The Greek Debt Crisis Explained in Four Minutes

In which John explains the Greek debt crisis, which has pushed the Greek government close to defaulting on its loans, the reasons why the Euro zone and the IMF are desperately trying to bail Greece out, and what the rising cost of sovereign debt means for the massive budget deficits throughout the developed world.

Thanks to Karen Kavett at http://www.youtube.com/xperpetualmotion for the illustration.

Debt Chart: http://en.wikipedia.org/wiki/File:US_Federal_Debt_as_Percent_of_GDP_by_President.jpg

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24 thoughts on “The Greek Debt Crisis Explained in Four Minutes

  1. There is a difference between red and blue presidents. It seems a higher %
    of blue presidents managed to end with a lower debt than red presidents.

  2. So…in short, they used Keynesian economic policies and collapsed because
    those policies are totally unrealistic…BUT WAIT IT’S NOT THE FAULT OF ANY
    ONE POLITICAL IDEOLOGY OH DARN SO CLOSE. This guy is clueless about
    economics. He just tries to over-complicate it to make it seem like it was
    just “natural”. Normal citizens neither collectively nor individually
    DECIDE to get themselves into debt. That was the bureaucratic government’s
    fault for promoting special interests over their country, John.

  3. There was, and is, nothing “fancy pants” about Greece. They were poor
    before the debt crisis and even poorer afterwards.

  4. Tell me something y video guy have y ever been to Hellas????eehhh???Do y
    know for how many years do we pay taxes who exceeds our salaries….
    And who told y we were rich to begin with or that we borrow cheap for the
    past 5 years you stupid insolent kiddd…
    I dare you to live with 480 euros per month when your monthly taxes are 270
    or more….or when you dont get paid for 4-36 months….thats for
    approximately 2 million people…
    If you dont know the story dont speak you mindless fool…

  5. It’s the fault of wall street bankers that started the subprime mortgage
    crisis in the first place.

  6. I wouldn’t exactly call the entirety of Western Europe as a fancy-pants
    country, but, um, yay, pants! I’m not wearing pants because I’m in bed with
    a blanket and I smell banana bread and I’m kind of dying

  7. That’s a lie… Donald trump is not a stupid rich person… He may be
    stupid, he may be rich, but he’s definitely not a person :P

  8. I find it hard to believe that you forgot to mention what plummeted Greece
    in the first place. It was the real estate crisis caused by the US bankers
    by over applying risk mortgaging due to greed. That fucked up banks in the
    Euro zone and thus, the poorest countries felt it more, Greece, Portugal,
    Ireland, Italy and Spain. 

  9. It is really stupid to blame everything on the finance market, as a lot of
    people do in this comments.
    First of all: Nobody forces anyone to get a loan, it is the states that
    asked for it. And, in special in greece, the money was NOT used to create a
    stable economie. In the beginning of the € greece got cheap credits and
    what did they do? They used it for consum. They built houses, the health
    costs are still on a astonoshing high level due to the fact that the greece
    go for each illnes directly to the hospital and get the full (unnecessary)
    treatment, make tax-presents, had nearly 1 million officials by just 8
    million citizens (for example, if germany would have just 8 million
    citizens, it would have just 250.000 officials), and are one of the most
    corupted nations in EU (statement from a greek acquaintance of mine).
    Furthermore, the education-system produced a high amount of graduates in
    subjects like philosophie and stuff, good to get a job for the staate, but
    craftsman was not good paid and was a job everybody looked down, so they
    had basically no real producing economie (despite olive oil). Furthermore
    the tax-avoiding is a national sport.

    And all that is the reason why a marshall-plan will not so simply work as
    it worked in germany. Germany had, even after WWII a quite efficient
    government. The money was used to rebuilt the infrastructur and into
    producing economie, furthermore into education to create workers the
    economie needed, and it has up to today a highly efficient system of
    industrial training to get qualified craftsman.
    Before greece can really be built up again, the mentioned above grievances
    has to be fixed, or else the money that would flow to greece would just
    vanish again into consum.
    Furthermore, the Troika never was in the position to make exact demands to
    Greece how they should spare, they just gave them numbers. The greece
    government should have (as demanded) created a working tax system, but
    liked it more to rob the poor even more. The problem is that Greece is
    still a fully autonome state and the troika could just do what it did, give
    them financial demands and good tipps by the way.

