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How the euro caused the Greek crisis

25251 ratings | 2231174 views
Greece is in a state of economic and financial crisis that's dominated global headlines this week. Vox's Matt Yglesias explains the real roots of the crisis. For our more on the Greek crisis: http://www.vox.com/cards/eurozone-crisis Subscribe to our channel! http://goo.gl/0bsAjO Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com to get up to speed on everything from Kurdistan to the Kim Kardashian app. Check out our full video catalog: http://goo.gl/IZONyE Follow Vox on Twitter: http://goo.gl/XFrZ5H Or on Facebook: http://goo.gl/U2g06o
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Text Comments (3328)
Bigboy Don (16 hours ago)
I always hated the euro but this makes me hate it more.
Zems Games Gr (4 days ago)
Tushar Chowdhury (5 days ago)
The last bit is very wrong
Jacob5632 (8 days ago)
Norway has over 35k$ GDP Capita
Rachel Green (8 days ago)
My teacher taught us this - Actually, euro is benefitting only big European countries (France Germany) But small and less developed European countries are only becoming importer. If any other non EU country want to buy any product and two EU countries are selling it at the same price. Then of course, non EU country will buy product of the country which used high technology. So euro created PIGS countries. And Greece.exe stopped working. And euro was one of the main reasons of brexit. Britain's currency is pound. But it has to take part in the support of crashed euro countries. So it said that when comes to take profit, France Germany take it but when comes to give money, Britain has to take part.
Ephebophilio Chaoticus (10 days ago)
How Vox caused a faulty explanation of impact of the euro on greece. they kinda did say things that would work if they were combined with other things necessary to justify certain outcomes, which they kinda integrated but not really.
Romain Jean (10 days ago)
This video is politically oriented against the Euro , and full of BS. Please reveal your sources. No economists never linked the Greece crisis to the 'free movement of money in Europe' you've just made it up. They all say it is because of subprime crisis and bad management of Greece budget.
Manuel Sousa (10 days ago)
So what are the Cohesion funds? Some people don’t now nothing of the EU, and then do a video like this misguiding with false information. I don’t love the EU, but it’s kinda bad that you are throwing facts without knowing what they mean.
Abdisamad Suleiman (12 days ago)
Turkey is not in european union and they are self sufficient. They are 17 in world economy power house countries.
funstuff81girl (12 days ago)
I think the idea was to talk about the function of the euro through Greece, not to full explain the crisis. They know it's more complicated, they're just critiquing the Euro's role.
Kiki-san (13 days ago)
It's a typical loanshark scheme that was committed against Greece. Or how do you explain that Germany made a pure profit of about 2 billion € out of it?
Gilles De Clerck (13 days ago)
Vox, I absolutely your channel. But this is a terribly simplistic breakdown, far below the level I'm used to of you guys.
Xushi Masuta (13 days ago)
1:06 - Wrong. Greece's problem is it's corrupt as hell down to the core. They are only to blame for the mess they're in.
commanderOFgalaxy (14 days ago)
The question is “ how the Euro caused the Greeks crisis “ and The Answers is “ if we get lands from our neighbours we r gonna be ok” lol 😂
Vasile Severin (15 days ago)
C'mon! Really, VOX? It's a total nutjob! Whats the purpose of this video?
lol no (16 days ago)
You dint say how EU destroy greek economy.Why you dint say that eu destroed greece
Rocketman0 Ggglog (19 days ago)
Crystl Fire (21 days ago)
GREECE NEEDS someone like OUR President Trump. He cleaned up obama's mistakes within one year!! It took obama 8 years to almost destroy our country and turn it into a marxist/socialist country. Of course it didn't work and people figured out what obama and hillary were trying to do. WE still need President Trump so you cannot have him yet. BUT I am sure there is another GREEK person who thinks like President Trump who can save your country!! STOP PUTTING IN FAR LEFT IDIOTS WHO DESTROY COUNTRIES WITH THEIR SOCIALIST IDEAS!!!
Crystl Fire (21 days ago)
GREECE is your typical socialist government. THE government becomes a dinosaur and very soon there is not enough money to pay everyone and the government has taxed businesses so high that they ran out of that country to cheaper countries. SO now Greece is running out of money to pay their high salaried government employees while many of their people are layed off from their jobs. THIS is what obama and the LEFT in our country wants for this country. NOT ONLY did they want socialism, on top of that they wanted open borders. SO here we would have a LARGE government just bleeding out money, companies leaving the country and taxes going up up up while people keep losing their jobs. WERE will the money come from?? THIS BIG government is now running out of other peoples money. THAT is called SOCIALISM. Socialism has never worked and will never work!! ALSO having open borders ON TOP of having no money and no jobs is absolute idiocy! THE LEFT truly have lost their tiny minds!!!
