A country, that is approximately the same size as the state of Alabama, is now causing a global uproar in what was once a stable economy. Greece's economic crisis does not only affect their country but it effects the entire European Union (E.U.) and every country that have money invested in them. Knowing all the facts though helps us understand what is really going on in their country and how it will affect the rest of the world. The more people know about how this happened, and what they are doing to prevent this downfall. The more prepared the world will be for whatever may happen to this once stable country. Greece was the twelfth country to join the European Union on their single currency, the Euro ("Greece Joins" para. 1). .
After they joined though, many countries in the European Union became worried about their decision to let them in. Financial markets might start to think that they are allowing weaker economies in without complying fully with membership conditions ("Greece Joins" para. 12). "They have seen the tough decisions they have to make in order to qualify for EU and euro membership. At the same time, it shows that the EU decision makers can be somewhat lenient towards aspiring euro countries" ("Greece Joins" para. 22). Especially after Greece's economy started to spiral down, many became concerned, "Should the future of the European Union, and perhaps of NATO too, be put at risk by the communal quarrels of a small, East Mediterranean country?" ("The Thorn" para. 2). As crazy as that might sound, it is becoming more and more likely to happen. Then the question came about of how did Greece get to be so far behind in their debt and now is threatening the stability of the world's economy. .
What really led to this were their years of uncontrolled spending, cheap lending, and failure to make financial reforms. This pulled back a curtain of slightly meddled with statistics to reveal debt levels that exceeded limits set by the Eurozone ("Greece's Financial" para.
