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What does the Greek Crisis Mean? Consequences of the 2008 Sub-Prime Crisis
ISSN: 2178 - 8839
Publisher: author
What does the Greek Crisis Mean? Consequences of the 2008 Sub-Prime Crisis
Indexed in
Social Sciences
ARTICLE-FACTOR
1.3
Article Basics Score: 3
Article Transparency Score: 2
Article Operation Score: 2
Article Articles Score: 2
Article Accessibility Score: 2
SUBMIT PAPER ASK QUESTION
International Category Code (ICC):
ICC-0202
Publisher: Conjuntura Austral: Journal Of The Global South Internatio..
International Journal Address (IAA):
IAA.ZONE/217845428839
eISSN
:
2178 - 8839
VALID
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Abstract
The recent unfolding of the sub-prime crisis in Greece has shown that this has to last and its implications have many ramifications, some still unclear. The public debt of European countries is at the root of the process, strengthened by a voluntary submission of governments towards the big banks, investment funds and insurers. The debt stems from the low level of tax revenue, weak progressivity of direct fiscal capacity, embodied in the income tax, capital gains of business and tax evasion. The corruption of the government interferes in the process. The article asks why a country with such difficulty was in their accounts between 2005 and 2009 as one of the five largest importers of weapons from Europe. Plus, why the European Central Bank turned a blind eye to arms purchases. Overcoming the crisis will be painful and will hit mostly those who live from paycheck.
