Academic Writing

A Greek crisis has been looming since the financial position of the Greek economy became exposed during the GFC. However, support from the European Union and the international community have averted a crisis to date with austerity measures showing that Greece was tackling some of the big issues. In the past few weeks these negotiations have broken down, the Greek community do not want to continue with the austerity measures and they have now defaulted on repayments. Discuss the Greek situation by firstly providing background information on the situation. Secondly, you should discuss the key areas below by presenting all sides of the arguments using supporting evidence for your arguments. Critically evaluate the arguments to draw conclusions on the topic. Key reference areas: • financial innovations that initially helped Greece to obscure true debt levels; • financial regulation in Greece and whether this has changed through the crisis; • the role of banks within Greece; • potential financial contagion within the Eurozone and the international financial system; and • moral hazard on the part of financial institutions that have lent money to Greece. Supporting evidence should come from credible sources such as peer reviewed journals or the websites of governments or international organisations. To find peer reviewed journals you should conduct a database search through the University library website. For example, if you were to search for “Greek debt crisis”, then click on “journal articles” in the column on the left, you will find lots of relevant articles.