How the euro caused the Greek crisis

[raypretty]

For some reason I feel it's more complicated than this

[fanaticfreedom]

I've seen last minute high school assignments more informed than this

[jakob.k_design]

I like most Vox reports, but this one was BAD and innaccurate. You can not explain the Greek crisis in under three minutes, thats just impossible and the vdeo included some serius mistakes. It paint a wrong and simplified picture.

[yakinseahorse]

"Tax dollars"

You mean tax *euros*

[clevercat]

Think the origin of the Euro is a bit more complexed than it’s made out here.

[glaex]

No content at all. This video is equivalent to trying to reach that 1000 words on essay exam.

[bobing]

And now, a new episode of "Americans not even trying to figure out what's happening outside of America"

[mpogias]

It's not the euro's fault that Greece didn't increase its competitiveness levels while it had access to cheap credit. Instead, Greece's political elite mainly used Europe's financial programmes and cheap credit to do unecessary fiscal expansion, leading to huge budget deficits and consequently, debt.

This is coming from a Greek btw.

[korniliapasc]

Living in Greece and studying the economic history just a bit of it I can assure you that this video was probably made just to gain some views or in a way make fun of the concept of EE and not as a way of in depth research of the causes You could consider more statistics and the history as well as that as Greeks we based our whole economy on tourism

[lukaszepesi]

You explained why Greece is having a hard time recovering from the crisis but not what caused it. How greece got into the crisis is a different story. Most of the salaries were paid in cash and products were also bought in cash to misreport profits and evade taxes. At the same time everybody wanted a well paid government job and way more people were employed by the government than were actually needed and all were paid well. So there was not a ot of money coming in and a lot going out. They financed this for years by just borrowing money and put themselves in a huge debt and then it collapsed. That's how the crisis started the problems with the euro are also relevant but not the core cause.

[toolkit]

Sadly, the content in the video didn't match my expectations at all 😞

[AlejandroPerez-eqkp]

well the solution is obvious




we kick out Kentucky and Mississippi from the union.

[Hokumanga]

“You know what guys? Nobody remembers 2008 now. If we make this about how America does things right, I think we can safely use Greece's Crisis to pat ourselves in the back AND call Europe stupid at the same time.” —Matt Yglesias to the Vox Team.

[Exist]

"And you know, Europeans just don't feel that way" - saying something like that sounds like the situation was even remotely similar between Europe and US. But we are talking about different countries here. That's a very different deal compared to the united states, who have been united for several centuries.

I think I know why I never watched Vox-videos. Subtle pro-american propaganda is the last thing I need

[wyvernah]

i feel like this was just an introduction to some other video they didnt bother to produce

[dalicloud]

this is what i imagine went into making this video, "how can we inform our predominantly American audience about the serious economic and social issues behind the Eurozone?" "oo..oo!! lets use the framework of an SAT analogy and create a completely obscure analogy between dietary options like vegetarianism and dinner parties". "great idea!! love it!"

[lillyie]

Welcome to the comments where everyone becomes an economist

[IhsanMujdeci]

I'm not satisfied. With this explanation.

[RedCardinalLP]

This video was meant in a good way. But the Euro did not cause the Greek crisis. You see, other countries seem to overcome financial crises if they get enough help from other states. But the problem in Greece was that before they even joined the EU, they had too many problems already. Then, other countries lended money to Greece, but instead of using this money to change something, they just used it to survive a few years. You could compare it to a broken car. If someone lends you enough money, you should buy a new one. It is very new and expensive at once, but if you just keep fixing the broken parts on and on again, the car will never be in good condition and also at some point you pay more money for the total repairs than for a new car.

The problem in Greece is their tax system. If you start to build a house, you do not have to pay taxes for your house, as long as it isn't finished. So many Greeks built houses, but not finished them, e.g. not building the roof completely. That way, they do not need to pay taxes for it. That is why, at the point Greece got money, they should have fixed their weak tax system. If they did so, they would generate more money inside their country and wouldn't add so much debt. But because they did not change it, they are still in the red every year

[zeynabbbb]

This is the weirdest cliff hanger I've ever experienced.