Uzan, Gilbert. “Greece’s Debt Crisis.” Council on Foreign Relations, Council on Foreign Relations, https://www.cfr.org/timeline/greeces-debt-crisis-timeline.
Direct Quote: Greece receives its final loan from European creditors, completing a bailout program begun in 2015, the country’s third since 2010. In total, Greece now owes the EU and IMF roughly 290 billion euros ($330 billion), part of a public debt that has climbed to 180 percent of GDP.
Summary/My Interpretation: Greece in recent years has suffered one of the worst financial crises. In fact,experts often believe that the primary cause of the Greek financial crisis is the large sums of debt the nation accumulated immediately preceding its economic drop.
How I Plan To Use This In My Project: Overall, I hope to use what happened in Greece as a means to estimate both what the US future looks like as well as a tipping point at which the debt starts to significantly stifle economic growth. Specifically, I hope to talk about how the Greek financial situation became much worse when the nation reached a public debt to gdp ratio of 150%.
Leave a Reply