The Economy of Greece

[@EconomicsExplained]

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[@michaelxz1305]

I'm not an economist but any lay person can see that the main problem is that Greece did not want to ditch the Euro. That's why they needed austerity. Lots of countries have economic crises but most of them (I mean not Argentina lol) quickly recover... why? because they have their own currency, free to devalue and become competitive again. But idiot greeks (at least the ones you see one TV being asked about the Euro) want to keep the Euro... what kind of masochism is that? same goes with the Scots and their independence ambitions - they want to become "independent" but keep the pound? huh?... that's not independence.

[@henrygustav7948]

Greece became a currency user and gave up its sovereign currency issuing powers.

[@georgetsakonas5635]

Greece accually produces some of the best fruits in the world, soil is very good and a huge variety of plants grow on it...

[@heavyaccept]

Most of the statements are correct, but: 1. Natural resources exists in Greece, such as aluminum, coal, gold, nickel, and oil, but we don't extract them due to environmental and leftist type of protests 2. We have agriculture and livestock,we can be self-sufficient, only islands have problems because of the dry soil (rock, dry soil as you mention in the video, the mainland Greece has enough farming for feeding and livestock for meat and dairy). 3. Also, another thing that is not mentioned, is that in the mainland we have ski resorts during the winter, so we can have tourism during summer at the beaches and during winter at the mountains.

[@heavyaccept]

@Ozymandias Nullifidian what do you think you know...

[@ericbacon8864]

This dude single handedly keeps the stock footage industry alive

[@Klra_Man]

Half as Interesting: Yeah.... Right

[@ingmar89]

Wendover...

[@idealicfool]

And here I am listening to him as I work out

[@johnnyjacuzzi7498]

@Dm Narayan Swamy Swamy thank you for your insight

[@chmesechmao8659]

Is that a compliment or an Insult?

[@AceDreamer]

As a Greek: *"i used to rule the world, seas would rise when i gave the word"* *"now in the morning i sleep alone, sweep the streets i used to own"*

[@pantelisvidakis9005]

Ε ΌΧΙ ΚΑΙ ΕΔΏ ΡΕ ΜΑΛΑΚΑ. ΤΟ 9GAG ΔΕ ΣΟΥ ΦΤΆΝΕΙ?

[@popai430]

@Ibbs 69 you mean jksadjkljlkasfjlkasdjkldsjlk ???

[@A.Froster]

Dude you are the same guy that posted on 9gag years ago , am i right ? I got out of that shit but i remember you being everywhere

[@A.Froster]

@Ibbs 69 of retards , ZULUL

[@AceDreamer]

@@A.Froster yep. and i'm still there i browse 9gag while watching yt

[@lucasalonso9006]

Greece: finally starting to leave the rock bottom... Coronavirus: Hey! there you are!

[@DeHerg]

Yeah I'm not looking forward to how the world/european economy is going to look like when everyone comes out of quarantine, but can't be helped.

[@seanmcmanus2777]

@@DeHerg Greece actually quarantined early. They have very few deaths

[@Ανδρεας-γ5δ]

@@seanmcmanus2777 Yes the crisis management is great but the economy will get a very huge hit from that missing tourist money that makes up around 20% of the Greek GDP. My hope is this situation will force the Greek gov to continue to make Greece more interesting for start ups and foreign investment so the economy stops relying on tourism so much.

[@theodoore]

Sean McManus Greece and Italy were two of the first countries to impose quarantine in Europe, coincidently, they are also going to be the two countries that will suffer the most from it. You see, Greece and Italy are economies that are heavily reliant on tourism, trade and manufacturing, sectors that will be hit very hard by global lockdowns. Tourism is almost inconceivable during these times, trade is limited, and manufacturing is blocked by confinement. Whereas certain economies such as Germany, France and the Netherlands rely on jobs that can be operated from home (mostly tech jobs) thus limiting the effects of lockdown, the Greek and Italian economies are not. A lot of people are not able to work from home in these countries in these times, so their economy will take a turn for the worst, as they are, at best, temporarily useless (economically speaking) and unemployable. A second factor to consider is the companies that employ these individuals. France, for example, is a country that is notorious for having big companies employ the majority of its citizens (for various reasons). Now these companies are unlikely to go down during the lockdown times, so when confinement is over, most citizens will still be employed. France is also a leftist socialist democracy and economy, where the state, partly owns and controls most of the companies in the country. In crisis times this is very useful, as the state will be able to force the big companies to keep their workers and avoid massive unemployment. It will do so by forcing the companies to take big losses and to pay them back themselves (more or less). As of today, the French state injected around 400billion euros since the start of the lockdown, and around 80% of workers are being partly payed by the state. This is why France will be able to economically tackle the crisis. Now Greece and Italy on the other hand, are more reliant on small locally based companies that will be very vulnerable during the crisis. The state will not be able to govern as efficiently as in France, and a lot of small, difficultly saveable companies will sadly go south, and cause mass unemployment and a spike in poverty. Because of this, the EU is undergoing a political crisis, as poorer southern countries that are harder hit are asking for financial help from the EU. But richer northern states such as Germany and the Netherlands are categorically refusing to help them, stating that it is their fault for having fragile economies, causing a real South/North conflict. That was until, crucially for the Southern states, several more neutral countries started heavily backing them, most notably France. The argument the French held was that, as an economical union, the EU needed solidarity, and that especially during these times of crisis, it was essential to all help each other out, especially when people’s lives are at stake, or the Union could collapse (Macron made a very interesting interview with the FT about this, please do watch it). With these interventions, the climate calmed down and now, Germany is ready to accept a Union wide plan that would be more beneficial to the southern economies. This is important because A) it means that the Union has solidarity and B) it means that the fragile Greek economy could be supported by much bigger and stable economies like the German or French one. Whether you see this as positive or negative thing is personal (and ressembles the Brexit debate) but overall it is important for smaller economies (or fragile ones) to know that they will be helped, as it would be very complicated for them to survive otherwise. If you read all of this, thanks, please do note it was heavily simplified, but feel free to share what you know as well, it is important to share knowledge, especially in these times of confusion.

[@georgerig7946]

@@Ανδρεας-γ5δ Our PM had engaged in talks with KSA and UAE,but that was before the virus even spread out of China

[@philshea7525]

Tax dodging is still the national past time . The concierge at my hotel is always delighted when I tell him I dont need a receipt

[@coffelt683]

My favorite is the classic "card reader is broken" even though it looks brand new lol.

[@todortodorov940]

And they still only pay Greek tax rates. Try Scandinavia with 25% VAT, average 50% income tax with a margin close to 60% and luxury tax on good, for example a Porsche Cayenne will cost you additional 150% luxury tax.

[@Jack-uy7ie]

My favourite is the fact they leave their buildings "unfinished" simply by having rebar sticking out of the roof as if they are adding another story. I believe a certain tax does not apply to buildings under construction.

