Western Europe

A Peek Into Several European Countries

Greece is not alone

By: Tuva Aasen

With globalization comes the rise of international bodies not controlled by government, unlike like it had been in the past. According to Zakaria, the author of The Post-American World, there is a diffusion of power from states to other actors, and that it includes many non-state actors. Great examples of this would be the UN and IMF. Let’s take a look at their role and importance in Greece.

Greece is one of the 193 member states of the United Nations (UN) and is also considered an original UN member as they joined on October 25, 1945 when UN came to existence. The main purpose of UN is to bring the world’s nations closer on the basis of justice, human dignity and the well being of people. One of their roles within UN has been to emphasize social and economic development, and to work productively with other countries or institutions. In addition to this, they also play a role in trying to contribute and work to reach world peace and security, which is also a basis of UN’s existence.

Greece is also a member of the International Monetary Fund, (IMF) which works to monitor economic and financial developments, as well as lending money to countries experiencing difficulties while trying to solve the underlying problems causing this financial instability. Lastly, the IMF provides expertise and technical assistance to countries on how to prevent and solve crisis while trying to strengthen the international economy. Considering the economic crisis in Greece, IMF has played a major role in providing financial support geared to support the government’s effort and reforms, hoping to reach ways leading to sustainable economic growth.

Ruchir Sharma talks about the rise of “BRICs” (Brazil, Russia, India, China) in his article Broken BRICs, and their economic growth, and when I considered it in relation to Greece, I thought of the strengthening economy as a very positive aspect for them. Being surrounded by a strong economy is helpful and IMF will likely experience an increase in amounts of funds, which Greece has been dependent on during their economic crisis.

When comparing the rate of productivity in Greece with the rate in the US we see a big difference. Greece’s GDP (current prices, national currency millions) is 193 749 whereas the US GDP is 15 597 000.  When considering total employment in the two countries, the number of people engaged in the US is 141 529, whereas a shocking 4076 in Greece. A lot more interesting statistics can be found at http://stats.oecd.org/Index.aspx?DatasetCode=LEVEL.

Additional links:

http://ec.europa.eu/economy_finance/assistance_eu_ms/greek_loan_facility/

http://www.youtube.com/watch?v=poET5Q1u8aA

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3 comments on “Greece is not alone

  1. oliviacordray
    September 10, 2013

    Excellent overview of other key non-state players in international relations. I liked your reference to “Broken BRICs” and your analysis of the strengthening economy.

    Little things:
    Spelling error in title.
    Extra “like” in first sentence.
    Good inclusion of hyperlinks!

  2. Monika Fischer
    September 15, 2013

    there is also quite a bit of criticism about the policy of the IMF and its mismanagement of the crisis as well as its role in the creation of the crisis
    http://www.telegraph.co.uk/finance/financialcrisis/10262850/IMF-admits-it-misjudged-impact-of-austerity-on-Greece.html

  3. destinyalbritton
    September 28, 2013

    I love the picture you used!

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This entry was posted on September 6, 2013 by in Greece.
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