On the Greek economic crisis of 2009–2012: Fundamental causes and effects; future prospects for Greece and Eurozone
Authors: Hyz, Alina 
Frangos, Christos 
Fragkos, Constantinos 
Publisher: Wydawnictwo Uniwersytetu Łódzkiego
Issue Date: 1-Jan-2012
Journal: Acta Universitatis Lodziensis. Folia Oeconomica 
Volume: 273
Abstract: 
The aim of this paper is to present the economic, social, political and moral causes and effects of the Greek debt crisis. The debt and deficit figures for Greece are presented. The causes of the crisis are: (a) corruption, (b) tax evasion and deposit of the stolen money in tax heavens (c) inefficiency of the public sector, (d) absence of transparency practices in the system of justice, in the areas of health, education, defense and labor, (e) excessive consumption habits of the Greeks, (f) lack of entrepreneurial and innovative spirit among the Greeks, (g) excessive debt and non-permissible budget deficit. The consequences are: (a) unemployment, (b) poverty, (c) social exclusion, (d) rising inequalities as it is shown by original research on Gini coefficient, (e) homelessness, (f) health problems, (g) rising suicide rate. Future prospects are: possible exclusion of Greece from Eurozone because of inability to repay debt and to reduce deficit.
URI: https://uniwacris.uniwa.gr/handle/3000/1039
Type: Article
Department: Department of Accounting and Finance 
School: School of Administrative, Economics and Social Sciences 
Affiliation: University of West Attica (UNIWA) 
Appears in Collections:Articles / Άρθρα

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