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September 16, 2018

Maladministration, overspending, cronyism, and statism over a period of decades made Greece the weakest link in the Eurozone when the world financial crisis hit Europe in 2009. To avoid a chaotic default and an exit from the European system, Greece had no alternative but to accept bailouts offered by the EU and the IMF in exchange for austerity measures and structural reforms. The third and final one expired on August 20, 2018. The day after finds Greece with relatively stable public finances but unable to immediately regain market confidence. Above all, the tendency of politicians to put their political interest above the national one remains even as the society is suffocating from social problems and is pessimistic about the future.

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