Understanding the Greek deficit and its impact on the Euro

Hello there, gang. So, there is some economic turmoil in the Balkans, and as inquisitive learners and future leaders of the world, it is our job to better understand this phenomenon and acknowledge how this might affect other regions of the world. This is geography at its core. For this assignment you will read some current event articles from the New York Times and reflect upon the events transpiring in Europe.

First, go to: http://topics.nytimes.com/top/news/international/countriesandterritories/greece/index.html

This gives an overview of the economic debt crisis in Greece. Answer the following questions:

1. Greece’s president elect in 2009 asked for an international bailout. What does this mean exactly and why did he ask for this?




2. How much will this bailout essentially cost and who will pay for this? How will this affect the everyday European? How will this affect the everyday Greek citizen do you think?




3. The purpose of the EU is to bring unity to European nations. Do you think the handling of this is uniting Europe or will this create animosity towards the Grecian economy, leaders, and people?



4. Should Greece pay a penalty for this bailout? What is the purpose of the “Euro zone”?



5. What economic changes will occur in Greece and how do you think the people will react to this? Does this seem fair?



6. What is learned from this economic debt crisis? What does this mean/suggest to other regions/nations in the world?

7. How might foreign nations/regions/continents view the reaction to this crisis?