Europe News

What Are The Factors That Lead To Greece Crisis?

European economy, call the shots for Greece and it should be understood as an imposing instruction. Greece went bankrupt more than 100 years age and was compelled to dance to the tunes of the affluent nations over finances.

The wheel of economy took a reverse turn in the year 1898. At present communist party has in its favor 8 percent of the votes and confidence of the people who wish to enact tough measures to put the economy on track. The pressure on the country is from loan collector countries like UK, Germany, Russia, Hungary Austria and Italy.

Responsible officials from these countries are in Greece in the capacity of counselor, guide, and invigilator watchdog for loan recovery. Naturally getting loan is impossible for the local population. The cry for help enacted by Greece in April 2010 directed towards European Union and IMF brought about timely help of 110 billion Euros loan to churn the failing economy.

State funds have lopsided budget distribution directing a major junk for army modernization. In terms of figures it makes 33 percent of the budget beginning with the year 1830. Insolvency was admitted for the first time in 1893. The country has existed like this from the 19th century.

Corruption even in religious organizations is a way of life. The strong hold of Eastern Orthodox Church on patriotic feelings and the traditions laid down by Ottoman Empire resulted in feeble communities of citizens. Bureaucracy and the state suffered in their dealing with each other.

Attempts were made to bail out the population through public sector jobs but with civil service officials the corruption rose to newer heights and ideologies took the back seat even way back in1930s.The new philosophy is to put people on a hiked footing over and above the economy has cumuilated in national crises.

The unruly demonstrators are now equipped with petrol bombs, tear gas and other equipments to afflict, assail, invade and devastate public property as happened at the parliament building.

The demonstrators yelled for parliamentary robbers to make a public appearance. It resulted in low morale among the population as few people lost their lives. Austerity plan did not find many supports. Democracy as a system has taken a beating. Greece population remembers the last one decade when only money maid the mare go. The political power is without any principals. The anger is vented against misuse of public offices.

It is true since last Olympics the middle class segment enlarged and the poor of the poor had chance to come and work in cities. What is detested most is the middle man in all spheres of life acting as cronies. The appeal by public went unheard in all departments. Who will be paying back $145 billion loan taken from European Union and IMF; Government .has taken steps unacceptable to many such as reducing salaries of the public sector companies, increasing taxes etc? Recession is a common factor among all countries and GDP has fallen to all time low. Many see the fate of the country as self created. Austerity rule has created a lot of heart burning; hard work and humble salary.

JIT Mukherjii
After completing his MBA in Financial Management, he decided to shift to writing and took it as his full time career. Being the Editor-in-chief of this web magazine, he has got diverse interest in the field of politics and business related matters.

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