Economy of Greece Essay Example | Topics and Well Written Essays - 3000 words

Economy of Greece - Essay Example p that occurred during the period, Greece had to witness a much sluggish economic growth, burdened with increased unemployment and worsening debt scenario (Levy Economics Institute of Bard College, 2014). Emphasizing this particular notion, the essay intends to elaborate and analyze the soundness as well as the sustainability of financial markets of Greece and the efficiency of its financial institutions with regard to interest rate policies, lending and borrowing that helped the economy regain its pace of growth. It is worth mentioning that transformation of national GDP rates mainly occur due to the variations observed in import as well as export ratings and change in other buisness policies. Similarly, prior to the year 2008, the weak economic condtions of Greece imposed strong negative impacts on the overall performance in the fiancial markets that were pertinent within the nation for several years. It will be vital to mention in this regard that the prime intent of designing effective economic policies is to achieve sustainable growth with respect to the performances of the nation’s financial markets. Irrespective of these qualities, sustsinability in the financial market of the country was affected much strongly due to limitations in its transparency when documenting financial disclosures. To be noted in this context, to gain the membership of Eurozone, Greece government was accused to have falsified its total deficit figures in the year 2000. This eventually imposed negative imp acts on the soundness along with the sustainability of its financial markets during reccession, as members states seemed reluctant and rather offended to the issue. Moreover, the situation also made Greece government to roll over debt in 2009, which certainly produced a contagion to other eurozone economies, such as Portugal, Spain and Italy (Levy Economics Institute of Bard College, 2014). The below diagrammatical representation depicts Eurozone’s real GDP per capita rate of