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Aleonysh [2.5K]
3 years ago
7

Why is the greece financial crisis described as a depression and not a recession?

Business
1 answer:
Alex73 [517]3 years ago
6 0

<span>The financial crisis in Greece is described as depression rather than recession is because the Greece’s economy had taken a severe and sustained economic downturn. Greece’s economy has been marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced. Depression is a more severe form of recession. Recession lasts a few months, while depression lasts longer. </span>

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