ECONOMIC CRISIS AND INCOME
INEQUALITY
K W N S TA N T I N O S G K AT Z I O S 2 3 6 4 L E A D E R
K A L AV R I A S P O L I C H R O N I S 24 0 1
K W N S TA N T I N O S K O L I O S 24 24
M A R O U F I D I S P A N T E L I S 24 5 2
M E L I S S I S M I C H A E L 24 5 6
THE BEGINNING OF THE ECONOMIC CRISIS
 2007: The first signs of crisis
 Causes: the problems in the mortgage market to
ensure low and reckless use of structured investment
products that depend directly on the ability to repay
loans of which produced
 first victim: Iceland
 The biggest victim: Greece
 2010: Greece in IMF
CAUSES OF INCOME INEQUALITY
1. The politics of austerity
2. unemployment and underemployment
3. low education
4. Corruption
5. The gap between men’s wage and women’s
wage.
RESULTS
 The increase of borrowing by the private and
public sector
 Under-funded public services
 Dismissals due to reduced consumer demand
 Layoffs weaken even more the demand (
restriction of labor income and increasion of
inequality).
SOCIAL PROBLEMS
Criminality
Crisis in health sector
Increase in cases of depression and
suicide
Chart 1 : evolution of economic
inequality in Greece
Chart 2 : Highest degree of income
inequality
THANKS FOR YOUR ATTENTION…!