Greece Emerges from Three-Year Austerity Program

BELGIUM EUROPE GREECE BAILOUT
European Commissioner for Economic and Financial Affairs Pierre Moscovici speaks during a media conference at EU headquarters in Brussels, Monday, Aug. 20, 2018. The European Union is welcoming Monday's end of Greece bailout program and augurs it as the beginning of a new era for the debt-laden eurozone member state. Virginia Mayo / AP Photo
BELGIUM EUROPE GREECE BAILOUT
European Commissioner for Economic and Financial Affairs Pierre Moscovici speaks during a media conference at EU headquarters in Brussels, Monday, Aug. 20, 2018. The European Union is welcoming Monday's end of Greece bailout program and augurs it as the beginning of a new era for the debt-laden eurozone member state. Virginia Mayo / AP Photo

Greece Emerges from Three-Year Austerity Program

Greece has completed its third and final bailout today. It marked the end of Greece’s three-year Eurozone emergency loan program worth €61.9 billion. Greece’s economic turmoil resulted from the global recession of 2008. The International Monetary Fund and the European Union offered Greece a three-part austerity loan plan to help it cope with its debt. This decade-long financial crisis had a significant impact on the people of Greece, leading to increased unemployment, spending cuts, and high taxes. As the negative impact continues, the government is gradually beginning to invest in communities and public services. Endy Zemenides, executive director of the Hellenic American Leadership Council joins us to discuss what’s next for Greece, and also why he feels the austerity measures contributed to the recent deadly forest fires in Greece.