Greek crisis concerning social justice

Abstract

Greece has been in a serious economic downfall since early 2010. Riots and protests began on May 5, 2010 and continue to today. This protest in early May was one of the largest protests in Greece's history where three people were killed. This led to more anxiety and unease about the economy and the future of Greece. Protests and riots were organized using social media and the Internet. Some were peaceful and some turned violent. The economic instability has extended to surrounding countries and threatens to upset the entire balance of the region. Greece has the 32nd largest economy in the world, making it a factor in the balance of other countries' economies. The main reasons for the economic downfall of Greece are that it had been spending too much and taking in too little and the effects of the conditions of joining the Eurozone.

As Greece was spending too much for over a decade, including going way over its budget for the 2004 Olympic Games, it decided to switch currencies from the drachma to the euro in January of 2001. This meant joining the Eurozone. The Eurozone is a collection of seventeen countries who have decided to use the Euro as their national currency. (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain) The conditions and policies that had to be met while joining the Eurozone hurt the Greek economy. Shortly after this, the global financial crisis hit which included larger economies such as the United States of America, hurting Greece's economy even more.