    After all that, I also think the financial market is something evil (as it
    is structured today) and I think in special the U.S. and the U.K. are
    intensivly to blaim for the complete s*** the world is in since they stop
    every attempt to regulate the financial market further and to bind it again
    on the factual economie.

  10. Entire EUROZONE is up shit creek without a paddle! Greece is in line to be
    made an example of. Why? Because rich fuckers don’t like peoples
    governments!

  11. Viog brother seems to be manic or on speed or both that is the worst
    presentation I have ever heard!

  12. hah scuse me when did Greece exactly got low interest loans? after the
    destruction by germany or before??? Cause everyone else got 0,5% interest ,
    we got 5% interest on our loans (even before the crysis) . And now that the
    new goverment that wants to stop the endless loaning and uctually start
    growing our economy the other countires(and i mean only Germany which has
    become what athens was in Athenian hegemonia) doesn’t want to hear about
    it…SCREW YOU GUYS I AM GOING HOME (Drachma)

  13. My friend there are also “fancy pants” crooks that lend money in order to
    destroy someone.
    Some of the IMF measures Greece had to take in order to get loans from the
    IMF is… increase of taxes, increase of unumployed people…
    I have a question.
    With more than 46% taxes… who would invest in Greece ?
    70% of the small societies have closed because of those heavy taxes and
    because of decrease of income due to an enormous percentage of
    unemployment. Unemployment is more than 60% to young people !
    Less workers… less taxes for the state.
    So… with these “brilliant” measures imposed, can you tell me WHEN will
    Greece EVER repay the debts? Where did these “fancy pants” brilliant
    economists get their diplomas?
    It is not a matter of economy my friend. It is a matter of taking posession
    of the oil in Mediterranea…
    We are not even “allowed” to extract it!
    I’m not good in economics but I surely know that what these “fancy pants”
    “know how”… do lead us to DEATH.
    But who cares ! 

  14. Overstaffed state companies, civil servants retiring at 40, 14 monthly
    salary payments, relatives of civil servants flying for free..

    greeks, especially the government employees, are so stupid, did they think
    their ridiculous benefits paid for by debt borrowed from Europe was really
    going to last? Money don’t fall from the sky, idiots!!
    Now they are suffering the consequences, after years of being a spoiled,
    unproductive, overpaid spenders.
    No one should help them or empathize for these lazy people.

    To sum up socialism in Greece, “We the Greeks hate rich people, but I want
    to be rich too without working hard and making sacrifice!(I blame the
    system! It’s all the system’s fault!) I will just borrow money but I am an
    asshole so don’t expect your money back!””

  15. Can you do more shows about the technicalities and facts of the greek debt
    crisis without all the hysteria? 

  16. Comments here are all amazingly based on some belief of how economics
    ‘should’ work. Now… Greece is merely an example of what happened in
    November 2007. The entire Western economy collapsed when the banks fell
    (Most Greek dept was held with Goldman Sachs, for example). In 2008 our tax
    dollars bailed out the banks (socialism is for the rich?), even despite
    what most agree was criminal policy on the banks part (which was not now
    criminal, because those laws were deregulated only a few years past).
    Anyho’, one has to wonder if we here are playing a foolish game while other
    economies *cough*China*cough* play a more stable, long, game. Just a
    thought. imho.

    And, I remember something Galbraith once said (paraphrasing here) – The
    study of economics is really just to understand when another economist is
    lying.

  17. you forgot to mentioned that greece is being used as a scapegoat for the
    euro crisis by the EU. Greece’s debt is minimal compared to Germany’s debt
    and many other countries that are members of the eurozone.

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