2004 Olympics in Athens

What did it to the economy?

As it was in good times for the rest of the world, hosting the Olympics - well, it threw them into a deeper funk. The economy has been in trouble for a long time now and who knows what would've happened if its European partners didn't hand out rescue loans to keep them afloat.

The country spent billions of dollars on different venues for the big event, but 6 years later.. what good are they now? A reported $1.2 billion dollars was used for security alone! A simpler way to put it - the Olympics ended up costing more than they had originally anticipated, was it worth the damage its done?

Although some would argue that the debt the country is in isn't all due to the 2004 event, it has definitely done a lot of damage. Perhaps if they put to use some of that land that isn't being used now to provide jobs to the unemployed, they wouldn't be criticized about overspending.

http://www.huffingtonpost.com/2010/06/03/greek-financial-crisis-olympics_n_598829.html

Greece & Paradox of Thrift

Paradox of Thrift? What does that mean. 

When you get a bonus, what do you do with it? Save it? Spend it? If you save, good for you... but bad for the economy. It seems like a good idea, right? But if everyone were to start saving money during the economy's hard times, the result would be less consumption - which in turn we'd see a decrease in economic growth.

So where exactly does Greece stand when it comes to the paradox? Total debt to GDP for is at 124.1% based on GDP estimates for 2010 according to the International Monetary Fund (IMF). The economy is expected to shrink by at least 5% if they do implement the fiscal restraint, which in turn would decrease the amount of jobs available - increasing the unemployment, and a reduction in the aid available to the people who depend on government support.

What will happen next, only time will tell.. but as of late, the economy of Greece hasn't been up to par. Ideas are constantly thrown at them in how to fix the damage, but implementing them are easier said than done.

http://www.greenfaucet.com/economy/paradox-of-thrift-sovereign-style/83135