Home » The Greek Debt Crisis – 5 Minute History Lesson financial crisis 2008 explained

The Greek Debt Crisis – 5 Minute History Lesson financial crisis 2008 explained

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The Greek Debt Crisis was one of the more recent economic disasters that required three bailouts. While Greece is far from out of the woods, here’s a brief history lesson on what happened.

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The Greek Debt Crisis - 5 Minute History Lesson

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The Greek Debt Crisis – 5 Minute History Lesson
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44 thoughts on “The Greek Debt Crisis – 5 Minute History Lesson financial crisis 2008 explained”

  1. Imagine thinking raising taxes will give you a budget with sufficit. The commie block basically did what Greece did for forty years… The only reason their economies is not standing on its had right now because that they had such a low GDP, and their high debt to GDP ratio was a managable nominal sum after the introduction of capitalist economy.

  2. all the money went to the politicians they are so rotten its discusting they still get more money in a month than 10 families get in a year its just rotten

  3. all this wouldnt never be a thing if we never changed currency , if we never accepted refuges inside our country and lastly but most importantly if our politicians were good and not liars

  4. as an Egyptian, I can totally relate to Greeks not only because we have massive relations in our history but we also suffered the ruling of corrupt governments for so long Don't worry Greece Egypt is with you.

  5. It was Europes' fault from the first hand,They were giving money to us cause they knew we wouldnt play them back,then they claimed that they will save us from those depts and they made us worse,they didnt try to save us at any point,so thats so untrue,the goverment gave us the chance to vote YES or NO to the Europes's in 2015 help,people voted by 65-70% to say NO at all costs to Europe,NO at further ''save actions'' and NO more money from EU..And our goverment back then just said YES..They turned No into YES!Europe is behind all that.Noone wanted to save us,Germany just wanted to be our ''King'',simple as that.

  6. The great paradox is that a very big portion of Greece’s population (especially those living in the countryside) can enjoy standards of living that most of the people would kill for.

  7. Do you sincerely enjoy your occupation? Oh boy, you will have the chance of working up to the age of 67-80 because you will not be able to fulfill the criteria of getting a pension in an earlier stage of your life. Isn't that simply wonderful?

  8. It isn't just that. For the last 20 years Greece has been ruled by traitors. When we had a big fire in 2019 Alexis tsipras rather than saying something about the situation, posted a photo on his yacht. Plus we didn't need the Euro. England kept their coin so why couldn't we do the same?

    Another problem is that if the pay cuts were bigger and the taxes were bigger, all of this would have ended by now. But now, rather than let us live 4-5 years in huge crisis, they make us slowly die, suffer and then we will reach a point where that huge crisis I said is gonna be normal for many years.

  9. This video misses the mark by a mile. The root of the problem with Greece joining the euro was that greek industry wasn’t competitive and folded with unrestricted competition from EU. After that came the budget problems when jobs disappeared, inability to provide stimulus, forced austerity that further killed the consumption power and last remnants of domestic production and the things covered in the video.

  10. Thanks to Lloyd Blankfein, the year they implemented the currency swap for Greece, Goldman Sachs got significant boost in revenues for their services, in 2001 changes in bond yield due to sept 11 attacks doubled greek's debt coz of the formula they used to do the swap

  11. It's infuriating to see clueless idiots here trying to blame others, or "big businesses" etc. about the crisis. As a Greek, I can inform you that the only one to blame is ourselves. As a people, the Greeks never asked for a cut in the government budgets, never asked for pensions to be lowered, never asked for the economy to be liberalised, never asked for the public sector to be lowered. We always just asked for more, voting the politicians that expressed us as a people. In a REPUBLIC the CITIZENS have RESPONSIBILITIES. There were politicians that addressed the problems of the economy and their true solutions, and do you know what happened to theme? They were put aside, considered hazardologists and became extremely unpopular. EVERY SINGLE Greek knew that reforms had to be taken, but no-one wanted them, so that their precious overly generous pension wasn't lowered. For the crisis, the responsibility lies in the hands of every Greek who isn't a child, and unless we realise that, we are going to be stuck in this endless cycle of populism and bankruptcy. So don't listen to the idiots who say that the Greeks "did not deserve austerity". We bloody well deserved it and unless we grow a brain and make the necessary reforms, nothing will change. It won't be the politicians' fault, not the Germans' fault, not the banks' fault. It'll be our fault.

  12. This is where Finland is headed… Our incompetent government only takes loans and doesn't even try to cut expenses. We've been living by taking debt last 14 years…

  13. The Greece’s debt crisis was with the Central Banks in Europe. Thanks to China Greece is back on track with Chinas BRI (Belt and road Initiative). with their high technology run Sea Ports.

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