Lessons from the Greek Economic Crisis : Infographic
Out of all the developed world economies affected by the global recession of 2008, none has been hurt more than Greece. With debts of $240 billion, an unemployment rate of 25% (more than 50% of young people) and a Heritage Foundation Index ranking on a par with many Third World economies, Greece has gone to the wall financially.
This infographic pinpoints how the Greek economy crashed so disastrously, as well as trying to pick out the key lessons learned from its’ misfortune. Low levels of competitiveness, an overvaluation of the drachma to the Euro and monetary policy that didn’t serve Greek interests all conspired to the country’s financial ruin. Simple measures such as setting realistic goals, not spending more than what was coming in and not being overly dependent on importing could have spared Greece from the turmoil in which it now finds itself.
This infographic from Eazy Cash analyses the Greek economic crisis, highlighting how its economy collapsed and what it could have done to prevent the crisis.