Effects of Global Financial Crisis on Greek Economy: Causes of Present Economic and Political Loss of Prestige
Assoc. Prof. Dr. Serdar ozturk1
Citation : Assoc. Prof. Dr. Serdar ozturk, Effects of Global Financial Crisis on Greek Economy: Causes of Present Economic and Political Loss of Prestige International Journal of Managerial Studies and Research 2015 , 3(6) : 26-35
The cause of global financial crisis in the world in 2007 - 2008 is the mortgage crisis in USA in August, 2007. The crisis caused an immense instability in markets and gradually became global. Effects of this crisis upon some countries such as Spain and Portugal were deeper and more destroying. Greece is one of these countries. It is seen that Greece has an economic structure consisting of high debt level, high budget deficit, low competitive power and unstable political structure. At the end of 2009, the political and economic crisis in Greece, which began as a debt crisis, turned out to be a Euro Zone crisis