Greek Economic Tragedy: How We Got Here

The video covers Greece's financial crisis, starting with the revelation of a larger-than-expected budget deficit. It details the country's request for a bailout, subsequent debt downgrade, and the implementation of austerity measures. A second bailout and significant debt restructuring follow. Political changes occur, including the rise of the Syriza party, amid ongoing economic challenges and recovery efforts.

What was the initial revelation about Greece's budget deficit?

• It was smaller than expected.

• It was exactly as predicted.

• It was twice as big as previously thought.

• It was not disclosed.

What significant financial event occurred after Greece's request for a bailout?

• The country's debt was upgraded.

• The country's debt was downgraded to junk.

• The country's debt was forgiven.

• The country's debt remained stable.

What was approved alongside the second bailout for Greece?

• A reduction in public spending.

• The world's biggest debt restructuring.

• A new austerity plan.

• A tax increase.

Who vowed to defend the euro, bringing relief to Greece?

• The IMF Director.

• ECB President Mario Draghi.

• The US President.

• The Greek Prime Minister.

Which party won big in the European elections, challenging austerity measures?

• Golden Dawn.

• Syriza.

• PASOK.

• New Democracy.