Answer to Question #121775 in Macroeconomics for sondos

Question

Greece lightning
what happened to the budget deficit in greece over time and why?

Answer 1

 Greek crisis was caused by the turmoil of the Great Recession, which resulted to the budget deficits of several Western nations to reach or exceed 10% of GDP. ... Consequently, Greece was "punished" by the markets which increased borrowing rates, making it impossible for the country to finance its debt.