The Greek Debt Crisis Explained | Epic Economics

This video was made possible by our Patreon community! ❤️

Enjoyed the video? Comment below! 💬
⭑ Enjoyed? Hit the like button! 👍

Follow EE on social media:

#Finance #Econ #EconomicsExplained

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏

The video you’re watching right now would not exist without the monthly support provided by our generous Patrons:

Morgon Goranson, Andy Potanin, Wicked Pilates, Tadeáš Ursíny, Logan, Angus Clydesdale, Michael G Harding, Hamad AL-Thani, Conrad Reuter, Tom Szuszai, Ryan Katz, Jack Doe, Igor Bazarny, Ronnie Henriksen, Irsal Mashhor, LT Marshall, Zara Armani, Bharath Chandra Sudheer, Dalton Flanagan, Andrew Harrison, Hispanidad, Michael Tan, Michael A. Dunn, Alex Gogan, Mariana Velasque, Bejomi, Sugga Daddy, Matthew Collinge, Kamar, Kekomod, Edward Flores, Brent Bohlken, Bobby Trusardi, Bryan Alvarez, EmptyMachine, Snuggle Boo Boo ThD, Christmas

[HodgeChris]

People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?

[pvlu]

So you want to tell us that the EU was not aware about Greece's altered financials? Like in 1999 you cant enter but 2002 you seem fine? Any alarm?

[rahulagg]

One thing this video missed. The bailout money didn't flow to the Greek govt. It flowed to the private creditors to the Greek govt. Greek govt wanted a restructuring of private debt. But it was refused. So ECB and IMF paid the Greek private creditors and then Greece came under a tough Austerity program dictated by the IMF.

[nood]

It seems like excessive dept and borrowing might be a bad thing.

[mkkillottu]

Greece dramatically improved its situation right now. Multiple foreign investments are coming into the Country and the public system became much more efficient than what it was 10 years ago. Now you can do whatever you need from the Government online in few clicks, a total u-turn compared to how many offices you had to visit with so many papers on your hands to get the same application done. Greece seems that learned from its mistakes and seeing more infrastructures, services, welfare and job opportunities out there, I can definitely say the sun will bright again!

[fanhe]

The Japanese bonds are denominated in local currency and held mostly by its own citizens. Japanese yen, as an international reserve currency and has a reputation of retaining values (deflation or very low inflation), enjoys the international market investment. Japanese central bank, which actively controls the yield, supports bonds prices and keeps the interest low.

[curiousfacts]

The quality of the editing is miles ahead of what you used to do before.

[jawadarif]

Can you do one on Spain and Portugal, Italy there were on a similar situation

[boian-inavov]

The issue was also that people got used to a lavish lifestyle for decades, so when the crisis hit people were devastated. In agriculture, which was one of Greece’s bigger industries, people would get EU subsidies from the government to plant certain crops and then because of a lower price to sell, they would choose to burn the crops to get more subsidies for the damages done. As someone who lived there even before the crisis, you would see people with their tractors one day and the next with a brand new Mercedes. I wonder how long they thought this would keep up.

[deyoswed]

Great content! Very pleasant narration, like a bedtime story... Just with economics 😅

[Rachelschneider]

With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125, 000 bond/stock portfolio.

[sd-chcq]

When using the drachme Greece was used to raising salaries and pensions 10-15% each year, which was barely enough to keep up with inflation.
Everything kept rising with the same percentage after switching to the euro, henceforth a typical government pension increased from something like €300 to €600 (which made it roughly the same level as german pensions, but Germany is a much wealthier nation). A big part of the austerity measures was slashing that back to €300. Which of course pissed of all the greeks.

[johndarid]

Although the video does sum up some of the causes, it does not mention the severe mistakes made by the European Comission and the IMF during the bailouts, worsening and prolonging the crisis. Also the measures imposed on Greece did not actually help with the economic recovery, not in the short neither the medium term, it only saved the European banks, who were (because of regulatory oversight or corruption) holding toxic assets and needed to unload them into public hands.

[harshgoyal]

Hi,
80 bn and 110 bn were committed for the first bailout but only 73 bn flowed to Greece. The source is the book "The Euro Experiment" by Paul Wallace, a European Economics Editor at The Economist.

[olli]

Why do people loan money so light heartedly. I wouldn't loan unless absolutely certain I'm going to get the money back.

[mappamondo]

The documentary Laboratory Greece (2019) is absolutely the best argumentation on this topic

[politisdimitrios]

Hi, thank you for the video. Quick question regarding the cost of the 2004 Olympics. No greek government has "bothered" to officially calculate the actual cost (due to corruption), the 9b is based on which estimation?

[victorakis]

Greece’s debt to gdp has been increasing and buying power decreasing, we keep getting more and more loans. 400 billion debt with a 175% debt to gdp (2022). How do you think this is going to end up? Greece’s economy is not self sustainable anymore, yet we recently got a new one. We are in creditors prison portrayed as stability and sooner or later a global crisis will come and it will decimate us.

[MJ-xljz]

The lesson is simple: don't live beyond your means, don't get indebted unnecessary, and spend money on the future to stay competitive. The crisis was self-made, and many countries haven't learned.

[arisaardi]

Yo Maren.!?
Kinda weird hearing a microbiologist explaining economics stuff but, nice seeing you here..