Euro Zone and Greek Debt Crisis | UPSC Online Preparation with BYJU'S Prep Tablet

Greece is currently at a debt that can be measured as 170% of the annual GDP of the country. There is political and economic instability in the country. This video explains What the Greek Debt Crisis is, Historical and theoretical underpinnings of the Crisis, What are the potential options and solutions to the crisis. The relevant concepts such as Budgeting, Fiscal Policy, Fiscal Deficit, Current Account Deficit, Sovereign Debt, Borrowing, Bonds, the Domestic Market, the International Market required for a clear cut understanding of the Greek Debt crisis are also covered in this particular video. The various stages of creation of the Economic Union / Currency Union has been explained in the video. The criterion for a region to become a Optimum Currency Region (OCR), the Schuman Declaration, the Maastricht Treaty, establishment of the Europen Central Bank have also been discussed.