Konseq (21 days ago)
Dumbing down a problem so hard you missed the point of getting to the bottom of the problem.
lol2000x (21 days ago)
This video is anty EU !
Marc Planas (22 days ago)
Well its clear that the only path for Europe at this stage is to become a federal state. Meh, wouldn't be so bad i tell you.
Jannis Höntscher (23 days ago)
I realy don’t want to pay money to greece 🇩🇪✌️
Giuseppe Cappelluti (25 days ago)
Greece should just leave the Eurozone. Period.
TheZacharias92 (26 days ago)
This is not correct. The whole planet could have one currency. It's that easy: High wages, a generous social welfare system and high regulations are good when you have a good infrastructure and a higly skilled workforce. Otherwise you have to scale down your claims and wait until your economy is more competitive. Then step by step you can have to claim more. This is the reason why so many asian countries doing so well and south american ones do not. You have to knew at which stage you are and when you can demand more. Grecce thought that now that they are in the Euro, they could have the same as countries like Germany. But this is not the case. And yes, corruption is a problem, too. But currency devalution will not do any good, because for the Greek people everything outside will be more expensive, and most of the goods (consumer and for production) will come from foreign countries.
Jacques Verhoeven (27 days ago)
Now about Trump and amrica
Danny Draait (28 days ago)
was that an Olsen twin being grabbed by the throat I saw coming by?
Joseph Lenton (29 days ago)
The end is incorrect. The EU invests is poorer countries. The rich countries are helping to invest in the smaller ones. So the claim this movement of money doesn’t exist is just factually wrong.
Melvin T (30 days ago)
Its basically like a spork, not good at being a spoon or a fork. Correct?
Lora Wrlt (30 days ago)
Plus there are many positive things about the euro such as investments being done more easy, traveling is easier, .... Also I wouldn’t say that ALL Europeans feel this or that way. I personally am happy about the euro, which is a stable currency. Also with the euro many countries were able to stay okay during and after the financial crisis since 2009. This whole thing about the € is definitely more conflicated than this. Sorry, many other videos of yours are great but this misses a lot
DrAlban04 (30 days ago)
Greek shouldn't have been accepted in the EU in the first place with the faked documents, didnt't meet the criteria at all. But somehow its the fault of the euro seriously?
Royal Subliminals (16 days ago)
Greece made Europe dear :)
MissMaria Tv (1 month ago)
Hey I am from Greece and we are not that poor as described... my friends walk around in addidas and Nike stuff only! They buy iPhones and expensive samsungs... we are not the poor guys people... we just have terrible politicians!!! Lot's of love from Greece btw 😘
Dectonite Mapping (1 month ago)
I'm sorry to say that Greeks, but in the World everyone wants to wipe your race and they're currently doing it. I myself supports the Hellenic race but, the World doesn't agree with that. I wish I could help but even my country supports your worst enemy and I can't do anything!I hope you will survive.
Laugh (1 month ago)
Dectonite Mapping yeaj right, forgot about bulgraria... as for Germany they don't Greece to vanish because there, what are debts to be paid, and what fail of Greco Turkish war are you talking about? and once more dont be close minded when watching the news showing a bunch of people wanting to destroy a country, most people dont the governments do, the news wi show the minority of those fanatics to sell more 😜
Dectonite Mapping (1 month ago)
Guy Drunk Oh I got it In Turkey and Albania you're right, what about Bulgaria which wants Thrace,Macedonia and the island of Thasos. Germany for the debt, Britain,France and USA for the fail in the Greco Turkish war.
