The UK was downgraded by Moody’s Investors Service
recently, an expected occurrence with the country’s slow growth and steadily
increasing debt. All around the world, economies are struggling with similar
problems. The economic crash of 2008 resonated around the world, causing
problems in the United States, Iceland, and many more countries.
Greece had its own debt crisis throughout 2010 and 2011, and
riots are still commonplace as the country tries to find its way out of
bankruptcy. The Greek
economy was booming in the late nineties and early 2000s, but the
government soon found itself in serious debt as they continued heavy spending
even as the world economy slowed.
When the face of tourism and shipping changed with the
economy, Greece suddenly found that its once strong economy was rapidly
weakening and debt was piling up. The country’s credit rating was downgraded
first by Standard & Poor’s and later by other credit rating agencies.
Greece found itself in need of bailouts from the EU, which
are not given easily or without regulation. The government was forced to take
austerity measures that raised taxes and cut public spending in exchange for
the bailout. This sparked riots beginning in 2010.
Since then, Greece
has continually struggled to fight its way out of bankruptcy. Riots, some
peaceful and others violent, have taken place all around the country and are
particularly dangerous in Athens. Strikes, demonstrations, sit-ins,
occcupations, suicides, rioting, civil disobedience, and police violence have
all accompanied the recurring protests over how to deal with the economic
situation.
As U.S. government officials refuse to come to any sort of
agreement over how to deal with the economic situation here at home, Americans
are forced to sit, wait and wonder. If we are unable to get our debt under
control, things could easily continue to worsen for us—and though the Greek
riots seem alien now, they ought to serve as a warning for the U.S. to get its
act together.
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