Anna Schultz

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As of Aug. 20, Europe’s bailout for Greece was officially over. So how did Greece’s decade of ruinous economic crisis affect its citizens — not just economically, but socially? Research and experience have shown us that some crises, such as natural disasters, bring people together. We found that that’s not true for economic crises.

The crisis in brief

In 2009, Greece’s government announced that its budget deficit was 12.9 percent of the country’s GDP, four times the European Union-mandated 3 percent limit. That announcement triggered a financial crisis. Greece had to borrow 289 billion euros to keep its economy running and prevent its expulsion from the euro zone; the loan came conditioned on Greece’s acceptance of austerity measures.…  Seguir leyendo »