Economic Crisis: The Global Impact of a Greek Default: Hearing Before the Subcommittee on National Security and International Trade and Finance of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Fourteenth Congress, First Session on Examining the Systemic Risks Greece Could Pose to the Rest of the Eurozone and the Broader International Economy, June 25, 2015 [open pdf - 806KB]
This is the June 25, 2015 hearing titled "Economic Crisis: The Global Impact of a Greek Default," held before the Subcommittee on National Security and International Trade and Finance of the Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Heidi Heitkamp: "The United States and Greece are a tale of two economies. In 2007, our country experienced a housing crisis driven by low interest rates, poor underwriting, and outright fraud, and then a financial crisis driven by lax oversight and regulation and a complex financial system we did not understand. The Nation's real GDP fell by 2.6 percent in 2009, the largest decline in six decades. Our unemployment rate rose to 10 percent in October of 2009. And, fortunately, we have a mature economic recovery, in part because of Federal efforts to buoy the economy and actions taken by the Federal Reserve. Five years after the onset of the global financial crisis, however, Greece's economy remains in turmoil. The country has experienced what is essentially a second depression. Since 2007, the Greek economy has contracted by nearly 25 percent. Unemployment has tripled, to nearly 25 percent. Youth unemployment is over 50 percent. And public debt has risen to 173 percent of GDP. The causes of Greece's precarious situation are multiple and complex and I look forward to our witnesses shedding some light on how we got here and where we go from here." Statements, letters, and materials submitted for the record include those of the following: Desmond Lachman, Matthew J. Slaughter, Carmen M. Reinhart, and Jacob Funk Kirkegaard.
S. Hrg. 114-110; Senate Hearing 114-110
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