Greek/World economic crisis and Eurozone & its currency Barbara Kate 2415 Vasileios Bletsas 2471 Vasiliki Boulogeorgou 2473 Theodoros Tsiaousis 2542

Contents Introduction Greek crisis Effects of Greek economic crisis About Eurozone Greece in Eurozone The image of the Eurozone to Greeks Advantages and disadvantages of the euro The future of the euro

What is economic crisis? Is the phenomenon which can lead an economy away from the equilibrium and turn down the indicators of economic development. Greek crisis It started in 2010 when the budget deficit was higher than the previous year.

Effects Of Greek Crisis Unemployment Immigration Postponement of investments Deterioration of living Insecurity and uncertainty about the future Psychological disorders

Eurozone The official establishment was in The reasons which led to the establishment was mainly economic, political, social and cultural. Consists of 18 countries. It is considered the strongest union states worldwide until today. Greece in Eurozone Joined the EU in In 2002 drachma was replaced by the euro.

The image of the Eurozone to Greeks

Advantages of Euro Avoid exchange rate. Facilitating trade in goods and services. Feeling protection. Increased competition. Disadvantages of Euro Inability of monetary policy. Cost of transitioning to a single currency. The time spent on adapting to the new currency.

The future of the euro The objective of monetary union was to create European economies which would be substantially similar. That did not work because some countries have failed to comply and raised doubts about the survival of the euro. Only time will tell if the European Union succeed!

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