Greece is part of the eurozone and uses the euro as its currency. The Eurozone faced a major crisis when recession hit in 2009, causing extreme economic hardship in many Eurozone countries. Greece's involvement in the Eurozone has continued to have a negative impact on the Greek economy as a whole. The UK, on ​​the other hand, is not part of the Eurozone and has had no such problems because it does not rely on any other country for economic support. The question to ask is: why was being part of the Eurozone so bad for the Greek economy and how did the UK avoid these problems by using the British pound and relying on itself? This question will explain why unemployment levels in Greece are much higher than those in the UK and why this is due to the Eurozone. The problem with Greece is that the country has brought all this upon itself, and many look to Greece as the reason for the Eurozone crisis in general. The country mismanaged the economy and relied heavily on borrowing against the market after the initial hit of the recession. This has led to Greece having to borrow money from the European Union and the International Monetary Fund to keep its economy running. This indebtedness led to Standard and Poor's downgrading of Greece's debt rating to a dismal BB+. This ultimately led the Greek government to adopt austerity measures in the hope that they would revive the economy. These austerity measures led to a second bailout that had the same minimal effect as the first. Greece's initial deficit has decreased, but GDP continues to decline. This has led to a worsening of the recession that Greece is facing. All of this has led to an absurdly high level of documents and regulations implemented by the Eurozone. Works Cited http://www.nber.org/feldstein/fa121311.html http ://en.wikipedia.org/wiki/Eurozone_crisis#Greece http://www.standardandpoors.com/ratings/sovereigns/ratingslist/en/ eu?sectorName=null&subSectorCode=39&filter=G http://en.wikipedia.org /wiki/Economy_of_the_United_Kingdom http://en.wikipedia.org/wiki/Economy_of_Greece#2010.E2.80.93present_government_debt_crisis http://books.google. com/books?hl=en&lr=&id=dpL1l5uJNQAC&oi=fnd&pg=PR9&dq=eurozone+crisis+greece&ots=Pnni2gR80t&sig=JXNZ7I5pgI_TRrolrEufcJn-SLg#v=onepage&q=eurozone%20crisis%20greece&f=false http://www.alternet. org/story/ 155792/eurozone_crisis%3A_how_greece%27s_actions_will_impact_europe_for_years?paging= deactivated¤t_page=1#bookmarkhttp ://www.econ.kuleuven.be/ew/academic/intecon/Degrauwe/PDG-papers/Discussion_papers/EuroIntelligence-March-2010.pdf