Greece Crisis

Contents
Introduction ...............................................................................................................................1
Greece’s Debt Crisis: Background.............................................................................................2
Build-Up to the Current Crisis...............................................................................................     2
Outbreak of the Current Crisis...............................................................................................3
Possible Causes of the Crisis .......................................................................................................4
Domestic Factors ..................................................................................................................4
High Government Spending and Weak Government Revenues ........................................4
Structural Policies and Declining International Competitiveness......................................5
International Factors .............................................................................................................5
Increased Access to Capital at Low Interest Rates............................................................5
Issues with EU Rules Enforcement..................................................................................6
Addressing the Crisis: Progress to Date.......................................................................................7
Greek Domestic Policy Responses ........................................................................................7
Fiscal Austerity ...............................................................................................................7
Structural Reforms ..........................................................................................................8
Financial Assistance from the Eurozone Member States ......................................................10... [continues]

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