The Greek Debt Crisis: Overview and Implications for the United States

The Congressional Research Service, a department of the Library of Congress, conducts research and analysis for Congress on a broad range of national and international policy issues. Some of the CRS work is carried out specifically for individual members of Congress or their staff and is confidential. However, there is also much CRS compiled material which is considered public but is not formally published on the CRS website.

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Federation of American Scientists (FAS)

In some cases hyperlinks allows you to access all versions of a report, including the latest. Note that many reports are periodically updated.This report came after Greece faced default on a debt repayment to the International Monetary Fund, or IMF, in June 2015. The debt crisis had been going on since 2009, but this episode brought about the scare of a Grexit, that is, that Greece would have to leave the Eurozone. The crisis brought about a collapse in economic growth, high unemployment, and instability in the country's banking system, sparking fear of a systemic risk for the Eurozone and the global economy. It resulted in what has been called the most significant setback in over 60 years of European integration, with concerns about the democratic legitimacy of European institutions growing everywhere and causing dissent. The role of the United States in influencing the policies of the IMF, was also called into question. This report provides a brief overview of the crisis, and discusses potential implications of the crisis for the U.S. economy and U.S.-European cooperation on broader strategic and economic cooperation.

• Primary Source

EveryCRSReport.com https://www.everycrsreport.com/

FAS: Congressional Research Service [CRS] Reports https://www.fas.org/sgp/crs/index.html

ESO: Background Information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Greece and Eurozone agree to shift from austerity to reforms http://www.europeansources.info/record/greece-and-eurozone-agree-to-shift-from-austerity-to-reforms/

EurActiv, 21.02.17: Greece’s lenders shift from austerity to reforms http://www.euractiv.com/section/all/news/greeces-lenders-shift-from-austerity-to-reforms/

The New York Times, 21.04.17: I.M.F. Torn Over Whether to Bail Out Greece Once Again https://www.nytimes.com/2017/04/21/business/dealbook/international-monetary-fund-greece-bailout.html

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