[@IamThat00]

@@coffelt683 BTW there is a law that all stores are obliged to accept cards and refusing to do so is illegal.

[@lexsapla]

@@todortodorov940 This comparison actually explains why tax evasion is so incentivized in Greece. Tax rates are relatively close with Scandinavian countries (both categorized as high) all while salary for workers are 4-5 times lower. (60hr/week for 550€ after tax.) Taxation also influences living expenses such as food, rent etc. It's almost impossible to raise children in these conditions as a law abiding citizen.

[@SimplifiedFinanceSiFi]

"Brain drain" is also a major problem in the balkans. Countries like Bosnia or Serbia are expected to half their populations until 2050. Just try to imagine the economic effects of that

[@bunnyg1996g]

Simplified Crypto half their population? How will that happen

[@experience_point6233]

Yeah Balkans love to be slaves for Germany.

[@yin6287]

Brain Drain means everyone leave the country cause high taxes to live in another country

[@TheFred10000]

Never thought there was much brain down there to begin with

[@islamicschoolofmemestudies]

That would actually be good for bosnia to decrease their population. But in terms of "brain drain" the general IQ of the population would also needs to be lower. So in short Population decrease doesn't mean to be brain drain. If the population decreases but average IQ rise instead it would be beneficial for bosnia.

[@frafrafrafrafra]

Greece is one of the most beautiful nations in the world, and everyone should visit it at least once in their life. We Italians love to sometime spend our summer in Greece, we're brothers🇮🇹❤🇬🇷

[@costantinemf4207]

🇬🇷🇮🇹

[@stefmyt5062]

Una faccia una razza.

[@stefmyt5062]

@Ozymandias Heliogabal Nullifidian I think you mean, beautiful mountains, lakes, seas, islands, beaches, bitches, etc...

[@areosmithwagon9890]

@Ozymandias Heliogabal Nullifidian I think you mean spain

[@marpagapal3312]

Brothers in bankruptcy...

[@nahkoratan9673]

EE: " Greece: How not to run an economy" Venezuela: Am I a joke to you?

[@justicewarrior9187]

How not to let leftist politicians rule your country!

[@Ryan-si8om]

Justice Warrior Its not a matter of leftism. Both Venezuela and Norway are leftist countries with oil reserves. Venezuela was simply irresponsible with the oil money, while Norway was not.

[@jinosjourney5667]

dont forget the Venezuela is suffering the effects of sanctions

[@JustAnNPC69]

Justice Warrior im guessing you’re an American?

[@chenlee9835]

Governments around the world, "That's crazy talk!!!"

[@arandomwatcher7597]

As a greek teenager who has grown in the crisis, i aggre with everything in the video and i believe you did a great job, even thought you should have said more(but you couldn't, becauce the video would be an hour long). For example, the puplic sector had significantly grown before the crisis, thanks in part due to ρουσφέτια( basically polititians promising jobs in the public sector during election time in exchance for votes) And these workers were usually not really productive. Howerer, this is a great video and gives some valuable insight on what happend in my country.

[@hussey4826]

hopefully things will get better for y'all

[@warwickeng5491]

How big of an issue is corruption in Greece? Corruption has been the bane of the Med nations for decades

[@jonass9347]

Cut out of the Video, anti toursim after the crash - visited 3 times last time may (2006-)2010. Never want to again after that. Unwelcomed, cussed at(from random peps to personal) and generally not nice exp. Hope its better today.

[@seriousbees]

@@jonass9347 I went in 2019 and it was great

[@jonass9347]

@@seriousbees good to know, neither i wanted to offend, back than was a little rough. Anti France, German and stuff in media, Merkel with Hitler's mustache if i remember corect. But glad to hear! The country is beautiful.

[@s1mtl2mm98]

Greece: *suffering* Historians: Has Zeus been cheating on Hera again?

[@nenol.6844]

Underrated comment hahahahaha

[@utkarshg.bharti9714]

More like their modern religion is.

[@Lazymath007_]

🤣🤣🤣🤣

[@pablogomesoliveira2677]

@@utkarshg.bharti9714 what

[@jimboonie9885]

@@pablogomesoliveira2677 what

[@vasiliskalaitzis2484]

I am from Greece, I am one of the 8% of its population that was forced to move out in the last 8 years (most of that percentage comes from educated people around 20-30 years old) Greece prosperity is amazing and believe me, with all of its tourism,agriculture and innovative industries, it should have never fallen into its current state. Our country is ruled by mafia for the last 40 years and for personal gain they destroyed our agriculture and industrial theme and gain control of all the tourism income. Coruption is 10 times bigger than what the media tells you it is. The whole nation is working for these mafia families. But why we are still voting the same mafia families, you ask. Let me explain: The mafia consists of 4-5% of the population. They brided another 3% by giving them positions like judges, generals of police and army and other high paying and powerful jobs. In addition, they hired 35% of the population from young age to work on the public sector, rendering them useless and always in a state of fear that if they lose their job, they will never be able to be useful anywhere else (even when their salary dropped from 2k euro net to 650 euro net, they complaint but they are still supporting them with their vote due to fear of change and risking to lose their jobs). From all of the mentioned above, that will be at the very least 38% of the total voters, add another 3-4% from people that have small brain or are getting advantage of the corruptioness, 42%. If you have notice, 45-55% of the Greek voters are refussing to vote because (a) the odds are so much against them (b) there used to be a rule that if the 50% will not vote the whole system needs to take drastic changes but they dismissed that rule when that event took place, (c) they will find voters from abroad by giving citizenship to people who had never lived in Greece or lived there for 1-2 months only. So yes, these mafia families will always continue to get 85% of the votes from the people who actually goes to votes, and if they see a change, they will change the rules again. A very few events to better understand the corruption in Greece: - The static website of the government with expected cost of 650 euro, was bought with our taxes for 1.5 milions - The best friend of our leader Mitsotakis, was caught with a ship filled with tones of cocaine. Three months ago, the last witness was murdered. - Banks are selling loans with undefined period of payout. Uneducated people, like my dad, were paying the loans for decades, giving away three times the money that they received, until they realised the amount was not decreasing. That way, not only the banks are getting more money, but they also can claim money from the EU by saying they are reaching bankrupty, in addition to claim even more by our taxes + by selling the properties that have already been repaid. Banks are earning 4 times the expected income that way and keep the ability to continue complain - A man named Loverdos Stelakatos Christos sued Andromeda Group for poisoning fishes and people alike and exterminating many endagered species of the sea. The judges named him criminal for uncovering the truth, punished him for 10 years of prison and left the company unharmed. That's very very very few examples of our current state. Don't let media trick you, Greece is more corrupted than what is portaited to be right now.

