University of Baltimore Journal of International Law


“Greece is in its own Great Depression. But unlike the United States, it won’t be able to get back on its feet as quickly[.]”1 For over five years now, Greece has been doddering on the edge of disaster. Receiving its third bailout in five years, Greece is now faced with the task of implementing strict austerity controls that the Greek people have unequivocally rejected. If Greece were to default, one consequence is a Grexit, a Greek exit from the European Union, which many fear would compromise the delicate European system.2 On August 20, 2015, Greece narrowly avoided default on its loan to the European Central Bank (ECB), and made a crucial payment to its creditors after receiving new aid from other Eurozone countries.3 Unfortunately, most of the new 86 billion euro (approximately 96 billion dollars) package will largely be used to repay the already existing crippling debt, rather than assist in rebuilding the struggling Greek economy.4 Additionally, austerity measures the bailout package required are exactly what current Prime Minister Alexis Tsipras of the left-wing Syriza party had promised to get rid of as part of his platform earlier this year. The conditional deal has already hit rough waters, as creditors have delayed the second installment of two billion euros.5 If Greece continues to fail to meet its targets, this can have negative implications down the line.6



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