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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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44 comments

tuğrul16 08/09/2021 - 12:12 Sáng

Damn poor greece my naughbour country

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PAOKDAB 08/09/2021 - 12:12 Sáng

4:58 all people in Greece know that Tsipras is SHIT

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RefDarks 08/09/2021 - 12:12 Sáng

Both my parents are doctors in greece and they hardly make 5000€ a month

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Kristos 08/09/2021 - 12:12 Sáng

Greece: Finally! I'm independent and my economy is good!
EU: helo

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Alonso Bruni 08/09/2021 - 12:12 Sáng

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.

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spirospress@gmail.com1 08/09/2021 - 12:12 Sáng

siriza did this bruh we doing all good and that group destroy all the country
#TsiprasTheWorst

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أحمد علاء زرزور 08/09/2021 - 12:12 Sáng

just apply "what if analysis" in Excel … start with lower price then rise the price until get "goal"

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Razziel 08/09/2021 - 12:12 Sáng

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

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Antony André 08/09/2021 - 12:12 Sáng

How tf yall know all this shit? Μλκ παίζει αυτός να είναι κάτι σαν τα ΕΚΑΜ άλλα αμερικάνικα 😂

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R3APST3P 08/09/2021 - 12:12 Sáng

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

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Stavros Marios Sintihakis 08/09/2021 - 12:12 Sáng

where did you find that troika helped? I think is a mistake out there

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ath fere 08/09/2021 - 12:12 Sáng

Greek here: We are balls deep into dept, still today, and for many years to come

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Ahmed Ismail 08/09/2021 - 12:12 Sáng

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.

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Vanni 08/09/2021 - 12:12 Sáng

Wow

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panta rei 08/09/2021 - 12:12 Sáng

The IMF never saved any country, quite the opposite in fact.

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evoli 08/09/2021 - 12:12 Sáng

Awful explanation. Too fast and sounds so cheesy! First, you gotta calm down, we are a fast-food consumer!

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TheQ 08/09/2021 - 12:12 Sáng

Bail Greece out right….

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Helen Tsiligianni 08/09/2021 - 12:12 Sáng

That "OPA!" made me realize how often I use it lol. Other than that, great video, actually makes me wonder how my parents' generation managed to screw up that bad smh

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Dhmhtrhs G. 08/09/2021 - 12:12 Sáng

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.

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Greg Kostadinov 08/09/2021 - 12:12 Sáng

Unfortunately Bulgaria is going this path without learning from the greek debt history

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Greg Kostadinov 08/09/2021 - 12:12 Sáng

I am Bulgarian from a town near the Greek border, and I totally respect our Greek friends but this situation that their governments has led them into is very sad

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jemar's bar 08/09/2021 - 12:12 Sáng

Brings me back to hank green histories

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Alessio Tornatore 08/09/2021 - 12:12 Sáng

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.

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Tiki Tiki 08/09/2021 - 12:12 Sáng

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?

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Dalle 08/09/2021 - 12:12 Sáng

Covid didn't really help their case either.. seeing as most of their income comes from tourism.

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Guttulus 08/09/2021 - 12:12 Sáng

Yeah they wanted the bailout…. but didn't want to pay it back.

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Yare Yare tagare 08/09/2021 - 12:12 Sáng

This is extremelly innacurate

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the man the myth the legend 08/09/2021 - 12:12 Sáng

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.

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Jonathan Tan 08/09/2021 - 12:12 Sáng

I wish you were my economic lecturer

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ArmageddonC 08/09/2021 - 12:12 Sáng

Bro it's much worse than one in three Greeks. Take it from a Greek.

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Nikola Jevtic 08/09/2021 - 12:12 Sáng

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.

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Athanasios Matsolas 08/09/2021 - 12:12 Sáng

There's a lot that has been left out…like where the debt came from. No mention whatsoever about the Greek government being the guarantor to private banks loans that were never repaid.

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Red Sourbelts 08/09/2021 - 12:12 Sáng

You talk so fast I watch on 0.75. And it's still too fast ):

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Spartan Conscience 08/09/2021 - 12:12 Sáng

Greece will become great again when it leaves the EU and the euro. Then
it will honor its ancestors who fought for centuries to be free and
independent and not slaves.

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Mutaju Marobhe 08/09/2021 - 12:12 Sáng

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

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Bobstamaco 08/09/2021 - 12:12 Sáng

rip greece

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DailyTube 08/09/2021 - 12:12 Sáng

Bitcoin fixes this

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Obi Wan Kenobi 08/09/2021 - 12:12 Sáng

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.

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TheW89 08/09/2021 - 12:12 Sáng

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…

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musikklol6 08/09/2021 - 12:12 Sáng

can you do iceland next? 😀 and maybe spain?

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strawberry milkk 08/09/2021 - 12:12 Sáng

that background music really distracted me;;

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H Paul 08/09/2021 - 12:12 Sáng

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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vjk GroupBRC 08/09/2021 - 12:12 Sáng

Πάντως , έχουμε πολύ μεγάλη πλάκα … YOLO …

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Stephen Myles 08/09/2021 - 12:12 Sáng

I know this video is old but was that a Shaun of the Dead reference lol?

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