[@nickl1803]

Άπειρο respect είπες όλη την αλήθεια

[@mikehudson8938]

I was all done by outside people --- the snakes of human life ------ exactly like South Africa was destroyed ----- and many others

[@mikehudson8938]

One of these days the snakes are going to eat each other and then good people will live without fear

[@carlosandleon]

Man what a shithole

[@carlosandleon]

@@mikehudson8938 Very specific buddy. "Snakes" ooooh. So scary.

[@absolutegamert2889]

Love to Greece from Bangladesh, may your economy flourish. You have so much potential.

[@emptychair3932]

congrats, you've single handedly saved Greece's debt crisis

[@potatoeskimos]

At this point, Bangladesh is going to surpass those Greeks.

[@dimos102]

Congrats from a Greek. I can't even comprehend how could someone produce such a spot-on analysis without having lived here for some years. Kudos!

[@RP-16]

Greece: I’m finally growing again :D Coronavirus: I’m about to end this nations whole growth...

[@xxironhidexx4255]

fucking true

[@Chill-yv4gg]

@@xxironhidexx4255 what? theres literally 3 cases of coronavirus how does that stump the nations growth lmao

[@xxironhidexx4255]

@@Chill-yv4gg 7 right now just wait 2-3 months

[@BearMeOut]

The virus is disrupting economy globally, not just Greece. But if your economy already vulnerable, it gonna hit really hard there

[@PlankShard]

@@Chill-yv4gg bet you regret saying that now

[@ieatcrayons408]

Can you do a Portuguese economy? It'd be interesting to see how things have played out compared to Greece given that they were both in the same situation with similar GDPs and population

[@seanmcmanus2777]

Didn't China bail them out

[@RodrigoroRex]

@@seanmcmanus2777 Youre mad! Never lol. We are still in serious debt. We are improving but it has nothing to do with china, FORTUNATELY. China is more interested in Africa

[@msdm83]

Portugal is very different. Portugal had pretty decent economic structure, which greece didnt.

[@casanova8762]

@@msdm83 🤣🤣

[@haikalabbas9539]

Ross as Germany is oddly fitting for his character

[@anastsi6767]

David Schwimmer is from Germany lol

[@FinnProp]

@@anastsi6767 From New York

[@michibraun3063]

@@anastsi6767 : German origin American from New York.

[@michibraun3063]

@@FinnProp : German origin American

[@DomiAngel]

12:50 As you said earlier Greece essentially has no industry it imports almost everything so if imports became more expensive that would destroy the Greek economy.

[@trentswag9324]

@S, Lianis I think you're taking the word "industry" out of context here, he's obviously referring to Greece's lack of industrial manufacturing capabilities. You're using the word as a synonym to "field" or even loosely, the word, "business"

[@DomiAngel]

@S, Lianis In my language we call it heavy industry which means factories making actual goods not hotels restaurants or shipping.

[@ManforSomeMarkets]

S, Lianis Tourism isn’t a value-added industry. It’s a good way to bring in foreign cash, but it doesn’t build institutional knowledge or encourage advance training and education of its people. Worse yet, tourist hotspots can become a focal point for crime and local corruption trying to get a few gallons of cash from the waterfall. In the worst case you’ll end up with cities built for 50,000 people having to absorb millions of temporary guest that will wreck local lifestyles and the environment. Tourism can compliment other industries, but not very good on its own.

[@ManforSomeMarkets]

S, Lianis Also the shipping industry is very dubious because of the layers of national and international maritime laws that make it easier to hold those profits abroad rather than let the money come home and be taxed. On top of that, the largest ship building companies are in Asia, making it simple for a player in China or Korea to slowly shorten the supply chain and run their own shipping fleets. The shipping and tourist industries are also sensitive to global volatility, meaning much higher highs and lower lows. No one wants Greece to fail, but it’s important to understand they have a weak hand atm.

[@Tzar1]

@Joakim von Anka Incontranced, my area considers mining and agriculture industry. I understand about the mining part, but I don't understand the agricultural part

[@dijidal]

"In order to destroy Democracy we must destroy the roots of Democracy."

[@starsoffyre]

No need for that, it's already been destroyed in most of the world.

[@ssik9460]

@@starsoffyre how exactly? And don’t scream commie

[@ipadair7345]

@@ssik9460 What about American Neo-Colonialism, and China's f*ked up diplomacy.

[@ssik9460]

@@ipadair7345 good point

[@ribbitgoesthedoglastnamehe4681]

@@ipadair7345 Roots of democracy is common voters who vote for good people and demand good, reliable service to the country, and vote for someone else if such expectations are not delivered. Today, people vote for exciting promises and reward pompous speeches.

[@charleschude12]

Before the crisis, the Greek people actually saved a high portion of their incomes. It was their government that incurred most of the debts.

[@matains88]

you mean the same people that protested the welfare and overall spending cuts and demanded the EU to keep financing their lazy asses? Greeks simply got used to spending more than they make.

[@callmeyang]

Mr. Hei Ren indeed. The EU is great for career politicians only.

[@Rynewulf]

@@matains88 Why is it whenever an untouchable government fucks up loads of people's lives, despite their best efforts (eg like the Greek people saving lots of their money but their government wrecking things) it's always the people, never the political masterminds that get blamed?

[@mariano98ify]

@@Rynewulf because are the people who vote to the politics, lol, honestly, Greece was better under the monarchy

[@Rynewulf]

@@mariano98ify Wasn't the monarchy gotten rid of almost a whole century ago? And spent most of it's time bogged down in pointless Balkan wars anyway? Somehow I get the feeling they're doing better than *that* time period

[@kareem.n7966]

Iam looking forward to visit greece when corona end love greece from egypt 🇪🇬 ❤🇬🇷

[@hamlet557]

❤❤❤

[@Mads_Vel]

Good video. I am 23 years old, and I have visited Greece 4-5 times. Most of the times with my family, with so many great memories as a kid, you know. One time with some friends, party-time. I have nothing ill to say of Greece. Most of them are honest. When we have lost valuables, they have delivered it to the nearest authority.

[@carlosrincon6017]

So, in a nutshell: The Argentina of Europe. They even share the same sporting colours.

[@manospapas5349]

A country that is a full member of NATO, the European Union and the Eurozone can never be like Argentina

[@rodrigoastinzatostado9766]

L A U G H S I N S P A N I S H

[@VergilDarkslayer]

i meannnn We both had juntas and failed cause of some islands 😂😂😂

[@bahattinkocak5878]

@Nikos hr richer than Russia and Turkey..? I don't know about Russia but Turkey is still the #19 biggest economy in the world without any help or aid from Europe or the West, despite it having suffered an economical crisis back in 2018. I know that 'cause I've lived here for 5 years now lol Just don't spread misinformation.

