The protracted crisis in Greece affected the economic position of its European partners and the entire eurozone as a whole. Greece's economic turmoil is rooted in structural flaws in the economy and irresponsible social policies. European countries are making joint efforts to resolve the systemic crisis in order to prevent Greece from leaving the euro area.
The crisis in Greece has debt roots. For a long time, the country used loans to implement ill-conceived social programs, as a result of which wages in the public sector, as well as social benefits, increased unreasonably. As a result of this policy of the government, Greece found itself in a debt trap, unable to pay off its obligations to creditors.
Following the recommendations of the international financial community, Greece nevertheless introduced savings in all spheres of social life. However, these measures were belated and only led to an aggravation of the situation in society. The result was riots, industrial strikes, all kinds of protests.
European Union experts are developing an action plan to overcome the crisis in Greece. The measures include removing internal market restrictions, simplifying company registration, and reducing the share of privileged professions. It is also planned to open the public sector for competition with private producers. However, Greece alone is no longer able to cope with the problems in the economy.
As long as Greece remains in the eurozone, the European Union will support it, said Jose Manuel Barroso, President of the European Commission, in one of his speeches. The condition for this is the fulfillment of the obligations developed by the united Europe and the International Monetary Fund. Special structural funds should become an instrument for financial assistance.
German Finance Minister Wolfgang Schäuble has promised that his government will consider additional measures to stimulate the Greek economy. For such assistance to be provided, it is necessary to ensure that financial support will be combined with radical changes in the structure of the economy and with the implementation of the planned reforms in the country. Experts believe that Germany, which has the strongest economy among the eurozone countries, will play a key role in overcoming the crisis that affected Greece.
