Greece and Neoliberal Economics

Questions and Answers

Greece stopped borrowing money for infrastructure

Greece joined the eurozone and adopted the euro (correct)

Greece hosted the 2004 Olympics

Greece eliminated all borders with the EU

It led to a significant economic boom

It caused Greece's economy to collapse (correct)

It allowed Greece to pay off its debts easily

It had no significant impact on Greece

Greece improved its overall currency value

Greece established stronger borders with the EU

Greece ended up with a significant amount of debt (correct)

Greece became economically independent

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Study Notes

Greece joined the EU in 1981, which led to the breakdown of barriers such as passports, visas, and license plates among member states.
The EU encouraged economic cooperation and collaboration among its member states, including Greece.
In 2001, Greece adopted the euro as its currency, replacing the drachma.
The Greek government borrowed heavily for infrastructure improvements, largely linked to hosting the 2004 Olympics, resulting in a large debt.
The 2007-2008 global financial crisis caused Greece's economy to collapse.
The IMF intervened to bailout Greece in exchange for imposing austerity measures.
Greece's economic crisis ultimately led to the country being forced to subscribe to the terms and conditions of the global financial market and other nations that could provide economic aid.

The Greek government's loss of control over its economy and financial decisions is an example of how neoliberal economics can threaten the sovereignty of a state.
The country's reliance on external aid and imposition of austerity measures by the IMF compromised its autonomy and self-governance.