[@alexalekos]

@Nikos hr don't mind him, like lots of greeks he tries to overlook the obvious

[@AlbornozVEVO]

The whole “depreciating currency is good to revitalize an economy” thing is only as effective as the country’s economy itself can shortly maintain it. In the case of Greece, it could work but only due to its tourism industry, and even in those conditions it really only benefits those with higher purchasing power aka tourists. The only way it even begins to benefit the country at large is through industry tax revenue, but this limits businesses (which are already operating with a devalued currency). This ends up hurting the same businesses that are suppose to revamp the economy by “taking advantage” of the devalued currency.

[@Earthless_Rock]

Imagine you worked hard, and suddenly all your savings dropped to 50%.... If you were rich, and you are only half rich....

[@alexanderbogachev5030]

@@Earthless_Rock Rich people does not store money in the bank. They have it in investments. The only people who would be really bad from devaluing currency in Greece would be banks. Because money they loaned to population would devalue.

[@kingofbadgers3019]

Ur right a depreciated currency is less helpful for a services economy, but it would have greatly lowerd the costs and prices of shipping companies, and thus increased their sales. Ur also very wrong that the only way the money spent in increased tourism and shipping would help the economy is through tax receipts. Any spending in an economy would boost AD and have a multiplier effect, it dosn't matter if that comes from the government or from a foreign agent. The Greek government also owned a few ports (including sections of Athens'), and thus would have benefited directly from a shipping boost. A devaluation would also forced a Greek default on any debts (public or private), that are denominated in a foreign currency, and devalued those held in drachma. This would have allowed the Greek economy to focuses on fixing itself instead of having any recovery drained from it in payment to French and German banks that shouldn't have made the loans in the first place.

[@leftvassis]

Its not just that,most of the products in Greece are imported(~80%),which means the economical problem would only get bigger

[@markb4328]

From a tourism perspective there is a lot of competition; the whole Mediterranean area is just a few hours from pretty much anywhere else in Europe and low cost airlines like Ryanair and Easyjet are commonplace. The main problem with the Euro are that prices are typically the same wherever you go. I would love to visit Greece again but I can't justify it when instead I could go on holiday to Turkey; while there I could stay in a higher grade hotel for less money, eat out a lot more and really not have to worry about my budget. All while enjoying similar weather and beaches.

[@beback_]

I had no idea the Greek economy was so advanced. Love and respect from Iran! ❤️

[@nikthegreek4223]

Neither do we my friend.Cheers.

[@sharefactor]

Advanced in incompetence, inefficiency and corruption.

[@nikthegreek4223]

@@sharefactor I would agree my friend... If it was only that.Where are you from just from curiosity?

[@lgiorgos1]

The only advanced thing is the commercial navy.

[@HelloIdkwhatname]

Kinda made me laugh

[@ImSquiggs]

You know you've been in better shape when the analogy for your economy is Joey from Friends, haha.

[@emmettharhen2572]

You should do a video on Ireland’s Economy 🇮🇪

[@Dear_Mr._Isaiah_Deringer]

In that regard the interesting bit would be the transformation of the Irish economy in the past 30(-40) years.

[@DolphR]

It would be all about potatoes so not very interesting

[@warwickeng5491]

Ireland got hit hard by the crisis, but its recovery has been pretty impressive tbh

[@kfeiglordlolyou5554]

Ah yes, the land of tax evasion

[@Chuckakhan]

The Great Autizmo royally fucked by Brexit

[@eliasabdo5749]

Greece in 2020: “ just when I thought I was out, they pull me back in”

[@init_yeah]

Always wondered about this country

[@ioannislazaridis4887]

All African and Asian countries are like Greece , corrupted from the prime minister to the lower policeman. Cleaners at the palace of justice were arranging the delivery of envelopes full of money to the judges. People die in public hospitals because they don't have the " envelope " for the doctor so be operated. Police caught them and the judge send them free back to work !!!

[@potatoeskimos]

@@ioannislazaridis4887 I'm gonna correct you right there. Asian countries are by no means poor, East and Southeast Asian countries are much wealthier than South America, Africa, and Mediterranean countries. I don't know where you get the idea that Asian countries are poor or has the Economy of Greece.

[@BoleDaPole]

This false notion that westerners ( particularly white westerners) spew about corruption in Africa is simply NOT true. Africans have THOUSAND years of tradition of brotherhood and unity, just because there are a few rotten apples doenst mean the whole tree is rotten. Africa is and has been held back by western powers for HUNDREDS of years of exploitation,( literally slavery) . governments corruption is almost always due to a western countries or other outside bribery. The citizens are some of the most passionate and gentle I have ever meet so dont paint them all as corrupt.

[@marius8333]

@@BoleDaPole then why did africans still live in mud huts when the europeans arrived? High amounts of social trust and brotherhood accompanied by vast amounts of resources always mean great civilizations. Africa was a place og tribal warfare and suffering, it is getting bryter, but you have no tradition og brotherhood and trust. Please stop deluding yourself.

[@irbisae4964]

@@marius8333i sadly have to agree with you

[@nikvee6330]

It is very true that Greeks leave the country especially the young ones. I am 17 right now, when I finish uni in some years I am planning to move to the UK/US/AUS (i am looking for a stable, English speaking nation) and so are most of my friends. Also loving your Aussie accent mate!

[@s.n2269]

Hey! good luck.

[@ΓεωργιοςΚΛΑΝΟΒΑΣΙΛΟΚΑΝΕΛΟΠΟΥΛΙ]

I'll do the same when I graduate

[@sudipshettynoojjis7851]

AUS and USA is better

[@theconqueringram5295]

From what I understand Greece always had recurring economic problems since independence from the Ottoman Empire. Still, this video did a great job at explaining the post-2008 economy of Greece and I am glad that things are improving.

[@Hecatonicosachoron]

All countries have faced multiple serious crises in 200 years.

[@seneca983]

1:52 "doctors and lawyers and engineers" I think it's a bit weird to include lawyers in this (brain drain) category. Lawyers' skills and certifications are usually pretty country-specific and thus they can't so easily just seek jobs elsewhere.

[@zaxarispetixos8728]

No it is not i have 2 sisters lawyers in greece both are thinking about going to other countries to work germany and uk are a very good option for greek lawyers.

[@seneca983]

@@zaxarispetixos8728: Interesting. What kind of law do they deal with? Presumably they're not trial lawyers?

[@zaxarispetixos8728]

@@seneca983 Now they work in companies for other lawyers and one of them is working for banks that go after people to take back their money and the other mostly working with ship companies

[@starsoffyre]

Well there's EU law so I suppose there are many common standards across member nations?

[@uzoma112]

Sometimes they up working in other fields like my sister in law working as a Hr executive in UK even though she was trained as a lawyer and she earns quite a lot of money.

[@rambo64bit82]

Greece: finally recovering Corona Virus: hey best buddy

[@srfrg9707]

Greece managed the ovid crisis quite well though.

