Greek financial crisis

The Greek economy grew strongly over the last 15 years, until it entered into recession in 2009. The budget deficit hit 15.4 percent of GDP, while later revisions of the government actions revealed the national economy was in far worse shape than it was previously admitted. Because all the major European economies are linked through the euro zone, Greek problems are also problem of the European Union. A debt crisis in Europe's single currency zone has entered a critical phase with fears Greece could default and spark a global financial catastrophe through chain reaction. Austerity plans caused big street protests in Athens. Frequent violent protests mostly revolve on issues concerning widespread early retirement, tax rises and cuts in benefits and wages. Read more on the Greek financial crisis here...

Argentina economy crisis - part III

The macroeconomic consequences of the crisis were severe. Real GDP fell around 11% in 2002, bringing the cumulative decline since 1998 to almost 20%. The unemployment rate soared at nearly 25% and Argentina experienced a total economic meltdown. People were rioting on the streets, until President Eduardo Duhalde finally managed to stabilize the situation. The confirmation of the debt moratorium and announcing the end of the convertibility regime proved as only temporary fix. In 2003, President Néstor Kirchner was elected and still had a crisis cosnequences to deal with. But the economic outlook was completely different then before since the devalued peso made Argentine exports cheap and competitive abroad. Read more about the crisis aftermath here...