Greece's Domestic Monetary Crisis

Greece’s Domestic Monetary Crisis
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Greece’s Domestic Monetary Crisis
Introduction
Greece has attracted most of the international countries since 1974 after the fall of dictatorship and introduction of third Greek republic in development of stable and merged democratic political system. Decision with power of the society (POSOK) in 1981has also created a center of attention hence dominating the Greek political scene in the period towards the thus resulting into a controversial duty of subject of scientific and debate analysis. In 2004, the Olympic Games provide the opportunity for affirmative response (Andreas, 2006. pg 8). Differently in 2008, the country started experiencing economic crisis. It became the talk of the country both in media and the academic circles since the bankruptcy buried aggravation and bitterness of the youths in the country (Challenges and prospects of South East European economies in the wake of the financial crisis: conference jointly organized by the Bank of Greece and the University of Oxford (SEESOX) : Athens, 16 October 2009.2010).
Mitsopoulos & Pelagidis (2011, Pg 14) argues that the present discussion debates concerns both the cause of the dilemma and the efficiency on how to adopt the path of the achievement. Greece’s present financial and economic problems have been caused by a merge of domestic and international factors. Locally, the government has been spending highly on its development with low taxation to its citizens. Corruption is not to mention since it has contributed to the governments arrears accumulation over the past years. Internationally, the country adopted Euros with slack enforcement of EU rule aiming at limiting the accumulation of debts (Lynn, 2011 pg 12-13).
Control of the Situation
Tickti (2011. Pg 6) asserts that to curb the financial crisis of the country, the Greek government is cutting short the salaries of civil servants, pensions of retirees and other public spending. This is forcing the growing number of Greek to spend little in their daily expenses hence reduction in gains, in most of the shops. For the last three years, the country’s official money is decreasing. European commission has approved the legislative package to control future economic crisis and reform Stability and growth pact. Legislative requires close management of member’s fiscal policies through warning and fines where possible to the members of the state.
Summary
Arestis. (2012. Pg 13) concludes that, Greek still remains in a critical financial position even though the government and the EU are working hard towards ensuring recovery and stability of the state. The government ought to increase the rate of youth employment in order to stabilize its economic status besides inducing high tax on its citizens.
References
Pantazopoulos A. (2006) Me tous Polites kata tou Laou. To PASOK tis neas Epochis,
With the Citizen against the People. The PASOK of the new ...