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Published in:
2011 | OriginalPaper | Chapter
Is Greece a Failing Developed State? Causes and Socio-economic Consequences of the Financial Crisis
Author : Harris Mylonas
Published in: The Konstantinos Karamanlis Institute for Democracy Yearbook 2011
Publisher: Springer Berlin Heidelberg
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Is the Greek crisis an isolated case or the first of a series of future failing developed states? The Greek financial crisis is not on the front page of the
Financial Times
anymore, but it is far from over. The financial crisis did not manifest itself in Greece alone. Ireland has also sought an equally large EU-IMF rescue plan. Portugal and Spain have been under the microscope of the media and credit rating institutions. Such other instances in the Eurozone’s periphery have repercussions for the currency as a whole as well as for the EU (Straubhaar, 2010). Greece, Ireland, Portugal and Spain are members of the Eurozone area, which means that they share the same currency with economic giants such as Germany and France.