Venizelos :
Now, here's the thing: the Greek governments between 1990 and 2009 constantly struggled to develop the Greek economy, and this wasn't a high-level plan. They relied on borrowing, and in a year I've forgotten, Greece abandoned its own currency and switched to the euro. It sounds logical, but the things they were exempt from were equally bad – inflation restructuring, interest rate adjustments, and currency exchange rate freedom. These are the essential elements that keep a country's economy afloat. When there's an economic crisis, you create artificial inflation, directing the public first towards imports and then exports, thus closing the trade deficit. But Greece couldn't do this, and the governments that remained in power from 1990 to 2009 constantly borrowed at low interest rates to develop the country. A civil servant's salary, which was $17,000 in 2008, rose to $24,000 by the end of 2009. After the government fell, the new government declared that the situation was out of control and they couldn't pay the debts. What does this mean? The countries they borrowed from can use Greece as if it were their own property. Now, because Greece is on the euro, Germany could also go bankrupt. France and others across the entire European continent, including Germany and other EU members, shouldered Greece's debt, leading to a debt ceiling and the loss of economic independence for Greece. Why is it projected to close in 2030? Because there's still outstanding debt, and the estimated closing year is shown as 2028-2029, which is absurd in my opinion. It might improve by 2036-2038, but regional crises aren't generally factored into significant economic reports.
2026-07-03 14:28:28