[@CowEscape]

Devaluing a currency also makes the citizens poorer due to falling wages and more expensive imported goods. It would also increase interest rates of government bonds and make it harder to burrow in their own currency. Devaluing in other words is not a magical fix.

[@thanassis2274]

Also , Greece's exports are mostly products of petroleum , that means that we have to import oil and then export it in other forms. By devaluing a currency we couldnt import and subsequently not export either 💀

[@rabbits2345]

Of course nothing is magic, but their currency was vastly out of alignment with their economy. At minimum, it would have mitigated the impact of the crisis on Greece, and at best, they could have implemented quantitative easing like other countries.

[@nwabuezeozuzu6370]

CowEscape Nigeria is the African king of devaluation

[@irbisae4964]

It is a very strong weapon, but in case of greece wouldn't help a bit mainly because they didn't really export much. They just lived off tourists (to put it shortly)

[@DaDunge]

@@irbisae4964 Which is a form of export too, it means it gets cheaper to vacation in your country.

[@launch4]

Watching this video in hindsight is especially tragic. Greece recorded their first case of the virus just three days after this video came out. And things were finally beginning to look up.

[@komocity269]

Greece's economy :starts to grow again from 2017 to 2019 and the Greek government even signs a loan with a negative interest Coronavirus :wait a minute

[@jedearltabora9550]

For such a ancient and interesting country it's sad to see how mismanaged its economy was.

[@janchovanec8624]

Contemporary Greeks have nothing to do with their glorious ancestors. They couldn't even keep the works of great philosophers such as Socrates, Plato and Aristotle, we've gotten them from Moors through Spain. Well, to be fair, Christianity had to do with that, not just Greeks.

[@cristianvillanueva8782]

@@janchovanec8624 I'm just glad somebody kept em it.

[@jedearltabora9550]

@@janchovanec8624 I mean that's true but you know it's still sad to see there economy plunge to near total collapse.

[@ItsRawdraft2]

@@janchovanec8624 Well, being conquered by the Romans, being forced to burn all philosophy and religion related things by the Byzantine state and being conquered by the Turks, who went on a systematic anti-culture campaign will do that to you.

[@DaDunge]

@@ItsRawdraft2 Eh none of that is true...

[@pyroromancer]

Man i love gyros.

[@thepepchannel7940]

PyroRomancer Amen brother

[@thepepchannel7940]

Tall T.S.S In the Netherlands actual Gyros would probably cost you 4-6€

[@thepepchannel7940]

Tall T.S.S It’s usually really hit or miss. I know the guy is really from Greece himself and they have those rotating meat grill thingies, but never had real gyro in greece

[@mangokiller111]

@@thepepchannel7940 if you like gyros you'll like Tacos al pastor look it up it uses a similar cooking process but the meat and ingredients are completely different.

[@gerryjtierney]

@Tall T.S.S Gyros is lamb or chicken you idiot. There are no pigs in Greece.

[@moikanos11]

It is just so poetic that this video was released 15 days before covid just shut everything down in Greece

[@corpsman]

side note: I'm on vacation in Greece atm, just wanted to say that it's beautiful here, definitely a great place to travel.

[@spatusion398]

@Univac LOL.

[@corpsman]

@Univac Sorry pal, I'm a US citizen ;)

[@dohc1067]

I am glad you are. Is it the coast or in the cities? Athens is a dump and I already posted my comments at the beginning of these reviews. Never again. I hope your trip is uneventful and continue to enjoy it.

[@alexandroskourtis5268]

@@dohc1067 im born and raised here in athens... unfortunately youre right... athens is very ugly :(( but we are improving :)

[@dohc1067]

@@alexandroskourtis5268 I do apologize for my harsh words. It was a bad experience and it's pretty clear the government's poor leadership and corruption caused this problem. You deserve better and I hope the improvements continue.

[@joaquincimas500]

Spain and Italy should need a video too. You can make it together. Because as a spaniard i see the same problems. Huge young unemployment, debt, a bad financial sector, an old population. Decaying industry, low wages compared with North Europe... And soo on 😅😅 This would be a great episode for a very similar countries

[@familiasosa6379]

Spain is a paradise compared to Greece. Every country has its own problems anyways. US is full of homeless and drugaddicts, UK is in crisis etc

[@stefmyt5062]

Great video. As a Greek, I hate it when channels that have nothing to do with Greece try to explain why Greece is in so much debt, and they fail miserably. You clearly put in a lot of research for this video. It would probably have been better if you talked a bit about the Troika but nevertheless your work is amazing! You earned yourself a new subscriber!

[@erikliljeberg1796]

Could you perhaps go for the economy of Hungary during the inflation period "pengö-period" and go over the economy today? It would be quite interesting. Greetings from Sweden 🇸🇪🇸🇪

[@spatusion398]

Leave Hungary alone, Swede.

[@beatroot8277]

cant wait to go to the store with my 1,000,000,000,000,000,000,000,000,000,000,000,000,000 pengos to buy myself some bread

[@paulcoleman5512]

@Joakim von Anka What do you mean "enforcing liberal democracy"? Oh never mind you mean "Diversity is our strength".

[@erikliljeberg1796]

@@paulcoleman5512 diversity is our not our strength, it doesn't lead to any good.

[@paulcoleman5512]

@@erikliljeberg1796 That's kinda what I was referring to...

[@tristankeech4070]

Now everyone, don’t be too mean.

[@yianomaly3092]

Dan Ryan i don’t get it fully but I like it. Does it have something to do with shipping?

[@cooljimbo12345]

@S, Lianis Dude, you and your 4 subscrivers need to chill and look at greece for the cesspool it is hahah

[@NietzscheWasRight]

A polite grammar correction *to mean too means also, as in "Ben went to the skate park. He met up with Brad, Jane, and Adam too."

[@pablosturm6640]

@S, Lianis berlin alone has 2/3s of that

[@makeandeatgummyleeches5975]

Dan Ryan that is a privilege of muslims. We are Christians.

[@TheDarkever]

I already knew the topic, but you summarized it very well and clearly. Well done! Summarizing the recipe for disaster: spending over their capacity, not saving for the grim times, huge tax evasion and corruption, locked currency that cannot be devalued, inability to make reforms to the public sector. With so many constraints, there's not enough flexibility to fix a an unexpected issue, such as when a dog comes running at you but you're carrying five boxes filled with fragile porcelain. Something is going to break.

[@aengusmaguire9751]

I swear to God you are syncing the contents and ideas of these videos with the course of my HSC Economics class, it seems that every video is talking about what we just did in class that week. Very interesting and helpful stuff.

[@predaplantuser2742]

You are mauritian?

[@jezusbloodie]

It should be pointed out that Greece from it's inception as a modern country was set up with huge debt, which hadn't helped

[@xekourdistolemoni]

Not to mention that the nazi swine destroyed 80-90% of any kind of infrastructure in transportation and industry. And post war they made it through, the country is highly developed in all fields, as if the war never happened when compared to non war-participating countries.

