Understanding the Financial Crisis in Greece
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In which John Green discusses the history of Greece's deficit and debt problems, the challenges of adopting the Euro and living with the Eurozone's monetary policy, and the possibility of the so-called Grexit--a Greek exit from the Euro. Sources for this video: Anil Kashyap's Primer on the Greek Crisis: http://faculty.chicagobooth.edu/anil.kashyap/research/papers/A-Primer-on-the-Greek-Crisis_june29.pdf The New York Times' introduction: http://www.nytimes.com/interactive/2015/business/international/greece-debt-crisis-euro.html History of the European Debt Crisis: https://en.wikipedia.org/wiki/European_debt_crisis The Economist's excellent coverage of Greece, bailouts, debt woes, and how the banking system works now: http://www.economist.com/topics/greece and especially http://www.economist.com/blogs/freeexchange/2015/07/greeces-economy-under-capital-controls?zid=307&ah=5e80419d1bc9821ebe173f4f0f060a07 And thanks very much to Rosianna: https://www.youtube.com/user/missxrojas for all of her help gathering facts and images. All mistakes, as always, are my own. ---- Subscribe to our newsletter! http://nerdfighteria.com/newsletter/ And join the community at http://nerdfighteria.com http://effyeahnerdfighters.com Help transcribe videos - http://nerdfighteria.info John's twitter - http://twitter.com/johngreen John's tumblr - http://fishingboatproceeds.tumblr.com Hank's twitter - http://twitter.com/hankgreen Hank's tumblr - http://edwardspoonhands.tumblr.com
Comments
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Crisp and lucid..thank you! (y)
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Germany needs Greece, but Greece does not need Germany. Greece allows Germany to run a budget deficit while having a trade surplus because of the devaluation of the Euro. The loans largely go straight back as "repayments" to Germany, so they are printing money for themselves and then turning to Greece and saying you should run a surplus as well. Please use facts next time.
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whats happened since? updates?
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The EU, and globalism as a whole, is a failed experiment. It's time to pull the plug on it.
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Woah, who are you lol. You're like a celebrity!
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Is there a revolver on your table?
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Its called the central banking cartel and predatory lending practices.
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we voted a socialist party that said we will go back to drachma even if we go more poor but they didnt do that and then they did the referendum and we said no to eurozone austerity, we wanted drachma and again they dont allow us. our governments are controlled by the banks.
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Didn't Hypatia live in Egypt?
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future president
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HYPATIA.
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Greek poverty is overrated. They are not that poor.
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Who's Hank?
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Why so many jumpcuts?
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the Greek politics need to learn not to steal from their people . Also don't borrow if you can't fucking return back .
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you talk so fast
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watch in 2x speed You can thank me later lol
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A very interesting analysis, but one which does not take into account a very important factor in the Greek Crisis: the fact that reforms and cuts have NOT taken place. The main problem is that there have been huge hikes in taxation, no reforms and no revamping of the Greek state and economy (both of which combine the worst elements of croney capitalism, socialism and stateism). In fact, in all 3 Memorandums so far, an initial mix of 50-50% reforms and fiscal measures have been implemented as 5-95% reforms and fiscal equivalents (aka mostly taxes). More can be found here for those who are interested:
https://www.academia.edu/25738255/Monitoring_the_Memorandums_of_Understanding_signed_by_Greece -
Did this ever get resolved? What's the Grecian economy like now?
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The problem with Greece and a lot of Europe is 'Big Government' politics, whereby the size of the public sector is as large or even larger than the private sector - its about 50:50 in Greece. Its a trend across a lot of Europe and all of these countries are struggling because 'Big Government' leads to reduced competitiveness overall, high taxation, high unemployment, and a generation who rely heavily on the government for jobs and welfare.
As a result, politicians promise the citizens ever bigger social programs in order to become popular with the public and win elections, not for the long term prosperity of the country. The citizens then judge politicians on who offers the most! Bigger government leads to corruption and ever increasing debt > Interest.
In my opinion, government should be just for necessities, helping only those who cannot sort out their own issues else it will lead to serious economic stagnation, in worse cases recession and the collapse of society under its own weight.
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