The Greek Crisis (Documentary Project for Global Economy 200 Class)
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This is an overview of the Greek Crisis that started in 2009 with an emphasis on the causes that have led the country to the brink of default. NO copyright infringement intended, all the material has been used for educational purposes only as part of a 10-minute student video project for the class of Global Economy 200 at Dickinson College. suggestion that you hear the video with earphones. produced by Avgi Chatzimpalioti, Sarthak Karki & Sion Kim Edited by Avgi Chatzimpalioti
Comments
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The Greeks were and are not lazy,it is their corrupt government that spent money like nuts and left the people to pay of the debt.
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the overall GDP showing the real debt.The problem is EVERYONE loaned Greece,Portugal,Spain,Ireland and Italy money.The ECB made damn sure that happened so they could say ‚‚Told ya so, you gotta give us total power over the EU so we can fix the economy``Their banking counterparts around the world will agree on a ``Solution``,which will be creating a World State,with a world army they could use to rule the world.The only solution is to KILL KILL KILL KILL KILL KILL KILL KILL KILL KILL AL THE BANKS
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against GDP...Well let me illustrate.If a country has a GDP of 1000 000 000 dollars,and a debt of 500 000 000,it has a debt of 50% GDP.If its GDP grows by another million,by one of its people buying a million dollar house,the nations debt is now still at 500 000 000 but that sum is now a quarter of GDP,allowing the government to borrow another 500 000 000.The homeowners debt doesn`t count to national debt.If the homeowners default this increases supply and cuts demand lowering its value reducing
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Well essentially,you are right,but that is the tip of the iceberg,the EU was seriously flawed from the start,I will explain how later.The states let the bankers decide how much credit the peripheral states needed.Needless to say they gave em to much.The people of the poorer states went crazy with cheap credit they got by getting into the EU causing a housing boom as people took out mortgages to buy houses which added to their value artificially boosting GDP.Since a nation`s debt is measured
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Not *what* led Greece to crisis but rather *who*. Answer is politicians who know nothing except bribing a spoiled people with unrealistic welfare for their votes.
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