Why did Greece enter an economic crisis in 2008? What caused one of the biggest economic crises the western world has ever had to face? What possibilities and hopes are left for Greek citizens?
The Greek economy has been in deep crisis since 2008, with serious consequences for its citizens. In a short time, the situation deteriorated so much that the country became a systemic risk for the global economy. As a result, the population experienced drastic interventions and heavy cuts in many sectors, including health, welfare and pensions.
On 19 August 2011, a leading member of the Greek government branded many of the previously decided austerity measures as unnecessary. In the meantime, the population has had to face unprecedented restrictive impositions, stifled by wage cuts and unsustainable tax increases.
In this short essay we will address the crisis in Greece from the bottom up, explaining what the causes of the crisis are and what consequences the population has had to suffer. We will study the reasons that caused the crisis in Greece and we will explain what initiatives other countries have used to remedy similar difficult situations and to look to the future again with more hope and serenity.