Crisis Explained

On July 16, 2015 nine New York Times writers contributed to the article Greece’s Debt Crisis Explained. The writers use rhetorical questions to engage there audience and give an overview of what the topics will be. The rhetorical questions are: “What’s the latest? How does the crisis affect the global financial system? What if Greece left the eurozone? and How did Greece get to this point?” This really gives the audience a clear understanding. This piece has strong logos which is prominent throughout the article. The writers include excellent visuals that break up the piece and present the data in a different form. We learn that the in 2010 that the International Monetary Fund, the European Central Bank, and the European Commission issued Greece’s first bail out of 240 billion euros, or $264 billion USD. Greece’s international loans are so big that that bailout did not help rebuild their economy in any way. A circle graph is then presented informing us readers where and how much money Greece’s government owes to other nations.

The Chancellor of Germany, Angela Merkel, says Greece will sell off its assets owned by the Greek government, which will create a fund to pay off the debt. This fund will be relatively close to 50 billion euros. It will also be required that organizations monitor the country’s obedience to the bailout commitments. If they do not the abide by these rules they risk leaving the eurozone, this is known as the “Grexit.” Economists looked into what might happen if Greece left the euro and found it would not actually be as big a catastrophe as us readers thought. Greece is just a tiny part of the eurozone economy. In fact, they could POSSIBLY regain financial autonomy by leaving. However, no one in Europe would be ready for such a thing since it has never been done before.

http://www.nytimes.com/interactive/2015/business/international/greece-debt-crisis-euro.html?_r=0

One thought on “Crisis Explained

  1. I like how this recent blog post went along with the last on, you had great information about how they explained the issue in Greece. Good job!

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