Greece’s Debt Crisis (2008-2019): An Analysis

Abstract

The Greek crisis began in November 2009, triggered by the turmoil of the global Great Recession, structural weaknesses in the Greek economy, and a lack of monetary policy flexibility as a member of the Eurozone. Since that time, Greece's economy has started to deteriorate due to a growing debt load and an unmanageable deficit are having an impact on national security. Thus, this study examined the impact of the debt crisis on Greece’s national security by using secondary data from 2009 to 2018.This study has three objectives, namely examining (1) the factor that contributed to Greece’s debt crisis; (2) the impacts of Greece’s debt crisis on its security; and (3) the Greece's approach to overcome its debt crisis. By using a qualitative approach, secondary data from scientific material such as thesis, journal papers and online data were collected. The findings revealed (1) there are four factors that led to the debt crisis in Greece such as political, government expenditure and revenue, social and EU enforcement regulations; (2) other countries, including the US and the Eurozone, as well as Greece itself, have been impacted by the crisis' repercussions on social, economic, political, and security aspects; and (3) Greece had to go through a series of restructuring to be free of this debt crisis. This study concludes, due to poor administration, Greece's debt crisis has a negative impact on security, the economy, politics, and society. Even though there were numerous foreign interventions in the crisis, it didn't just affect Greece; it also impacted other countries like EU members and the US.