In which John Green discusses the history of Greece’s deficit and debt problems, the challenges of adopting the Euro and living with the Eurozone’s monetary policy, and the possibility of the so-called Grexit–a Greek exit from the Euro.
Sources for this video:
Anil Kashyap’s Primer on the Greek Crisis:
The New York Times’ introduction:
History of the European Debt Crisis:
The Economist’s excellent coverage of Greece, bailouts, debt woes, and how the banking system works now: and especially
And thanks very much to Rosianna: for all of her help gathering facts and images. All mistakes, as always, are my own.
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Great!
I spend a lot of time thinking about this video lately. God, help us all.
i wish you or hank would make a video about these unelected entities such as the E.U/UN/IMF/WHO and even things like Interpol. How did we end up with these world government entities??
Democracy at Stake? Organizational and Cognitional Challenges from the European Fiscal Crisis
Greece as a Case Study. Presentation-Conference: 1st Annual International Conference on European Studies and European Governance, 9-10/5/2014.
Organized by the Department of International and European Studies, UoM, Gr and Jean Monnet Chair
https://www.youtube.com/watch?v=GcNt6r-URqw
How much money you got to make this video
The economy runs on money if you give a few people the possibility to grab a huge amount of money.
The economy wil stop running.
Turns out the media would continue to come up with more equally horrific compound terms
Please give a solution
Greece was and pretty much always be, a failed State, this is why you or any analyst on this planet will always fail to understand the Greek financial problem. Analysts need numbers, and when the Greek Government announces numbers, all Greeks are laughing , because we all know that the Greek Government, or ANY GREEK GOVERNMENT will never be in position to measure the Greek economy. Unfortunately all money spend by EU and IMF has been used in order to save and not to eliminate corruption and since all planet funds corruption in Greece, the Greek nation has no chance to get rid of it. Greece could be a very stable and rich European Country but unfortunately wants to be a Crony middle eastern failed State.
Whoโs watching this during Covid and the first 5 seconds gave you ultimate anxiety
Watching through all your videos in a row from 2007 to now, it's given me a much more in-depth appreciation for those 12 years of history now in 2020. (and there's still 500+ videos to go, side note watching them all with an extension that restores annotation greatly increases the value)
The number one saying you reminded me of with this video is history repeats itself. A little while from now there will be Brexit, a British Exit from the EU. I thought that word seemed novel but with the benefit of hindsight from this wow they just take the first 2 letters of a place and slap exit after them.
Crisis in Greece is the result of fighting for independence from the Ottoman Turks. Greeks have shown they have failed to manage their country independently. If Greece was still under the Ottoman rule, they would have never experienced financial crisis.
outstanding. — speaking as an armchair economist who likes to talk about these things with my friends, and especially a big fan of varoufakis. anyway seems like a tremendous amount of information, and a very good introduction for someone who is interested. (and correct me if I am wrong, but the next chapter in the story, the "democracy" of Greece was not allowed to interfere with the "economics" of Europe and the leftist government was removed somehow?)
The EU is a part filled beaurocratic dream. Self perpetual, but an administration game, which makes wrong assumptions. 1. Money can be printed. 2. 27 countries will dance together. 3. Talking substitutes intelligence, and divergent needs. 4. Talking substitutes sound economy. 5. Talking is a great way to make people believe in the EU dream, when they can't pay the electric bills etc.
You nailed it. Just one point to add. Greece actually has again run out of options. As has Italy. And soon France. Printing money to loan, to create debt, to then print money to pay debt, is a fools PARADISE
The EU is a false economic structure. Its a political structure. It is a socialist dream, based on dreams of "we are all friends and buddies" but in reality it has been overwhelmed by its own dream. there are too many contradictions. So after Covid, either the EU infringes the Natioanl rights, and creates a single state, or it implodes. The UK has set the Italians off towards an ITALEXIT , which will actually finally destroy Italy, as it wont be able to pay the deficit with a new Lira. and then we are going to see a massive implosion.
and believe me Italy is next
Greece is almost a central state. Once it decided to not reform its institutions in the 1990s onwards, the EU handouts started a contorted system, more money, no way to pay back, no sustainable economy, lazy nation, no national business plan, more EU money, more "waste" (im being diplomatic" more loans, no industry or competitive services other than tourism to the sun….(the sun is free…) bloated and medieval public sector with crazy ideas, and more "waste" (the less i do the more the jobs i increase for my friends….) Go to work at 10.30 in the morning, sometimes…if you want….you cant be fired anyway. Greece is victim of a disease. Increase taxes to compensate tax avoidance. Thus killing the small industrial base. Its called many things but above all its called "socialism and lazyiness". After many years in Greece, you might….might do an hours work a day….on a good day. So who is the victim? all those who believed, and all those who didnt do anything about it. So the EU allowed it. Germany will now pay.
The problem in Greece is socialism. 75% income tax, 24% sales tax, 8 dollars for a gallon of gas. Visited there last year. Lots of poverty there. The most popular sport there is tax evasion.
The modern economist's peak of ideological distortion: blaming an economic crisis on tax evasion. I appreciate it is only presented as 'someone says'.
Greece keep blaming germany.the reality.is whole tragedy was self inflicted.politician keep promising social program they can not afford.
Surprised you havenโt talked about whatโs going on in America right now cmon !!!!
Bring back the monarch there not a politician. Look at the republic sorrounded by corrupt politician. That is the cursed.
2020 and the crisis continue , more brutal than before .. Noone pays the price of the made up crisis and the people get poorer and poorer day by day.. Greetings from Greece!
ุงูุง ุงุชูุงุชู ูู ุบุฑุณูๆไธญ้ไธชๆต็ฆปgreevegrewce
MALAKA!
I agree with all you had to say except your comment about the USA. Debt has to be paid off and if you are not getting more money than what you are spending to pay off your debt there will be crisis eventually.
Pls discuss Interest free islamic financial system..
The things are very simple. In greece we dont have democracy. Every goverment that we had since 1974(except a few situations) was taking actions against the people
In a simple clause: the "benefits" of socialism
whos hank?
Social services, food water shelter. They all look sick, consciences on health, of country inhabitants.
If Greece had its own currency, it would be like Argentina right now. Advice to young Greeks: Move.
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If you have problems with you skin
John sounds a little bit like Scott Heirman and a little bit like Collins Key
The poor always suffer the most. Always. No second chances. No support. No one to help. God bless you all.
The most important factor was hardly mentioned. Corruption. Corrupt politicians took huge loans from Germany in order to pay corrupt businessmen for infrastucture projects where lots of money dissapeared. Then the politicians and businessmen invested their stolen money in Germany and bought Mercedeses. Then this money went to very rich Germans. Then poor Greek people donโt want, or canโt, pay taxes to repay the loans that they got very little from. Then the German politicians tell poor Germans that the money was stolen by lazy Greeks and that they must do with less wages. Then the Germans are angry at the ยซlazy and crookedยป Greeks and the Greeks are angry at the greedy Germans. And rich corrupt people in both countries are very happy.
if you look back in history, greece was always in debt , not just 1990 to unknown..
Much more useful and precise insight than any news papers and biased media, by an american, kudos. So, 4 years later the leftists just bended the knee, nothing catastrophic hapenned (Grexit, uncontrolled collapse), except that Greece had lost liquidity injection opportunities. Markets do not trust leftists and champagne socialists, they trust liberal economies .