Description: When countries post a 40% youth unemployment rate, you know something is terribly wrong. The last time developed countries experienced such an employment disaster was during the Great Depression, and it is a moot question as to whether the current period will prove to be worse for the southern European countries than the Great Depression. Indeed, one could probably argue that for Greece it already is.
Questions for discussion:
- Summarize the reasons for the economic problems in Greece.
- Who do you think is mostly at fault?
- Should Greece withdraw from the euro and go back to the drachma?
- What would the consequences be for consumers, businesses, investors and governments?