Greece is a small country in the continent of Europe. It is very prosperous with only 11.3 million people. However if you have notices it's all over the news about the country being in crisis. Greece went into bankruptcy for quite a few reasons =. Their governments is trying many ways to outcome this situation and also the continent. Plus I also learned many things myself out of this problem.
Greece went into bankruptcy for quite a few reasons. First reason is that the government employees have higher wages, many benefits, and higher salaries. Plus if you are a private sector employee you have liberal perks and benefits mandated by law. This leads into crisis because the government just gives money away whether you work or not. Another reason is you can retire after 35 year of service, 80% of the money goes to health plans, vacations, and other perks. This also leads to crisis because the employees get a benefit whether they work hard or vice versa. Another reason is they get t elect their own bosses. They also get bonuses for using computers, arriving on time, and doing outdoor work. They get 14 yearly checks fro 12 months and one extra pay during the fall and spring seasons. This leads to crisis because the government is just giving money for doing very basic and simple things.
The Greece government is doing man things to the country out of this crisis. They started to slash away at spending and has implemented austerity measures. This cuts the extra money going for employees for useless reasons. They hiked taxes on alcohol, tobacco, and fuel. They raised their retirement age by two years, pay cuts, and tough new evasion regulations. This helps because now the employees have to do work to get paid. Greece is also trying to get help from other nations.
I learned many things from this situation. The country doesn't need to have harsh rules and regulations because people can revolt back and factionalism can take place. I also learned that you can't have rules that are way too easy because people can take advantage. Plus the country might spend a lot than its income.
That was how Greece went into crisis. Their rules were too simple and people just got extra money than they really needed. That led the country to its position today.
Thank You and Have a wonderful day!!!
