What do you think of the greek debt restructuring agreement

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Reference no: EM133302825

Assignment:

The following short video from PBS NewsHour focuses on the depression in Greece in 2012, about one year from the worst part of the debt crisis (2013)

1. Discuss;

What do you think of the Greek debt restructuring agreement which was created by the IMF, the European Central Bank, and the European Commission and agreed to by the Greek government? Do you think the austerity measures that were imposed on Greece were too harsh (the austerity measures included cutting government spending to all sorts of government programs such as access to health care, cutting pensions for retirees and imposing higher taxes on citizens)?

Federal Reserve video on Greece and other country's debt

2. After learning a bit more about debt from the Federal Reserve video linked above, discuss the following question on the discussion board.

As of early 2020, Greece is no longer in a depression or even a recession. The Greek economy grew by 2 percent in 2018, and by 1.7 percent in 2017 after approximately ten years of depression. Greek GDP before the crisis was approximately 80 percent of Germany's GDP but now it only 55 percent. And unemployment has decreased somewhat from its height of 28 percent, but it remains about 18 percent ( a reasonably level of unemployment for a healthy economy is anything below 5 percent unemployment) So overall can we say the austerity plan worked or did not work?

3. Do you foresee the International Monetary Fund (IMF) and other major lenders such as China will be able to manage today's emerging debt crises in Lebanon, Sri Lanka, Egypt, Tunisia, Ukraine among other?

Reference no: EM133302825

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