GLOBAL PULSE The transatlantic partnership was forged in war two generations ago and maintained for decades under the looming threat of renewed conflict. With the Alliance now at a crossroads, its future depends on the active engagement of its members’ young citizens. Committed to this endeavor, YATA is proud to partner with Atlantic Voices and help bring the opinions, analysis, and commentary of young Atlanticists to the forefront of international debate. By presenting security, economic, and diplomatic issues through the eyes of future policy and decision makers, Global Pulse aims to build a bridge between the challenges of today and the solutions of tomorrow. — James M. Bridger, Editor, Global Pulse
The Euro-zone Crisis and the Future of Greece: A Youth Perspective By Maria Stamatopoulou The Crisis
now faces serious problems. It has the second largest annual state
For the past three years, Greece has been experiencing complete
budget deficit and the second largest public debt in the European
economic turmoil. It is a national test that all the Greek people
Union.
have to "pass." The greatest
Greece’s current loan was
burden, however, falls on the
secured by an agreement
youth of the country as they
between Athens and the
are expected to come of age
Troika (a group of represen-
and begin their careers in a
tatives from the European
much more pessimistic eco-
Commission,
nomic climate than that of
tional Monetary Fund, and
their parents.
the European Central Bank).
the
Interna-
On January 1st 2002,
The conditions that Greece
Greece and eleven other
must fulfill until 2015 in-
countries in the Euro-zone
clude: a 15% reduction in
acquired one common cur-
The discontent of the Greek youth is palpable (Photo: Reuters)
main pension insurance for workers in the Public Power
rency, the Euro. Following this integration, the Greek gross domestic product (GDP) con-
Company and national banks; a 7% reduction in pensions for
tinued to grow at rates above the European average, in part be-
members of the Mariners' Retirement Fund; reduction of state
cause of investment in infrastructure, associated with the 2004
salaries at all levels by 22% and a 32% reduction for employees
Olympic Games, and because of easy credit access for consumer
under 25 years of age. It was further insisted that the maximum
spending. However, between 2001 and 2005, Greece continu-
duration of collective agreements between unions and employers
ally violated the requirements of the Stability and Growth Pact as
not exceed three years.
its deficit to GDP ratio climbed well above the 3% rate established by the Maastricht convergence criteria.
The Economic Future For the Greek Youth
Greece’s fiscal security has continued to deteriorate since
One of the central problems Greece faces, and the main concern
late 2009 due to a combination of global economic recession and
of young people, is a lack of confidence in the country’s politi-
the local effects of uncontrolled spending. The Greek economy
cians. Corruption and nepotism amidst economic downturn
Atlantic Voices, Volume 2, Issue 3
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