Economic Crisis Essay

Submitted By azeez18
Words: 622
Pages: 3

* Introduction
Economic crisis in Greece affected to all EU countries. In this argument paper, I will define the economic crisis. Then, I will present a brief background about economic crisis in Greece. After that, I will give the two sides of this argument about whether European Union and Greece win or lose in this crisis. Finally, my opinion. * What’s economic crisis
Economic crisis is the sudden disruption occurs to the economic balance in a country or several countries. It calls in particular on the turmoil resulting from the imbalance between production and consumption. And the crisis are either fierce or slow, may be limited local impact a particular country or be a comprehensive overview of the several countries or the world at large, also known as a stop in the increase of prices of goods and services.( businessdictionary.com) * Causes of the economic crisis in Greece
1 - The laws of economic activity for the EU countries on the commitment of member states that the level of spending does not exceed 3% of GDP, while the level of spending in Greece more than 30% of GDP the year, and continued for several years, which led to the depletion of strategic reserves of cash and gold with the accumulation the debt. 2 - suffers the government sector of the slack and inflation the administrative staff as it reaches the increase in the career of more than 50%, and this is due to the nature of the culture of Greek society, because satisfy party members, relatives, and friends through works in official circles. 3 - Greece is a country incubator for thousands of immigrants seeking jobs. The majority of those immigrants engaged in their work the employee illegally. It call black work in Western Europe, because it does not fall under tax laws, and that means smuggling astronomical sums of money transfers formula secret and illegal by the foreign wage-earners in their families to their countries of origin. 4 - sapped the Olympic Games held in Athens in 2004 more than four billion dollars, and the organizers of the Greek side expect to get more revenue than was spent, but their expectations were unrealistic. However, it is adding deficit in the annual budget, which continued in the rise and is cumulative. * economic crisis in Greece who is the winner Anders Aslund in his book (The Last Shall Be the First, 2010) argues that this crisis advantage to the European Union. Western Europe must not fall into mistakes that Eastern Europe made it, therefore, delete the…