The problem with Greece

“Today Greece is a small country of modest means and plays a minimal role in world affairs,” Don Nardo wrote in Classical Civilization: Greece, a Morgan Reynolds title.

And yet this country of 10 million people could possibly bring down what has been dubbed the euro zone.

In 2009, Greece entered a debt crisis it has yet to crawl out of. The New York Times reported, “The roots of the crisis go back to the strong euro and rock-bottom interest rates that prevailed for much of the past decade. Greece took advantage of this easy money to drive up borrowing by the country’s consumers and its government, which built up $400 billion in debt. When the global economy crumpled, those chickens came home to roost.” Basically, Greece spent way more than what was within its means to spend, and now its in trouble.

Now, according to the Associated Press, “The country has to repay a euro 14.5 billion bond in March–one that it can’t afford to pay.”

Now Greece’s leaders and the International Monetary Fund, European Central Bank, and European Commission are in the middle of trying to “fix” the economy.  Nothing has been settled, but a lot of talking has been done and is still going on.

Nardo wrote, “In ancient times . . . the Greek city-states and kingdoms long wielded great influence and stood at the forefront of the march of Western civilization. Not only did Greek rulers hold sway in large portions of southern Europe and the Middle East, the Greeks also in a very real sense laid the foundations of much of the political, artistic, and social culture taken for granted in Western countries…” Today, Greece’s fate is unknown, but the country’s situation is a sad reminder of what it once was long ago.

Adrianne Loggins
Associate Editor

To see just how much Greece has changed throughout its history, check out Classical Civilization: Greece by Don Nardo. (ISBN 9781599351735)

Published in: on January 27, 2012 at 12:41 pm  Leave a Comment