Many countries have been affected significantly by the economic crisis which took has taken place over the last few years. Certain countries have been affected as a result of their exports not performing as well due to problems in the countries which buy their exports. Other countries have been affected as a result of a credit crisis or overspending by their government. There have also been major problems in the Middle East which made it more difficult for the rest of the world to get oil and this led the cost of fuel to increase considerably.
Greece is one country which has very much been in the media recently because its debts and economic problems have caused its citizens to riot on the streets. Greece originally had an economic crisis which left it requiring a bailout package so that the economy could grow once again. The bailout package the country received did not grow the economy enough and Greece was unable to repay the debt. This has left them further in debt and requiring an even larger bailout.
Whilst the UK has seemingly begun to move in a positive direction, the reality is that it still has a significant level of debt. The labour party overspent on their budget and so had to borrow money from other countries by selling bonds. Bonds must eventually be repaid and this is why the UK still has a very large debt.
Ireland is another country with debt due to overspending by the government. The tax paid by the people in Ireland was not enough to cover the government's spending and so they now have a large debt. Ireland also resisted a bailout package which initially prevented any revival of their economy.
Then there is the US who has a huge debt because it is such a powerful nation. Large export countries like China and Japan trusted the US and so allowed it to have a significant level of credit to import items. This along with a $700 billion bailout left the US with a huge debt which is constantly growing.
Greece is one country which has very much been in the media recently because its debts and economic problems have caused its citizens to riot on the streets. Greece originally had an economic crisis which left it requiring a bailout package so that the economy could grow once again. The bailout package the country received did not grow the economy enough and Greece was unable to repay the debt. This has left them further in debt and requiring an even larger bailout.
Whilst the UK has seemingly begun to move in a positive direction, the reality is that it still has a significant level of debt. The labour party overspent on their budget and so had to borrow money from other countries by selling bonds. Bonds must eventually be repaid and this is why the UK still has a very large debt.
Ireland is another country with debt due to overspending by the government. The tax paid by the people in Ireland was not enough to cover the government's spending and so they now have a large debt. Ireland also resisted a bailout package which initially prevented any revival of their economy.
Then there is the US who has a huge debt because it is such a powerful nation. Large export countries like China and Japan trusted the US and so allowed it to have a significant level of credit to import items. This along with a $700 billion bailout left the US with a huge debt which is constantly growing.
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