[@darthplagueis13]

@@xekourdistolemoni That's the Marshall plan for you. A broke country won't repay its war debt and you have no way of preventing them from becoming hostile again. That's the mistake they made with the versailles treaty. Plus, the US wanted west germany as a bulwark against the Soviet Union and helping to rebuild the german economy decreased the risk of it becoming communist.

[@utkarshg.bharti9714]

They need to go back to their Spartan ways.

[@sikusher]

@Moto Guzzi All loans given during that era as financial support have been fully paid out.

[@sikusher]

@Moto Guzzi Cause I am right. All the loans given have been paid out (last ones in 2018 iirc) which is not mentioned that often for w/e reason. Also, county's debt is considered sustainable at 302ish billions while its gdp is 210ish billions. Idk how things will turn out due to corona but that's how it is for the time being.

[@vasilisdel]

"Greek politician corruption intensifies."

[@georgeshapiro301]

"If there is anything that builds confidence quickly, it is the trust that tomorrow will be better than today" Oh dear, the timing of this video...

[@billboard3104]

Would be very interesting to do economy of a nation which used to belong to SSSR like czech republic, poland, slovakia, hungary etc.

[@billboard3104]

*USSR

[@christianpenchev2689]

Neither of this countries 'belonged' to the USSR

[@billboard3104]

@@christianpenchev2689 used to be part of

[@mihailrangelov8343]

@@billboard3104 Neither of these countries used to be a part of the Soviet Union :D

[@christianpenchev2689]

@@billboard3104 again they weren't part of the USSR. Yes heavily influenced, but never part of.

[@arthurpinn3731]

Things are finally taking a turn, more investment is occuring in Greece and prosperity is increasing

[@shubhamsagarsingh9451]

seriously?

[@FernandoSantos-nz9ot]

Are you sure is not just China borrowing money?

[@sleepyuser5189]

@@FernandoSantos-nz9ot yes it was true growth, but covid

[@pablomuniz9021]

Great video! This reminds me of Puerto Rico’s economic situation since it’s tied to the American dollar. I think you could make a cool video about PR’s economy with regards to its debt, the Jones Act, its relation to the US, and brain drain. I recently stumbled upon your channel and I’m finding it very insightful so I would be interested in your take on the subject.

[@rmt3589]

I thought I understood economics, but this was all Greek to me.

[@dragosi8980]

As someone that has visited Greece 6 times, coming from a theoretically poorer country (Romania), I can tell you that tax evasion is a nation sport in Greece. In 10 days we only saw a proper receipt once (at Lidl). I think that if we had asked for this in a restaurant they would have laughed us out of the building...

[@nina30591]

You don t have to pay if they don t give you receipts..

[@dragosi8980]

@@nina30591 yeah...like I want to have a fight with the owner in my vacation when I want to relax. Plus they are usually very nice and welcoming, since they basically rely on tourist money, plus...it's not my country...I don't care. They are not ripping me off, they are ripping each other off...

[@nina30591]

@@dragosi8980 you are right

[@markdombrovan8849]

I love 7:06 picture of grandma running a "collection agency"

[@movement2contact]

They keyword is "toothless"

[@alidaraie]

@@movement2contact LMFAO

[@Youbeentagged]

What Greece did with it's economic policies: When the car was going down the hill, they accelerated. When the car got to the bottom, and tried to climb up the next hill, they applied the brakes.

[@TomK2602]

It's more like they ran out of gas

[@dimtsk838]

Nice video explaining the basic reasons for the economy's downturn. Slightly outdated since the Greek 10 year bond is traded today with less than 1% interest. This means that, at least, the economic confidence has increased to some extent. Moreover, the economic growth of Greece is around 2%, one of the the highest in the EU (which suffers from low economic growth). Nevertheless, many reforms and investments are still needed for the Greek economy to fully recover.

[@YoavMilikow]

I was in Greece once. (Crete) It is a really nice!

[@gerryjtierney]

@Errika K. Chania is stunning, spent a night there while staying in Rethymno.

[@gerryjtierney]

@Errika K. No but we did tour the island a lot - Preveli beach, Knossos/Heraklion city, Spinalonga, Samaria, many beaches etc. At Chania we had only a few hours - dinner on the lighthouse side of the bay, then a walk out to the lighthouse itself, a walk around town and then back to Rethymno. It's an amazing island, and although my soul is in Scotland, part of my heart is in Κρήτη. 🏴󠁧󠁢󠁳󠁣󠁴󠁿🇬🇷🧿

[@procrapro]

Hey, you can check easily in any graph that tourism in Greece has never ceased to increase from 2008

[@starsoffyre]

Yeah! I visited Greece a couple of years back and fear of civil unrest never even crossed my mind.

[@alehaim]

Fun fact, Greece was helped to become independent because of debt

[@HaiLsKuNkY]

Caspian report?

[@alehaim]

@@HaiLsKuNkY yes, your guess is correct

[@Konstantinos1404]

That is actually true, it was most likely done on purpose, Greek politicians got huge debts in order to ensure that the Great Powers would interfere in the Greek war of independence just like they did. So we payed a price for our independence and in the long run it definitely was well worth it.( But the debt money was mostly used terribly just like always)

[@konstantinossarlis2214]

@Peter S You mean the Greek systemic banks, who in their infinite wisdom made the state their #1 client and kept giving huge loans to random bums and ghost companies (now not serviceable) left and right until a decade ago.

[@theinvisible8027]

@Peter S troll

[@CornishCreamtea07]

I went to Greece often between 2000-10, one of these places was called Kos. It was a relatively old place, few modern buildings, the Hotels were old apartments. Around 05 there was a lot of development(on the side of the island we visited no idea about the hover side), large hotels, the square was completely rebuilt, the small harbour was made even bigger. The last time I went in 08, things were different, there was empty unfinished buildings, fewer tourists than before and plenty of places out of business.

[@nikoss.2583]

At the moment is fully recovered and hotels are most of them new and perfectly working(the port even bigger than 2008 and the airport as well brand new , i would recommend you visit again.

[@billgiosis]

As a university student in Greece (electrical engineer) I think that the public sector will be somewhat ok in the next 5 years because old people are retiring and they are not hiring a lot of people currently but the main problem is that employers in the private sector don't respect the employees. For example someone with a PhD in engineering will be requested to work 6 days a week get bulied and constantly bossed around by a man aged 50-70 that has a high school diploma and he is going to get 500€ (much lower than the minimum wage) and he will work for 10 hours a day and his contract will state that he is a part time employee and no wages for doing extra hours. That is the main problem, because if employers actually respected the skilled employees then they would stay in Greece because people like everyday life in Greece even if they get 30-40% less than a developed country (Germany Sweden etc)

[@JK-gu3tl]

Some should migrate. I hope my country would welcome them.

