Globalisation Essay Example | Topics and Well Written Essays - 1500 words - 6

Globalisation - Essay ExampleFrom 1979 onwards, all countries financial spectrum transformed with corking controls deregulating and witnessing of new financial elements such as derivatives. Economic activities intensified in Greece when the government end to fund Small and Medium Enterprises years before the economic crisis of 2008. Businesses boomed and social as well as political atmosphere transformed paving modality for greater opportunities. However, this came to a halt when the entire major planet submerged in an ocean of financial crisis in 2008 (Mceachern, 201263). This paper will seek to outline the way in which recent financial crisis of 2008 and attendant recession has affected Greece. This will be realized by exploring Greeces economic, political, and socioeconomic consequences as a case hire country.A country case study provides an analysis of the countrys modern or contemporary developments. The 2008 financial crisis and its subsequent recession meant galore(postn ominal) things to almost every country especially the US, Greece, Ireland, Portugal, and Spain (Mceachern, 201226). However, the hardest hit nation was Greece where the country had to resolve to borrowing from multinational money add institutions such as the IMF. Due to financial crisis, conditions in the financial markets changed where banks relaxed in interbank lending or purchase of any government debt otherwise known as bonds. Due to this situation, financial analysts and form _or_ system of government makers speculated presence of financial pressures within peripheral economies since such economies had accumulated huge deficits within their government pass (OECD Publishing, 201051). With increased deficits on Greeces government spending, the country started experiencing increased debt levels. With this respect, it is agreeable that the recent financial crisis of 2008 and subsequent recession affected Greece by skyrocketing its government spending. This in turn