How The Greek Economic Crisis Will Affect Other European Countries
Mykonos, Santorini, Rhodes, Crete, Corfu or Samos - each of these famous Greek islands represents a great holiday destination
. Or at least it did up until the international economic crisis affected Greece. What used to be a genuine paradise for those eager to escape the boring and stressful daily activities has turned into the headquarters of social conflicts and financial disaster. The situation is so bad that it is very unlikely for the Olympian Gods to receive a great amount of guest in the immediate future.Unfortunately, nowadays you no longer hear tales about great vacations in Greece. Tourists no longer share great tales about local customs or hospitality. Actually, the only ones talking right now are the financial analysts. And, as usual, they have nothing good to say. They say, and unfortunately they are right, that Greece's flourishing economy is just a sweet memory. Greece's national debt exceeds 400 billion euro at the moment, it is bigger than the country's entire economy and some experts say that it will reach 120% of gross domestic product by this time next year.
But how did it happen? What managed to turn a prosperous country, with 15 million tourists every year and a flourishing economy into the headquarters of social conflicts and financial disaster? Well, the answer may vary, according to whom you ask. The causes go from unrestrained spending and cheap lending to the government's failure to implement financial reforms and, as some voices say, great administrative expenses.
One thing is for sure: the current situation, with the numerous strikes and terrible instability, Greece is no longer appealing to foreigners. Losing the income that tourists brought only worsened an already difficult situation. Greece's economy has collapsed and the country is undergoing social and financial turmoil. And the worst part is that its financial situation has pushed down the value of the euro against the dollar and it now threatens to affect the euro zone. One of the first and most obvious consequences is that investors planning to invest in euro zone countries such as Italy, Portugal or Spain will be scared off.
What will the effect of such measures be and how long will it take for it to show we can't possibly tell at this moment. One thing is for certain though: if things don't get better and soon, it's only a matter of time all Europeans will feel the effects of the Greek economic crisis. The reason for such a thing to happen is that its financial situation has pushed down the value of the euro against the dollar and therefore threatens to affect the euro zone. Basically, that means that investors planning to invest in euro zone countries such as Italy Portugal or Spain have been scared off because investments here are no longer safe.
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