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The state has a debt on its obligations. As a result it had to cut its costs. They have done that by lowering incomes (e.g. for civil servants). Many people protested. Production levels lowered. Final result was that the Greek economy got mixed up.
Trust is important in economics. Many corporations and banks didn't trust the Greek state anymore. This had a damaging effect on Greece's economy as well.
What else can I help you with?
What type of economy system does Greece have?
Greece has a 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.
What happened to the economy of the southern states as a result of the civil war?
The economy was completely destroyed
What After the war what happened to the economy of the US?
The primary thing that happened to the economy of the US after the war was a dramatic slowdown. This is a result of the halt to the manufacture of equipment needs for fighting.
What was the economy of Connecticut like in the 1700s?
it was the worst economy that ever happened to man kind jk
What type of economy system does Greece have?
Greece has a Capilatist Economy.
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.
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 did the location of Greece help its economy?
because it does
What did tourism do for Greece?
It helped the economy of the country.
What is true of Greece's relationship with the sea?
Shipbuilding is an important industry in Greece.
Who was the king of Greece when the war of troy happened?
Agamemnon, king of the city of Mycenae, not of Greece. .
What happened to Germany's economy after the holocaust?
Germany's economy inflated after the holocaust.
What happened to ancient Greece beggars?
They died
