Ireland, Unlike the Majority of Countries Affected by the Euro Zone Crisis

As with our real estate crisis in mid 2000, Irish banks had to regain the weakness of the loan. This is the place where the government functions; the Irish government previously provided guarantees to six major Irish banks, which means bank losses are government losses. After the crash, the bank lost $ 100 billion, the unemployment rate rose from 4% to 14%, and Ireland turned from a surplus to 32% GDP deficit as the government provided guarantees to the bank. Bank losses continue to increase, credit ratings have continued to decline, but the Irish government has supported the European Union and the International Monetary Fund (IMF) to reach a "relief" agreement of € 67.5 billion ("euro") I had to ask for it.

In the past two years, the euro area has experienced frustrating controversy about the crisis management of the area now called the "euro zone crisis". The crisis began in Greece, Ireland, Portugal, Spain and recently spread to Italy. The ratings of sovereign bonds in these eurozone countries have been downgraded and concerns about financial defaults and borrowing costs are rising rapidly. The progress of these problems continues to threaten the economies of other euro area countries and ultimately continues to threaten the future of the euro.

Given the name "crisis in Europe", it does not mean that the current crisis in the euro area is limited to the euro area. The euro area has exerted enormous economic impact on a global scale and the regularity of the crisis spreading in each euro area suggests the importance of how it deals with this problem. Crisis exists not only as a result of sovereign debt and bank finance problems but also in the real economy of structural problems. The euro area needs to change financial and fiscal policy and how to manage the financial system.

Greece is part of the European Union and the EU consists of eurozone countries. Because of financial problems in Greece and Spain, Portugal, Ireland and Italy, the group is about to fall into fiscal collapse. This situation could destroy European continents as a whole and other countries. In this article, we detailed the economic development of Greece before and then become a part of the EU with currency status as the euro. We will introduce the economic situation in Greece, during the passage of the euro between 2000 and 2002 (after 2002) and on all the impacts related to the EU and the European countries as a whole.