Laugh (1 month ago)
Dectonite Mapping sorry for ruining it
Laugh (1 month ago)
Dectonite Mapping first of all, i didnt ask you a list of countries you know but those who want to "kill" it, the only countries that want greece are turkey(wants its islands)(they claim there were Turkeys there) and Albania they want the upper part of Greece(they say there were albanians there) (and theres a dream that someone had called Big Albania) so yeah only 2 countries pretty much and both are wrong... and Turkey people(probably most) would prefer not to have a war to take the islands(its their government that wants and they know if a wars happen they are gonna be safe anyway) as for Albania its just some group of people that claim it(some fanatic dudes) while all the other people dont want a war, including the government, i dont know how you come up with all these countries
Dectonite Mapping (1 month ago)
Guy Drunk Ok Germany Turkey Russia Bulgaria Albania Kosovo Ukraine Belarus Kazakhstan France Britain Belgium Holland United States Canada Brazil Argentina Japan Peoples Republic of China Taiwan North Korea South Korea Australia Indonesia India Bangladesh Iran Iraq Syria Lebanon Jordan Egypt Libya Algeria Morroco South Africa Ethiopia Somaliland Saudi Arabia State of Palestine Qatar Kenya Oman Yemen UAE Myanmar Thailand Phillipines Vietnam Cambodia Laos and a few others which I don't remember I don't really know why but I know that I have seen many Greeks and people from other countries to point that out.
Dave Parsons (1 month ago)
So the problem began when the Greek politicians borrowed too much money. Got it.
Laugh (1 month ago)
Dave Parsons it was 1900 something when after a war a president decided to borrow money or something like that
Laugh (1 month ago)
Dave Parsons but not in 2001
K (1 month ago)
The Euro is good if you’re Germany or France but for greece it’s really bad
mihai gallo (1 month ago)
Our history teacher told us Greece went under (bankrupt) 5 times in the last 150 years , not really safe bet getting them to join the union AND making them use the euro
GerySpan (1 month ago)
No no NO! You got it all wrong! The currency is not the main problem; you gotta talk about corruption, the huge amount of insecure debt that certain political parties and media created towards the Greek banks, the extremely aggressive loaning tacticts of the Greek banks combining with the regular misinformation of the consumers, the lack of political will to take drastic meassures against the public expenditure or the low quality of education (in spite of the significant achievements of several Greeks worldwide), the rumored affiliation of certain politicians with certain multinational corporations or foreign countries, the free market doctrine etc. What's the matter with you people???
Mario Bravo (1 month ago)
The single currency did assist in the Greek crisis. Nevertheless, it was NOT the driving factor. Corruption, tax evasion and uncontrollable costs (National security to protect border from Turkey, large fires every year, lots of islands to maintain) were the driving factors.
Kirushanth Sharva (1 month ago)
You are comparing one country with whole different countries aka a continent? Why? If Cal supporting Kentucky with their tax money because it is in the same country. Why should Germans help another country with thier tax money. USA =/= Europe.
Marconi Matrix (1 month ago)
currency is not the problem ! it is the debt , this is bullshit !
Guy Sayer (1 month ago)
Esperanto currency
WC Evangelista (1 month ago)
Is it possible to undo the Euro or to roll back the EEU?
Mats TankedFriendly (1 month ago)
This is again a video like "look how great the US is with out support system, much better than europe"
tablo (1 month ago)
The greeks can decide NOT to pay back the banks. But the banks are German and french banks. THe greeks could get rid of the euro, get their own currency back and not paying the banks, but they didn't want it. The other problem is that if Germany let the greek go out of the eurozone, Portugal, spain, even Italy would follow. That means less export for the germans. All in All, the Germans prefered to give lend money to the greeks at 0%, the better of the bad solutions. Personnally, I think EU, eurozone and Schengen should stick to the core rich west countries. Making it bigger only encourages the responsibility of the states.
Argo Kamenik (1 month ago)
0:32 lol Why are we in estonia the only ones in the EU with almost no debt? wtf #estxit
Akın Özer (1 month ago)
Caden Young (1 month ago)
It seems that a common currency for places like Spain, Greece, and Italy might not be a bad idea. Or honestly, let them have their own currencies until they reach the same economic status as the bigger powerful Western European countries. Places like Poland and Czech Republic seem to be fading quite well with their own currencies, and will probably adapt the Euro when median wages and prices better match the rest of Western Europe.
Glowner (1 month ago)
but this is why there is a entry level of gdp to adopt the euro, greece lied about this and now theyre suffering the penalties.
Juan Alfonso (1 month ago)
This whole video is completely *WRONG*
Bahjat Tabbara (1 month ago)
Greece suffers from poor administration and a weak state; corruption is its biggest problems.
George Chatzifotis (1 month ago)
This video is way too generic and oversimplified. I was expecting sth way better from Vox....
