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Case
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Reference no. 214-061-1
Published by: IBS Center for Management Research
Published in: 2014

Abstract

The case discusses the sovereign debt crisis Greece suffered after 2009. The unsustainable debt levels and the under reported fiscal deficit data pushed Greece to the verge of a default. However, the European Central Bank, European Commission, and the IMF came up with bailout packages to save the country from a default. But this brought in its wake a lot of austerity measures for the citizens which soon spurred protests throughout the country. Greece enjoyed the confidence of investors around the globe after it entered the Eurozone and showed phenomenal growth rates between 2001 and 2008. However, after the 2008 financial crisis when credit was not easily accessible, Greece’s debt levels were exposed. The new government in 2009 said the earlier government had intentionally under reported the fiscal deficit figures. This announcement changed the fate of Greece. Analysts and economists around the world began discussing possible solutions, which included more aid along with severe austerity measures and even Greece’s exit from the Eurozone. As of mid-2014, the economy was showing signs of revival, but Greece still needed to find ways to remain buoyant.
Location:
Industry:
Size:
Very large
Other setting(s):
2001-2014

About

Abstract

The case discusses the sovereign debt crisis Greece suffered after 2009. The unsustainable debt levels and the under reported fiscal deficit data pushed Greece to the verge of a default. However, the European Central Bank, European Commission, and the IMF came up with bailout packages to save the country from a default. But this brought in its wake a lot of austerity measures for the citizens which soon spurred protests throughout the country. Greece enjoyed the confidence of investors around the globe after it entered the Eurozone and showed phenomenal growth rates between 2001 and 2008. However, after the 2008 financial crisis when credit was not easily accessible, Greece’s debt levels were exposed. The new government in 2009 said the earlier government had intentionally under reported the fiscal deficit figures. This announcement changed the fate of Greece. Analysts and economists around the world began discussing possible solutions, which included more aid along with severe austerity measures and even Greece’s exit from the Eurozone. As of mid-2014, the economy was showing signs of revival, but Greece still needed to find ways to remain buoyant.

Settings

Location:
Industry:
Size:
Very large
Other setting(s):
2001-2014

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