The Greek economy has been a noteworthy story for the past few months, many Americans wonder if this will affect the United States or the rest of the world. Firstly one must understand that this problem is not new, Greece has been in economic peril since the world wide economic crisis in 2008. After two bailouts and a restructuring of government spending and banking, the economy has not bounced back like the rest of Europe. However the Greek economy makes up only a small proportion of the European economy and an even smaller chunk of the global economy.
The economy has shown lately small steps forward which is promising, but the unemployment rate is still 25% and the country has a massive loan debt to payback for their bailouts. With all this said however, the European economy is actually growing more than anticipated and the world has now begun to focus on the Chinese economic problems, which actually has extensive economic ramifications. While the Greek economic calamity isn’t going away it doesn’t seem to have a large impact on the rest of the world. The stock market isn’t eyeing the recovery in Greece and the world economy will soon put Greece in the rearview mirror as China becomes the significant story to follow. So for the average citizen in America or throughout the rest of the world Greece is a sad story but its significance for the rest of the world seems inconsequential.
Levi Rattliff
http://www.nytimes.com/interactive/2015/business/international/greece-debt-crisis-euro.html?_r=0
http://www.usnews.com/news/business/articles/2015/09/08/eurozone-growth-this-year-revised-up-despite-greece-crisis
http://www.thestarphoenix.com/business/Eurozone+economy+resilient+despite+effect+Greek+crisis/11309632/story.html
The economy has shown lately small steps forward which is promising, but the unemployment rate is still 25% and the country has a massive loan debt to payback for their bailouts. With all this said however, the European economy is actually growing more than anticipated and the world has now begun to focus on the Chinese economic problems, which actually has extensive economic ramifications. While the Greek economic calamity isn’t going away it doesn’t seem to have a large impact on the rest of the world. The stock market isn’t eyeing the recovery in Greece and the world economy will soon put Greece in the rearview mirror as China becomes the significant story to follow. So for the average citizen in America or throughout the rest of the world Greece is a sad story but its significance for the rest of the world seems inconsequential.
Levi Rattliff
http://www.nytimes.com/interactive/2015/business/international/greece-debt-crisis-euro.html?_r=0
http://www.usnews.com/news/business/articles/2015/09/08/eurozone-growth-this-year-revised-up-despite-greece-crisis
http://www.thestarphoenix.com/business/Eurozone+economy+resilient+despite+effect+Greek+crisis/11309632/story.html