What is the financial crisis in Greece?

And also, what do you think are some reasons that led to the crisis?





All I know about it is that the value of the Euro currency is declining,


and that other nations in the European Union along with the International Monetary


Fund are giving them loans to pay off their debt.





According to CNN, this was caused by "years of unrestrained spending, cheap lending and failure to implement financial reforms left Greece badly exposed when the global economic downturn struck. This whisked away a curtain of partly fiddled statistics to reveal debt levels and deficits that exceeded limits set by the eurozone."





What are your thoughts? :)|||From the bondholder's perspective, it's an investment completely guaranteed by the U.S. and German taxpayer.|||sounds like they had it coming





it would be much harder on the eu if greece goes bankrupt, so they have to bail them out|||I am Belgian but have been living in Greece since 25 years and as long as I can remember this country has been mismanaged. Corruption,favoritism,plain steeling, tax evasion by the rich, you name it. Everybody complained but nobody tried to do something about it. I cannot say I did not see it coming,because I did for a very long time now.


This country has been ruled by a few very influential families and a club of "Golden Boys" who made money on the back of the Middle Class. The poor are just too poor to take anything away from them anymore.


The country has a plague of Civil Servants, who sit around and do absolutely nothing. Greece with a fourth of the population of France has almost as many as the latter. This has been costing the country enormous amounts of money, but each time before the elections thousands are promised a government-job, if they vote for one party or another.


This is just one example, there are too many to enumerate. Most of the dirt is coming to the surface now and trials will be held. I just hope that for once justice will be done, though I am not counting too much on it. We are all paying a high price for the "brigandage" of a few and I hope it will be a lesson for the generations of young Greeks to come.


Hope this gives you an idea of the nature of the problem.