The bailout of Greece’s failing economy was negotiated by

1 answer:

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The sovereign debt crisis in Greece (also known as the Greek Depression) began in late 2009 as one of the first four sovereign debt crises in the euro zone - known later as the European debt crisis.

On April 21, 2010, negotiations between the Greek Government, the European Commission, the ECB and the IMF for the aid mechanism begin officially. A day later, Eurostat raises Greece's public deficit in 2009 from 12.7% of GDP to 13.6%, at the same time that the euro falls to its lowest level in the last year. On April 30, the president of the Eurogroup, Jean Claude Trichet, urgently calls a meeting in Brussels for May 2, in order to approve the aid package.

On May 2, 2010, the European Commission, the European Central Bank and the International Monetary Fund, later nicknamed as the Troika, responded to the crisis with the launch of a 110 billion euro rescue loan to get Greece out of sovereign default and cover its financial needs throughout May 2010 until June 2013, subject to the execution of austerity measures, structural reforms and the privatization of government assets. The popular reaction against the austerity plan generated eight general strikes during the year, with thousands of protesters in the streets. On July 14, 2010, the Hellenic Parliament approved the reform of pensions for public employees, which produces protests by officials.

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A) Crop failures that led to bread shortages and starvation for the poorer classes.

C) Debt accrued by the treasury for its involvement in the American Revolution.

D) France's outdated estates system that gave the upper class too much power.

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The French Revolution was the major game-changer of the whole of the French government. The decade-long revolution starting from 1789 to 1799 led to a number of changes in the political, and even social scene of the nation.

The major causes of the French Revolution were the ineffective ruling of the king, Louis XVI. Aside from that, the immense crop failure which led to the increased suffering of the poorer sections of the society led to the uproar. The people demanded changes were required so as to make everyone an equal part of the government. Moreover, their hardships were further led on by the huge debt that France had after its involvement in the American Revolution, which hugely impacted the financial condition. Added to that, the Estates system where the upper class were given more power over the lower class led to a major conflict of interest among the masses. All these factors led to the French revolution.

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