Greece: Economic Crisis or Order of Values Crisis?


On April 23, 2010, George Papandreou, Greek Prime Minster activated the $60 billion aid package from the International Monetary Fund (IMF) and the European Union to avoid default.  Within thirty-six years, the Greek debt increased from 23% of the GDP (1974) to 123% of the GDP (2010). Political and Economic analysts argue that misappropriation of state funds had led to the country's insolvency. In 2010, Greek Deputy Prime Minister Theodoros Pangalos accused all Greek citizens responsible for the debt. This research attempts to identify the order of values of the Greek citizens and if these values contributed to the debt crisis. Two hundred adult Greek citizens were surveyed on Terminal and Instrumental Values. The aggregated data show a strong family oriented society, with a great appreciation of freedom and peace, acting with honesty responsibility, and an open mind. The data examined by age 20-49 years old, 50 and older. Participants 20-49 years indicate happiness and comfortable life as dominate Terminal values, and ambition, love and joy as Instrumental values. Participants 50 and older indicate national security, peace, and wisdom as dominate Terminal values, and responsibility, honesty, self-control and capability as Instrumental values. 

Publication Type: 
Journal Article
Leonidas Maganares Ed.D.
Year of Publication: 
Journal, Book, Magazine or Other Publication Title: 
Journal Unknown

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