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Monday, July 06, 2015

A decade of overspending: how Greece plunged into economic crisis

HS Papanikolis (S 120)How did Greece get into this state?

Greece was badly prepared for the 2008 financial crisis after a decade of overspending. In many ways, the weakness of its economy and public finances was akin to that of Spain, Ireland and Portugal, which also found themselves brutally exposed after 10 years of living beyond their means. Greece, though, was a special case, which was why in 2010 it became the first EU country to send a distress signal. Since then, Athens has struggled to piece together a deal with its lenders that allows the economy to recover.

Why did the government overspend?

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