The (Greek) Crisis

By Emerson Prine

2008 was a harrowing year of global economic crisis, even as us four- to eight-year olds were more concerned with whether or not we got to be Line Leader. The global crash was caused by failures of massive financial institutions in the United States, resultant mainly of high-interest loans, unpaid investments, and extensive other esoteric disjunctions. This confusing economic downturn spread across the United States and eventually led to a number of bank failures in Europe, unleashing a decrease in the value of global stocks and commodities worldwide. Over a span of 17 months, the global economy employed many of its failsafes and relied on trade to get many countries back on their feet and thriving. Unfortunately, that was not the case for every country.

11 years later, Greece is still suffering from a government-debt crisis.

Externally, “The Crisis” (as it is commonly referenced in Greece) began its spiral after the 2008 stock market crash. Internally, the Greek Ministry of Finance published their Stability and Growth Program 2010, which described their crisis as stemming from “government debt and deficits, budget compliance and data credibility, government spending, current account deficits, and tax avoidance.” Although the crash was devastating to Greece itself, many of the people who suffered during the worst parts of the spiral are falling victim to its effects.

Depression and suicide rates have risen alarmingly in response to the government's measures to cut wages, increase taxes and undermine the ability of health services to respond to crises. Unemployed persons, bankrupt businessmen, or parents who have no means of taking care of their children were the most likely to end up in psychiatric wards.

“Mental health has deteriorated significantly in Greece, with depression being particularly widespread, as a result of the economic crisis,” Dunja Mijatovic, the Council of Europe’s commissioner for human rights, said in November.

The Greek crisis has evolved into so much more than an issue of a simple economic debt.

It has become a humanitarian and societal crisis.

Citizens are crippled by their inability to provide for their family while the government is crippled by its inability to help their people. The vicious cycle of need has continued for 11 years, with minimal help from global citizens, many of whom idealize Greece as a place to honeymoon and spend lavish vacations. And hopes for remedy are not high.

“As long as there is unemployment, insecurity and debt, the products of the financial crisis, this problem will not go away,” said Dr. Ilias Sioras, president of the Evangelismos hospital union “I fear it will get worse.”