HiPetitGateau (1 month ago)
Just a heads up The Greek didnt like the hours they had to work and they dont have as much exports the EU shoulda done their homework on letting them in. ***More importantly*** California & New York arent even in the top ten for median income west virginia ,Arkansas &Mississippi are the lowest median income. Just because nyc and hollywood are well know dont make em wealthy and just because theyre rednecks dont make em poor Highest median income is Maryland plus it has some of the highest taxes they charge a rain tax. Google rain tax in maryland yeah the bigger your roof the more ya pay cause your preventing the natural flow of rain to the bay. Freaking nuts. California is so poor they closed a bunch of schools cause theyre broke. Parks etc.
bob smith (1 month ago)
The only vegetarian at a barbeque..... Let that sink in
David Floyd (1 month ago)
please get a better narrator
Ben Budding (1 month ago)
Blaming the Euro for the Greek is a very naive argument. Bad research guys!
James Oswald (1 month ago)
This video was way too short to adequately cover the topic.
President Kudsi (1 month ago)
Not to mention many Greeks see the money they borrowed from Germany as theirs cause they say it's simple the money Germany stole from Greece to pay for their invasion of it.
Horkslair (1 month ago)
The abject failure of the European Union is a perfect example of why globalists who want to create a one world government are certifiably INSANE, DELUSIONAL and a threat to the ENTIRE WORLD. If they can't get people who share a continent to agree on policy and work together as a single unit... What short circuit in their thinking makes them believe that they can unify the world under one government?
TheAnthraxBiology (1 month ago)
Mind-blowing idea here: A closer union.
TheBrognator (1 month ago)
Mmh. I think I lost the part where Greek gave the EU fake reports about their economy to get in, and the investors run away
George Sakkas (1 month ago)
It didn't work out good for us ,everything got 216% times more expensive when the euro came
Shieldwolf Miniatures (1 month ago)
01:06 "And Greece's problem is that it's small, poor, and geographically isolated from the rest of the Eurozone..." WHAT?! Greece is small, agreed. Poor? It exports alluminum and agricultural goods, it has a great tourist product and (heck!)the LARGEST commercial navy worldwide. Geographically isolated? From the Eurozone yes, but it's goegraphic location gives it a key position for the E.U.
Lewis Vanneste (1 month ago)
This video is full of bullshit
Ryan Jackson (1 month ago)
I read a lot of articles on the Greek financial crisis while it was happening, and the video really doesn't explain why it happened at all. So basically, in order to get into the E.U. and then use the Euro, a country has to meet certain economic criteria specifically to prevent what happened to Greece from happening. The problem was, Greece was and is an extremely corrupt country and they cooked the books on how well their economy was doing to get into the E.U.- so once their economy slipped up even more, it really took a turn for the worst in the way the video mentioned. The Euro didn't cause the economic collapse in Greece, but it did reduce Greece's ability to recover. Right now, even I'm scratching the surface. Vox should've done better on its research.
Leves D (1 month ago)
You nailed it. Greece could not in any case sustain the euro and EVERYONE involved (from greek corrupt politicians to those EU bureaucrats playing innocent) knew it.
Mr. Gold (1 month ago)
On the side note, people from Alabama, Mississippi and other flyover states usually hate Medicare, Social security and anything that resembles to Socialism - hence they vote Republican. However, they are indeed the biggest consumers of the Socialist idea in the United States, which also makes them look like world class hypocrites.
bacaydee (1 month ago)
Greece wasnt suitable for the euro. But it faked its stats with the help of goldman sachs, its their fault.
This video is trash
John Pfeifer (1 month ago)
so you're saying that the problem was they didn't have enough inflation? or that if they could just print more money it would fix their economy? ohhh no your saying that the wealth of other european countries wealth should be redistributed to greece. and you're also saything that california and new york are some of the richest states.. which i guess is probably true if you just look at the total amount of money in each state.. which isn't really too fair considering they're the most populous.. but california was 152 billion in debt in 2015 and new york was 137 billion.. by far the two highest, which would seem to mean that they're pretty broke.
Thompter S. Hunson (1 month ago)
2:54 minutes can't even begin to describe the shitstorm of my country, Greece. Poor effort.
Vincent Perrier-Trudov (1 month ago)
The argument's logic is slightly flawed. One cannot say that it doesn't make sense economically to have poorer and richer countries using the same currency and then say that the issue is that Europeans from one country do not want to support the poors of another country. Greece fundamental issue was not Euro, it was tax evasion. When people don't pay tax on a massive scale, then the deficit of the State rises, and at some point becomes unbearable. And that is true whether the debt is counted in Euros, or in USD...
matte llu (1 month ago)
this video is awfully superficial in the form and totally wrong in the content.
