Abstract
This research focuses on the downfall of the Greek economy and the economic crisis it produced years after joining the European Union. By abandoning the drachma and adopting the euro, Greece lost the ability to devalue its currency during times of large national debt. If Greece had chosen to remain with the drachma, it may have increased its likelihood of escaping a national economic crisis, which has caused the unemployment rate to escalate and fueled public unrest. This paper will also address the cause of Greece’s debt, the assistance it received from Goldman Sachs and similar banks, as well as the resounding effects this has had on the rest of the members in the European Union who use the euro as their national currency.
Faculty Sponsors
Charles Harrington
Project Type
Event
Location
Alvin Sherman Library
Start Date
4-4-2014 1:00 PM
End Date
4-4-2014 5:30 PM
Devaluing the Drachma
Alvin Sherman Library
This research focuses on the downfall of the Greek economy and the economic crisis it produced years after joining the European Union. By abandoning the drachma and adopting the euro, Greece lost the ability to devalue its currency during times of large national debt. If Greece had chosen to remain with the drachma, it may have increased its likelihood of escaping a national economic crisis, which has caused the unemployment rate to escalate and fueled public unrest. This paper will also address the cause of Greece’s debt, the assistance it received from Goldman Sachs and similar banks, as well as the resounding effects this has had on the rest of the members in the European Union who use the euro as their national currency.
