Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. The financial crisis was largely the result of structural problems that ignored the loss of tax revenues due to systematic tax evasion.
Greece's productivity was much less productive than other EU nations making Greek goods and services less competitive and plunging the nation into insurmountable debt during the global financial crisis.
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Investopedia does not include all offers available in the marketplace. Related Articles. National Debt Explained: History and Costs. Macroeconomics What Are Austerity Measures? Partner Links. Learn About the European Sovereign Debt Crisis The European debt crisis refers to the struggle faced by Eurozone countries in paying off debts they had accumulated over decades.
It began in and peaked between and Grexit Grexit, short for "Greek exit," refers to Greece's potential withdrawal from the eurozone and the reintroduction of the drachma as its currency. Fiscal Imbalance Definition Fiscal imbalance is a situation in which the future incomes streams for unit of government do not balance the future debt and spending obligations.
Investopedia is part of the Dotdash publishing family. This large, well-organized community cultivates close political and cultural ties with Greece. The U. The United States and Greece launched a Strategic Dialogue in December that focuses on the areas of regional cooperation, defense and security, trade and investment, energy, law enforcement and counterterrorism, and people-to-people ties.
The enhanced U. Greece celebrates its bicentennial in , and U. Greece is a member of the European Union and the Eurozone. In recent years, Greece has attracted investment by U. The top U. With stunted growth in their advanced country export markets and rising exchange rates, their industrial sectors could come under sharp pressure. Chinese currency policy will of course make matters worse as it will lead to more inflows into some of these economies especially Asian emerging markets as a proxy play on the renminbi and further worsen their external competitiveness position.
Global economic recovery: The turmoil in world currency and financial markets and a weakening of one of the key economic regions in the world could drag down global growth. It is difficult to envision the region making a significant positive contribution to world economic growth over this period. The US goal of doubling exports in the next five years is going to be greatly hindered by the dollar strength and weaker import demand from Europe, which is itself going to be looking to exports to pull itself out of the slump.
International monetary system: Governance reform at the IMF to give the emerging markets a more appropriate level of presentation, which is already moving along at just a glacial pace, could grind to a halt. The crisis has exposed deep fractures within Europe and the prospects of European countries coming together to consolidate their voting shares at the IMF now seems more remote than ever.
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