Greece: On the Road to Recovery?



Case Details Case Introduction 1 Case Introduction 2 Case Excerpts

Abstract

The case discusses the sovereign debt crisis Greece suffered after 2009. The unsustainable debt levels and the under reported fiscal deficit data pushed Greece to the verge of a default. However, the European Central Bank, European Commission, and the IMF came up with bailout packages to save the country from a default. But this brought in its wake a lot of austerity measures for the citizens which soon spurred protests throughout the country.

Greece enjoyed the confidence of investors around the globe after it entered the Eurozone and showed phenomenal growth rates between 2001 and 2008. However, after the 2008 financial crisis when credit was not easily accessible, Greece’s debt levels were exposed. The new government in 2009 said the earlier government had intentionally under reported the fiscal deficit figures. This announcement changed the fate of Greece.

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Issues

The case is structured to achieve the following teaching objectives:

  • Understand the formation of the Eurozone and the reasons behind the consistent attempts to create unity among the countries in Europe.
  • The benefits and problems associated with a common currency.
  • Study the economic history of Greece.
  • Analyze the importance and outcomes of Greece’s entry into the Eurozone.
  • Understand the main reasons for the economic crisis in Greece.
  • Understand the much talked about exit of Greece from the Eurozone.
  • Study how Greece slowly moved toward recovery

Contents
Introduction
The European Union
Greece In The Eurozone
The Crisis
The Response
Consequences Of The Crisis
The Grexit?
Revival On The Cards?
Exhibit

Keywords

Greece economy, Debt Crisis, Recession, European union, Eurozone debt crisis, Unemployment, Fiscal monitoring, Budget deficit, Recovery, GDP, Austerity Measures , Debt default, Political situation, Bailout package, GREXIT

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