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On the Greek economic crisis of 2009–2012: Fundamental causes and effects; future prospects for Greece and Eurozone

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Frangos C. C., Fragkos C. C., Hyz A.

Acta Universitatis Lodziensis. Folia Oeconomica

2012

vol. 273

The aim of this paper is to present the economic, social, political and moral causes and effects of the Greek debt crisis. The debt and deficit figures for Greece are presented. The causes of the crisis are: (a) corruption, (b) tax evasion and deposit of the stolen money in tax heavens (c) inefficiency of the public sector, (d) absence of transparency practices in the system of justice, in the areas of health, education, defense and labor, (e) excessive consumption habits of the Greeks, (f) lack of entrepreneurial and innovative spirit among the Greeks, (g) excessive debt and non-permissible budget deficit. The consequences are: (a) unemployment, (b) poverty, (c) social exclusion, (d) rising inequalities as it is shown by original research on Gini coefficient, (e) homelessness, (f) health problems, (g) rising suicide rate. Future prospects are: possible exclusion of Greece from Eurozone because of inability to repay debt and to reduce deficit.

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1 Acta Universitatis Lodziensis. Folia Oeconomica

1 Fragkos C. C.

1 Frangos C. C.

1 Hyz A.

1 2012

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On the Greek economic crisis of 2009–2012: Fundamental causes and effects; future prospects for Greece and Eurozone