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Economical recession in Greece


Nowadays, Greece has been starring as a central story in the news due to the fact that it is in the middle of an economical crisis and struggles to escape out of it. Recently, being at the margin of declaring bankruptcy Greece was forced to call for international help the IMF and the EU.
The dominant way of living in Greece was mainly based on loans, no matter what was the scale of reference. Individuals satisfying their commercial needs; companies struggling to expand themselves; the state striving to fit the holes in the budget; all were getting loans.
The economical crisis made more evident that the current lifestyle could not be sustained anymore. The mistrust against the Greek economy had already been risen along with the esoteric crisis of the political life. The undisclosed ways of administration which were encouraging the corruption; the voting criteria which were based on selfish targets; the lack of respect towards the regulations of the country; the bureaucracy; everything was calling for a change. This change is now forced upon Greece by external factors through the obligation to pay for the loans or suffer a economically misfortune life.
This forced change may have, generally speaking, two possible conclusions. It may contribute to a radical change of the dominant mentality which would prevent any similar outcome in the future or, in the pessimistic scenario, to lead to an even worse crisis through the social upset that has been created due to the painful economic measures.
Furthermore, we should not neglect that the current crisis pushes many people to look for opportunities abroad, resulting in an manpower hemorrhage as people in their youth prefer to live in a more predictable setting and which, in turn, causes even more troubles to the already problematic sector of the public insurance.
To summarize, the current negative publicity of Greece may seem as a reality in a distant world to a few. This distant reality though is what people in Greece are going through and has severe effects to the rest of the world as it is like a bell that rang about the way we manage our economies, particularly for other counties in the eurozone.


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