Article : Greece Crisis: All Is Not Well


Greece Crisis: All Is Not Well


Dr. Laila Memdani

The case, as the name suggests, discusses about the Greece Crisis. It discusses how it started, causes and its impact on the world in general and India in particular. The main cause for the crisis was lack of prudent fiscal policy and failure of common monetary and independent fiscal policy regime of Euro Zone. Government’s prime sources of utilisation of borrowings were to pay for the imports from abroad which were not offset by any exports. Trade deficits and the Budget of the government bubbled up during 2000’s and failure of the government in channelizing the borrowed funds to the productive arenas of investment to reap future growth ,leading to creation of competitive economy and creation of new resources to repay the debt.

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