aid in the form of ever higher loans to be repaid have become so high that Greece will never be able to repay them.
5. The conditions of those loans are such that Greece has been forced to severely bring down ordinary Greeks' net earnings and State expenditure. This in turn has led to a severe reduction in Greece's economic activities and has further reduced its earning (and paying back-) capacity.
6. The traditional 'natural' way to recovery - devaluation of its currency, making its own exports and its main source of income, tourism, cheaper and so more attractive and at the same time making imports more expensive - is blocked: Greece is tied to the Euro and so is in the 'unnatural' position of an extremely weak economy with an - in relation to that - extremely strong currency that makes growth through export gains and tourism income impossible.
7. More than 80% of all the new loans are not used to restructure Greece's economy and help boost its earning capacity; practically all the money has been used to make Greece pay back the loans extended in the past by mostly EU banks. These have now been saved from taking enormous losses on the outstanding Greek debt that they held. Instead, EU taxpayers' money has now replaced the debts to EU banks.
What else can I help you with?
What statement on you.s. tariff in the 1930s in the most accurate?
the reipical trade
What statement is most accurate regarding the Mayflower Compact?
A near-mutiny just before landing necessitated the writing and signing of the Mayflower Compact.
How did The bailout of Greece and failing economy was negotiated by?
The bailout of Greece, primarily negotiated by the European Union, the European Central Bank, and the International Monetary Fund, involved multiple financial assistance packages aimed at stabilizing the Greek economy. The negotiations were marked by intense discussions over austerity measures, structural reforms, and fiscal targets that Greece had to implement in exchange for the financial aid. Key political leaders, including German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras, played significant roles in shaping the terms of the agreements, which often led to public protests and political tensions within Greece. Ultimately, the negotiations sought to prevent a potential exit of Greece from the Eurozone while addressing its crippling debt crisis.
What is required of Congress to publish a statement of all expenditures and income?
Reports of the living costs, non-priority debts, priority debts and income are required of the Congress to publish a statement of all expenditures and income.
Which of the following is not an accurate statement about Slave Spirituals?
If it's there, the one that says: "They were written for countertenor and mouth organ".
What reflects an accurate argument in favor of a command economy?
Which statement reflects an accurate argument in favor of a command economy
What type of economy system does Greece have?
Greece has a Capilatist Economy.
Which statement is most accurate about the economy of the US during the 1970s and early 1980s?
Question is incomplete. No answer possible without more details.
What type of economy does Greece have?
Capilatist Economy (:
How is greece's economy different form Italy's economy?
Italy has fewer foreign debts and is much better than Greece's economy. Greece accounts for less than 2 per cent of the EU economy.
How accurate was horaces comment Greece has conquered her rude conqueror?
What Horace was referring to was the fact that the Romans had conquered Greece, but the Greek culture had been adopted in the process, overcoming the Roman. It is a correct statement, if it is taken as metaphor.
How accurate Horace's comment that Greece has conquered her rude conqueror?
What Horace was referring to was the fact that the Romans had conquered Greece, but the Greek culture had been adopted in the process, overcoming the Roman. It is a correct statement, if it is taken as metaphor.
Is Greece market or command economy?
Market economy
What type of economic system does Greece have?
Greece is a capitalist economy
What did greece's economy heavily rely on?
Because of Greece's location, it relied mostly on fishing and trading. Nowadays, Greece's economy depends heavily on shipping and tourism.
How accurate was horace's comment that Greece has conquered her rude conqueror?
What Horace was referring to was the fact that the Romans had conquered Greece, but the Greek culture had been adopted in the process, overcoming the Roman. It is a correct statement, if it is taken as metaphor.
How did the location of Greece help its economy?
because it does
