The Greek Financial Crisis

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Source: CFA Institute
Adam Kindreich, CFA

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Summary

The Greek financial crisis was a series of debt crises that began with the global financial crisis of 2008. Its source originated in the mismanagement of the Greek economy and of government finances, however, rather than exogenous international factors. To compound the problems, Greece’s membership in the Eurozone prevented it from exercising full control over its monetary policy, so interest rates were kept too low for too long relative to the inflationary pressures that were building up in the Greek economy. Despite Greece being beset by economic mismanagement and misreporting of economic performance by successive governments, investors failed to pick up on or act on a growing collection of warning signs.
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