A Close-Up on a Country's Collapse
When you think of Greece, you probably think of marble ruins, white cities by the sea and the Odyssey. But for business students, the country has a new relevance: It is the site of one of the largest economic crises in modern history.
For years, the country financed its generous social safety net by borrowing money. Faced with a ballooning budget deficit in 2009, Greece had to turn to its neighbors for a $140-billion bailout, testing the strength of both the European Union and the Euro. The country also implemented deep austerity measures and steep tax increases, but it is currently facing a second recession and made need another bailout in 2012.
All of this economic turmoil makes Greece an interesting classroom for the Martindale Student Associates, a select group of undergraduates who spend 10 to 12 days in a foreign country, studying global business, economic and public policy issues.
In past years, the Martindale students have visited Iceland (which declared bankruptcy in 2008), Turkey and the Benelux countries. In Greece, they met with politicians, executives and scholars to learn about the country’s crisis firsthand. They also visited cultural landmarks and tourist spots.
The trip provided the perfect opportunity to go beyond the textbooks and study a country in crisis up close. You can learn more about the Martindale Greece experience here.