[@fujihita2500]

Australia: give everyone $900 in the name of economic stimuli America: that's communism!

[@TOFKAS01]

Well, George W. Bush did the same thing in his last year in office.

[@karl-oppa5261]

freedom bux a.k.a freedom dividend 😂😂😂

[@philipobrien3564]

It was actually $900 per child. I had 4 kids at thr time :).

[@nightprowler6336]

Australia has an excess of GDP. Australia's GDP is 1.4 trillion dollars and its population is only 25 million people (same population as North Korea).

[@IkeOkerekeNews]

I mean, the US basically did the same thing, so....

[@Keln02]

Greece, as many mediterranean countries, is a country where you ask your neighbour to build you pool, and pay him under the table away from any taxes. That also includes my country, France.

[@blameekatoneikosipente482]

We need the tax office to start checking things out. They over tax the few that actually pay their taxies and do nothing to curb tax evasion.....

[@FireAspectPL]

Please do The Economy of Poland! I think it would be interesting

[@mfsalatino]

@Portland Native yeah and its awesome

[@tahanadeem9146]

Can you please do one on Pakistan? Pakistan is a very interesting case study right now.

[@uaekappa]

10:05 I like what this man is fighting for

[@lifeisgood5619]

HA

[@Torus2112]

Maybe Greece could start a wealth fund like Norway but with shipping instead of oil, that way some of the profits would be channelled into the domestic economy via government spending.

[@faithlessgr]

maybe you should try telling that to Greek shipping magnates and to their puppets in power. I'm sure they're very open minded people:)

[@faithlessgr]

Just to give you a hint, one of the largest current generation big shipping businessmen in Greece Marinakis, is also involved in an ongoing trial regarding a large shipment of cocaine seized, 2.1 tones and is also connected to the seizure of another shipment of 20 tones and every single of the witnesses for the trial has magically disappeared. Another one, Alafouzos had a similar shady story and was linked to the rise of the far right golden dawn party in Greece at the beginning of the decade, both of them control part of the media in Greece and have strong ties with the rulling party.

[@mappamondo555]

If you are interested on this topic, there is the documentary Laboratory Greece. A must watch.

[@davidtavares5006]

Do the economy of Portugal!

[@santo3720]

tambem estou a espera

[@GangdaMustardah]

yes pls

[@schopen-hauer]

que economia? eheheh

[@5678sothourn]

So it had a common currency with no unified economy

[@nitishkumarjurel241]

That is exactly the point! Euro haters seem to forget that problems of a single currency can be solved by unifying the economy via a central tax redistribution system. It would be massively beneficial for the Greek economy if Euro area introduced such an authority and Greece joined in on that.

[@elgee6202]

@@nitishkumarjurel241, or it can be solved by not having a single currency.

[@jasonbourne9819]

@@nitishkumarjurel241 you cant unify the economy of the eurozone without first unifying the governments(making the EU Parliament the federal government of Europe).No proud sovereign country would agree to that.

[@DaDunge]

@@elgee6202 That actually comes with a whole host of other problems.

[@DaDunge]

@@jasonbourne9819 Who cares about pride? And yes you can or well you can at least harmonize the economies of Europe, say "You cannot deviate more than x from the median".

[@nikosvakoulis4677]

thank you for helping me understand the economy of my country and the reasons of it's downfall because here the government blames workers and that Germany has bank robbed us. Hope you make more videos.

[@quelthela4340]

This is not serious analysis but more a summary of what you saw in the mainstream news.

[@HieronymousLex]

Yes lol. Including brexit bad propaganda articles and all

[@arturpereira607]

I JUST LOVE THE WAY THAT YOU SAY "HUGE"

[@teoabaaz9894]

Toothless colecting agencies 7:04 😂😂😂😂😂😂

[@warhawk638]

Food: $200 Data: $150 Rent: $800 Souvlaki: $3,600 Utility: $150 someone who is good at the economy please help me budget this my country is dying

[@xylisisvarlett3734]

Shit. You have to spend all that money you dont spend on Souvlaki, on Souvlaki!

[@aoelp]

Souvlaki is not a food confirmed? Personally I'd disagree. I always like the Greek Souvlaki.

[@Hecatonicosachoron]

Lol, one souvlaki costs about 2.50-3.00 euros... so I really wonder why you need to eat 1125 souvlakia a month It's not good for your cholesterol

[@StarSemiStardoll]

@@Hecatonicosachoron gosh this guy has replaced water with souvlaki

[@starsoffyre]

Cut out the rent since housing is optional. And you won't need to pay for utilities too. Also without utilities you can't charge electronics, so data isn't needed. Since Souvlaki is food, you don't need additional food. So that leaves you $4900 for Souvlaki. Congratulations!

[@MrSith-yp3yq]

In Greece there is little economic transparency. If you could check your neighbours taxes and actually see what your tax payments are funding, then the economy would function more optimally.

[@Monsterpala]

I do have a problem seeing how all theories regarding devaluation of currency applies for Greece. There is only so much demand for cheep olive oil. Greece problems are deverse but not having a strong industry is very likely among them.

[@blameekatoneikosipente482]

You forget about the corrupt politicians. Just yesterday they passed a bill to pass around money and assets without taxes up to 800.000 euro. The average Greek pay is 500 a month if you are lucky. Let's not talk about the taxation of new businesses either. If I want to open a shop I need to pay around 8.000 to 10.000 just on getting the papers needed (the equipment, building and amenities are not included in that) and even after that I have to pay each month 1.000 euro as an "operations tax". That operations tax is because in the Greek government mind "Everyone is tax evading, so we just get the hidden money like so". This situation would be easily solved with some persistent checking from the tax office, but remember, corruption sadly rules. xd

[@LonDanDoc]

A bit misleading to say Australia survived the crisis of its own making. It's intricately tied to China which increased investment. That's why many eastern nations with links to China didn't feel the crash.

[@jacobarmour6325]

Sees title *Ooo this is gonna be a good one*

[@paulmasterson386]

This is the best explanation of the Greek crisis that I have seen. You hit the nail on the head! As for corruption,I read a report that a Porsche Cayenne was stopped by Greek police for using false number plates; it turned out the driver was a former finance minister trying to avoid vehicle tax.... No wonder no one wants to pay tax with an example like that.

[@igordamjanovic8754]

heyy you should do a video on ex yugoslavias economies i would love to see that because am from croatia

[@kapilhooda2373]

1:25 "they have all more or less found their feet again" *Shows stock footage of feet* 😂😂😂😂

[@alexx9433]

A lot of my family live in Greece and most of them have to work 2 jobs to support their families.

[@MensaCramps]

The first noticeable effect of a tsunami is a fast and profound receding of the shoreline. When this happen, it strands fish on the open ground. Instead of running for the high ground, those ignorant of the wave will run to pick up the fish. I feel it's worth mentioning as a metaphor for Greece's predicament.

