Debt Situation in Greece

Why didn't the 2010 Greek bailout work?

Greek bailout did not work because of several reasons. Firstly, they have become heavily reliant on tourism. If people are not holidaying there, they lose a vital contribution to their economy.

Secondly, most of Greece is made up of many islands that have poor soils that can grow only olives. With a global market, for olives (which also includes Spain, Mexico and Israel countries that have large areas that can produce other crops). In the summer, many of these islands simply close. Large islands such as Rhodes and kos have a principle ...