The Ultimate Greek Tragedy: A Brief Story of Greece’s Financial Meltdown

Reality surpasses fiction. Heroes are actually human. It will all be ok in the end… or will it? There are not enough clichés to describe the recent story of Greece, center of the financial world crisis, threat to European stability and all-around drama worth of being sung by Homer.

It is not like no one saw it coming. Greece had been accumulating national debt for years before finally crashing in late 2009, when it reached a deficit of €300 billion.

On May 1st, 2010, George Papandreou’s Government approved a series of austerity measures, which included wage freezes, pension cuts and tax rises.  And then all hell broke loose, when people took the streets in protest and it turned out to be one of the
bloodiest public demonstrations Europe has recently seen.

Alas, Europe did not sit still and started planning a bailout rescue, with Germany and France to pay the biggest chunk of the loan. According to German Chancellor Angela Merkel, Greece’s austerity plans were too ambitious, and would spur over other troubled European countries. Simply put, “Europe’s future is at stake,” she said.

And as it turns out, Ms. Merkel was right. A year after the bailout, the initiative has fallen so short that Greece is running out of money yet again. Unemployment has risen over the gloomiest predictions, business are shutting by the dozen and consumer’s spend fell further than anticipated, cutting the country’s tax receipts. Greece is back at the brink, with potential calamitous consequences for Europe and the United States.

What to do when all fails? Take back the streets. Greeks have gotten back to the point where they left off, and brought a new wave of rage and riots.

BBC News Europe: Greek cuts spark further protests: Further protests are expected in Greece in response to the t... http://t.co/8noqKKmb
I feel like every time I looked at the news this year it read 'protests in #Greece'. That about sums up 2011 for me
@kasimfarah
Farah Kasim
Riots should be epic in Greece this week
@upsidetrader
UPSIDETRADER

While Greeks are doing their best to prompt a much needed plot twist, the rest of the world is by the edge of its seat, watching the drama unveil before their eyes. Some have offered possible solutions, others are pondering the plausible future scenarios, most are doing their very best not to scream at the screen.

Will Greece ever reach its happy ending?