Global Interdependence(GDP) in Greece represents about 0.5% of the worlds output. The GDP is only 10% the size of Greece representing in it. Greece has less than a 1% of global debt, half is from private banks. Today, Greece is not doing well from Globalization. There are very violent protests happening. They rejected the IMF's approach of socializing the losses and privatizing the gains, which places an unsustainable debt repayment burden on the people. Greece is having a difficult time managing the euro, also bad behavior in foreign-exchange markets which is a negative influence on the already weak global recovery. Greece is relying on Saudi Arabia for oil. Growing strength of extremists can destabilize Saudi Arabia that can increase the price of oil to $150 a barrel or more that can seriously affect the global economy. Global Interdependence is affecting Greece in a bad way.
Citations:
Derviş, K. (2014, January 1). Small Economies, Big Problems, and Global Interdependence: Greece and the World Economy. Retrieved October 28, 2014.
Pal, A. (2011, October 20). Globalization Scorches Greece | The Progressive. Retrieved October 28, 2014.
Citations:
Derviş, K. (2014, January 1). Small Economies, Big Problems, and Global Interdependence: Greece and the World Economy. Retrieved October 28, 2014.
Pal, A. (2011, October 20). Globalization Scorches Greece | The Progressive. Retrieved October 28, 2014.