Lord Wojtek (1 month ago)
the rich ones lending to the poor that sounds like *COMMUNISM*
Random Gaming (1 month ago)
EU should only been free travel zone, and facilitate business between countries. Not a unified banking system with all bullshit european goverment crap. TBH greece should be let to bankroopt not stealing others ppl tax money to fix their mess.
Leave the Eu 🇪🇺 That will help with most of your issues
Hurtz Burtz (1 month ago)
Leave the eu and deport invaders.
GMF (1 month ago)
2:15 no....just no. That's not true at all. Sigh, you really can't trust anyone who speaks with a vocal fry, which is every single person working at VOX.
atsidasP (1 month ago)
For a video that lasts 2:55 i find it good. Of course it is more complex, and the only aspect which is mentioned is that you cant really determine a QE policy separately in each country. In general, everything mentioned is not incorrect, just partial.
Mart kenyon (1 month ago)
Wrong. Greece went under because they had lied about meeting the Eurozone's admission criteria. Every other Euro country that was hit hard by the crisis has bounced back by now, every single one except for Greece. Because they lied. Not because of the system.
ben cowie (1 month ago)
Of course you have to compare everything to food. So American
The Toxic Avenger (1 month ago)
This is a really bad explanation and completely ignores decades of financial mismanagement, populism and corrupt politicians.
Dwight McCarthy (1 month ago)
This is a prime example of bad journalism.
João Ferreira (1 month ago)
Down with the euro
47 (1 month ago)
Greek tax evasion destroyed their economy
A. Khosrobeik (1 month ago)
actually correct is: How Greec caused the euro crisis
Royal Subliminals (16 days ago)
Actually correct is : how zionists caused the fake euro crisis
Christopher Kim (1 month ago)
So.. someone at Vox does understand that one policy doesn’t suit an entire populations varying needs. So why is the liberal agenda blasted all over your recent videos...
Christopher Kim (1 month ago)
Nvm just finished the video, you guys added a liberal agenda piece at the end lmao
Dave Cullins (1 month ago)
And now Greece only gets help if they change certain things. That's what you get for not doing your homework.
Panagiotis Pita (1 month ago)
while yall complain we'll celebrate our scheme in joining the eu in mykonos
Panagiotis Pita (1 month ago)
in conclusion its germanys fault
Fruitzy (1 month ago)
This is why the UK is leaving
建扬 (1 month ago)
The narration sucks. Need to improve
Crestita (1 month ago)
VOX is an spanish politic group WTF
Macedonia is sure dancing now
Thanh Nguyen (2 months ago)
This video is wrong in many ways. Greece's crisis isn't caused by Euro. It is caused by lacking of financial discipline and populism political. The statement "The German only want to support the German" is wrong too. They understand the situation and they're ready to help the Greece if the Greece are ready to pay their own debt.
Akbar, Allard Freichmann (2 months ago)
Greece is very rich. But if one has 1 euro or dollar and spends 2 one becomes poor. But if one can save 10 cents one becomes rich. Greece has a lot of sun. Like Italy and Spain.
lelsinä (2 months ago)
the words greek and euro should be switched in the title.
Finnish Finn (2 months ago)
If Greece hadn't lied about its economy to get to Euro Zone, this wouldn't had happen
cali done (2 months ago)
Europeans do not want to feed useless greeks. Not anymore. They can ask turkey or arab countries for money
The Invisible (1 month ago)
cali done kill yourself Turkish inbred
the truttel kingdom (2 months ago)
Greece lies about meeting the economic goals to get into to the eu so no if they made the goals this effect would not be as bad as it is or may not have even happened ( speculation )
A.S Potamianos (2 months ago)
For those who don't know Greek history there are three major reasons why we wasted so much money that we could use otherwise. After declaration of indepence in Greece the biggest problem was transportation. We spend the majority of funds to build roads and railways in a very conplicated terrain which caused the first economic crisis. Then the genocide in Smyrni happens where one million greeks and half a milion armenians are forced to immigrate to Greece after their houses were burned and vandalized. Now one million people without a house or a job were added to the equation. Also most of the gold we had at this point was stolen by the nazis.

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