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THE GREEK DEBT CRISIS: THE WEAKNESSES OF AN ECONOMIC AND MONETARY UNION

LAUREN MACIAS

Throughout the 20th century and into the 21st, the world has seen a surge in globalized business practices, which has inevitably led to the increased interest of countries in foreign affairs.  Today, every country, including the United States, is in some shape or form reliant on another.  The interconnectedness and interdependence of the world’s economies has led to one inescapable conclusion: that no one country can afford to ignore the happenings of another.  For this reason, the massive debt crisis which has engulfed all of Greece (the “Greek Debt Crisis”) has threatened the stability of the euro in not just the Eurozone, but the entire European Union.  This in turn poses an indirect threat to the United States, which has significant ties to Germany, Great Britain, France, and Spain.  As such, we as Americans cannot afford to ignore such a crisis, even if it is half a world away.
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Filed under Volume 14-2