[@mr.normalguy69]

Do a video about the economics of KZbin.

[@learnerm3120]

For a moment I thought you were going to talk about the economy of ancient Greece.

[@Silver-xd1ge]

Do one of Ancient Greece

[@BlindGus]

It was a good video, however there are some mistakes and I disagree with some of your assessments. Where I disagree: Currency devaluation would not have helped economic recovery in the case of Greece. Greece is an import nation with very few exports. In addition exports heavily rely on the importation of capital goods. A currency devalution in Greece would (and historically has) lead to a rapid increase in production costs and a decrease in savings. As an exaple: My grandparents had a farm up to the 80s. Due the currency devaluation they were forced to close because buying oil and machines had become prohibitively expensive. Furthermore a decrease in the value of the currency does not equal more revenues in the Tourist Industry. When something is 40% cheaper means that more people are going to buy it, but it does not necessariy mean revenues will increase since the service is being sold for 40% less. In addition there is a limit to how many tourists a country can have with public infustructure (especially on the Islands) being on the brink of collapse. Visit Santorini between July - August and you will understand what I mean. Greece could in no way double or triple the amount of Tourists it receives. Your mistakes: 1) The lack of investement (at least private) has nothing to do with trust and the brand name of the country. Foreign private investement was always very low due to extreme regulation and bureaucracy that plagues the country. Furthemore public investement was financed through debt with the government running 30% primary defecits just before the crisis. 2) This will sound extreme but it is true. Brain drain is for the moment a net positive for the Greek economy. These people (including me) who left the country were not working and contributing to the economy. Even today unemployment stands at 16.7% and in 2013 was almost 30%. There are simply no jobs due to the lack of foreign and local investement. Any surplus of working age people is simply a strain on the welfare state. 3) The lack of funds was never a problem. Spending and mismanagement were though. Sure it would be better for the government if they had more money to cover their mismanagement but not for the greek economy.

[@sergiubarac1265]

I agree with almost everything you write, except for the Brain Drain being a good thing for Greece. It is not, as it is losing, not just many young people, but also some of the smartest, the ones that actually can get a better job abroad. Now what Greece had to do in order to not lose these young people is not taxing the young entrepreneurs for the first 2-3 years (or a bit more in some cases) while they would develop some new, innovative businesses on the market. Meanwhile some of them were opening businesses in other European (or not) countries which offered more opportunities to start.

[@tompatterson1548]

@@sergiubarac1265 I guess that is probably a good idea, get people tied down so they can't leave easily.

[@sergiubarac1265]

@@tompatterson1548 It's not about tying them down, they were free to go before the crisis as well and find better opportunities in other countries, but they had a comfortable life in Greece. Although when the population, and especially the young people, see that the government is really trying to solve some problems and improve the quality of life in the country, than they also tend to give better results. I know it myself since I moved from the poorest country of Europe (Republic of Moldova) to Greece. And it's the same strategy as with jobs, the quote: "The employees don't leave a bad company, they leave a bad boss", we can paraphrase that into "A population doesn't leave a bad country, they leave a bad government."

[@Marthastewart209.]

I like this channel. He is right about taxes, if you raise it high enough companies will find a way to avoid paying them by shifting labor, and setting up offshore businesses. You have to strike a balance. Otherwise you can have a 70% tax rate and almost no one will pay it for example

[@AlphaCentauri24]

This video completely overlooked how the Greek Govt had a massively overloaded & overspent public sector. How every successive elections had the candidate promise more perks to the general populace & the public sector workers like early retirement, funding, crazy incentives, unreal benefits. And so much more. A rare disappointment from Economics Explained. Needed more research work.

[@yannisliosis8108]

Imagine to try and explain the sociocultural aspects, the Greek economic history before that what the video try to explain and the huge role of E.U, European central bank and IMF. This video is made for views only and without any serious research.

[@UniqueBreakfastTaco]

This is why you can't trust lefty's to provide factual information. It always makes them look bad. They'll probly just scream "tHaTs NoT rEaL SoCiAlIsM!"

[@shauncameron8390]

@@UniqueBreakfastTaco Or they'll just blame the US/West/IMF, etc. for their self-inflicted problems.

[@ribbitgoesthedoglastnamehe4681]

I spent many a summer in Greece when I was little, and when I have children I want them to see it too. For those who love Greece, I say visit there! (After corona ofc.) Leave your money where it does the most good, the small shops and restaurants, see the places outside big cities, eat locally produced food and enjoy! If the government cant fix it, let the economy fix it from the bottom up, instead of top down.

[@Byrzzaa]

Same plans here! I've visited Greece at least 15 times all the way since I was a toddler. Those are some of the best memories from my childhood spending family holidays somewhere in Greece, usually on Crete or Rodos. When someday in the future I'll have own kids, Greece will be for sure the number one destination for vacation since I want them to see the unique country and its kind people.

[@williamalfonso1373]

EE, You forgot to mention about the LARGE public sector. How the Gov needed to pay salaries to an excessive amount of Gov employees with little in return.

[@jamesmac2090]

William Alfonso no he did not forget that is a retarded conservative talking point turn off the Fox News dude.

[@ebubekirozkan169]

your videos are great for economic literature bcoz your videos duration is good enough nor short neither too long and your accents is good too

[@brunomilocchi3897]

Would you do the economy of Italy?

[@reirei_tk]

I was expecting 17 minutes of 9/11 footage.

[@philoslother4602]

16:56....

[@reirei_tk]

@@philoslother4602 You're 9/11 footage.

[@CataciousAmogusevic]

Huh?

[@andrewputnam2717]

@@CataciousAmogusevic the Greek economy was that bad it looked like 9/11 had just happened

[@CMR10500]

@@andrewputnam2717 the plot twist is that Greece did not bomb any countries in the aftermath.

[@ExploreLearnEnglishWithGeorge]

I like how this video talks about Greece struggling to get out of the last downturn caused during the financial crisis of 2007+ and was filmed a month before the biggest global crisis of the past 300 years - related to the Covid19 pandemic, which is still raging on in mid 2021

[@yolo2709]

watching this video now (after the corona crisis) adds some flavour to it I must say...

[@thedoruk6324]

My Little Hellenia - *bankruptcy is magic* - Enter the theme soundtrack

[@sahib9683]

Economy of Azerbaijan?

[@AdamSmith-gs2dv]

Oil next

[@PrisonmikeDM69]

They don't hve one

[@douglasthompson9070]

I'm not sure I can even find Azerbaijan on a map. No offense.

[@Zen_Power]

Spain and France have not largely recovered from the 2008 crisis. Unemployment is still high and their economic situation was better in 2008. High streets still have not recovered yet. And now with the corona virus their economies have been set back greatly again.