Sneak Peak: Greek Financial Crisis Explained (Maria Scordialos)
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Upstream
4.9 • 2.1K Ratings
🗓️ 15 June 2016
⏱️ 7 minutes
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| 0:00.0 | You're listening to an upstream sneak peak with Maria Scordialis, a co-initiator of the art of hosting and a Greek activist. In 2006, In 2007 when I arrived we were still in what I call the bubble years. We were still in that period of unsustainable boom. We had come into the euro from 2000 and with the euro what arrived in Greece was a completely different financial system with the Euro bank and the banks |
| 0:45.8 | behind it that were giving very, very low interest loans, which created the bubble that we were affluent. |
| 0:54.1 | And so I came in at the period right at the end of that. |
| 0:58.4 | When people were getting mortgages, getting car loans, |
| 1:02.6 | getting holiday loans, and there was this fake euphoria |
| 1:07.1 | in the country, hyper-consumerism |
| 1:10.5 | in what people were buying and what they were doing. |
| 1:13.5 | I actually found the first couple of years that I was here |
| 1:16.8 | difficult to relate to people because I felt there was an inauthenticity |
| 1:21.6 | to the way they were relating to their lives, very much through money |
| 1:26.6 | and very much through the notion of consuming, which is not in the depth of the roots of our culture, |
| 1:32.8 | we're actually very, very sustainable people. |
| 1:35.7 | So I found it quite difficult when I first came. |
| 1:39.1 | And of course, there were banks that were trying to seduce us |
| 1:42.0 | to get loans and to develop |
| 1:43.7 | Achaditsa and to build hotels and to do it and it's very full of nature at |
| 1:48.7 | a haditsa and thankfully the seduction didn't work. And by 2009, 10, it's when the cracks started to happen, which of course |
| 1:59.7 | happened with the international monetary organizations that tell a country |
| 2:06.7 | whether they're actually credit worthy or whether they're in debt, which is |
| 2:10.8 | what happened to Greece. |
| 2:11.8 | Overnight Moody, one of those companies, |
| 2:15.0 | marked us down from being an A- Credit country |
... |
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