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Why did they need an austerity program if they were fine?
by dantheman 8y ago
Why did they need an austerity program if they were fine?
- sgt101 8y agothe 2008 banking crisis caused credit to dry up, this caused a rise in debt costs which caused attention to focus on the greek economy which caused the fraud that allowed eurozone admission to become widely known which destroyed confidence in the greek administration which then turned to Europe who didn't help which destroyed confidence further.
- namdnay 8y agoExactly - the crisis exposed the fundamental issues in Greece. It didn't create them, though of course it made things worse (as for pretty much every country in the developed world)