Ben Stallings

Professor McCampbell
English 101
December 18, 2015
Greeces Economic Standpoint (Revision)
The country that invented democracy now has a serious economic issue. The
people of Greece have a major unemployment crisis on their hands and is affecting more
than half the population. The people have been facing economic problems since the late
1990s and truly took off starting in 2007. With the current bank closing and the past
economic problems that Greece has had, the people of Greece faced financial hardships
during the bank closing as well as the years leading to it.
With the fall of Greece's economy in 2007, the job market in Greece began to
dwindle. In 2007 when the US stock market crashed other countries were hit but Greece
was influenced quite harshly. Starting from around 2008 Greece began to eliminate jobs
in order to pump money back into the economy to help pay off debt and the loans from
other countries. In 2012, Greece cut 15,000 state jobs as part of new austerity measures
(source c). In 2012 the prime minister Papademos stated that 150,000 jobs would be cut
in 2015. Due to Papademos being forced by the people, these job cuts didn't happen.
Unemployment rates continued to rise leaving many more in poverty and more angry at
the government. From 2013 to 2014, total unemployment rates went from 67.1% to
73.5%. The average unemployment rate for all of Europe was 49.3%. The people were
affected.
In the summer of 2015 Greece had to shut down its banks in order to feed money
back into the economy. The people of Greece were given a max amount of 60 per day.
This would limit their spending as well as payments. Along with this the government set
a ban on sending money electronically out of the country. By doing this Greece was able
to keep money in the country to try and bring themselves out of debt. This would impact

business and the people significantly since Greece imports over half its food and raw
materials (source E). This basically left the country with what it had. Greeces
government cut itself off to preserve the economy without thinking of the impact on the
people. Not only was food a major impact, but medical supplies were limited in hospitals
and pharmacies. This caused severe turmoil between the people and parliament.
The people of Greece were agitated with government and not supporting
them.Greeces government cut itself off to preserve the economy without thinking of the
impact on the people. The current job status is atrocious for the people. The citizens want
more funds to aid them and the government won't help. The current prime minister,
Alexis Tsipras, has a heavy financial background. His goal was fix the economy then
help the people get back into employment. Riots and protest have been going on for
awhile and the parliament still doesn't want to focus on unemployment and the overall
well being of the people.
Life since the entering of the Euro zone and the American stock market has been
quite a difficult toll on the people of Greece. With the unemployment rates still rising,
funds dwindling as well as other countries fearing supporting the country, the people of
Greece have suffered through a lot, both mentally and physically. Unemployment has
plagued the people with the ability to fund their families and this puts a significant
amount stress upon them. The people have protested government and its economic
decision and they have listened for the most part. The country and people of Greece are
somewhat stable point from the funds they received but they all still sit at the bottom of
an economic abyss(source A).

Works Cited
Source A
Melvin, Don. "Greece Debt Crisis: How Did It Get into Such a Fix? - CNN.com."
CNN. Cable News Network, 13 July 2015. Web. 24 Sept. 2015.
Source B
"Greeces Debt Crisis Explained." The New York Times. The New York Times, 21
Sept. 2015. Web. 24 Sept. 2015.

Source C
Kitsantonis, Niki, and David Jolly. "Greece to Eliminate 15,000 Government
Jobs." The New York Times. The New York Times, 06 Feb. 2012. Web. 04 Oct. 2015.

Source D
"Why There's Little Hope for Greece's Unemployed." The Telegraph. Telegraph
Media Group, n.d. Web. 04 Oct. 2015.
Source E
Robins-Early, Nick. "Here's How Ordinary Greeks Are Living With Closed Banks
And ATM Limits." The Huffington Post. TheHuffingtonPost.com, n.d. Web. 04 Oct. 2015