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ISSUE: 5
QUESTION OF: Question of Greece
CO-SUBMITTERS: Romania, Greece, Namibia, Hungary, Djibouti, Iraq, Bahrain, France,
Saudi Arabia
THE GENERAL ASSEMBLY,
Congratulating the European Union on the steps they are taking to aid Greece in getting out of
their financial crisis by implementing a system where the majority of the EU countries contribute
an amount based on a percentage of their GDP (gross domestic product) and the amount of
population they have which is estimated to be worth €20 billion euros ($26.8 billion USD),
Further congratulating the EU, the International Monetary Fund (IMF), and the European Central
Bank on the economic bail-out plan negotiated between them and Greece,
Further noting the spending cuts and increasing of taxes which Greece has done to combat this
problem,
Deeply disturbed by the €300 billion ($413.6 billion USD) worth debt that Greece has developed
as well as the lowering credit rating of the country and the deficit of 12.7 percent,
Recalling the amount of other countries that have gone into debt in the past years, including the
United Kingdom and the United States of America, and how they were able to curb out of their
economic downturn,
Disturbed by the fact that Greece has sent out economic reports that were not entirely accurate
and lead to the state of debt that they are currently in now,
Fully alarmed by the fact that an estimated 25% of Greek economic deals were done underneath
the table and were not subject to taxes,
Aware of the other countries which are also going into debt in Europe, such as Spain and
Portugal, which shows this is clearly not only a problem for Greece but also other countries in
the EU which have the backing of the economically strong euro,
1. Calls upon the 187 countries in the International Monetary Fund (IMF) to contribute
loans to Greece at low interest rates so as to increase their economic stability while not
forcing the nation further into debt;
2. Trusts all members of the EU to take particular interest in this issue and in solving it as it
could potentially devalue or depreciate the euro;
3. Supports the creation of a European Treasury as proposed by the European Union which
will supervise the major negotiations between key multi-national companies and financial
institutions;
Page 2 of 2
ISSUE: 5
QUESTION OF: Question of Greece
CO-SUBMITTERS: Romania, Greece, Namibia, Hungary, Djibouti, Iraq, Bahrain, France,
Saudi Arabia
4. Suggests Greece send out yearly reports on their economy which will be checked by the
proposed European Treasury to ensure their accuracy and reliability;
5. Encourages all countries, to whom Greece currently owes money, to significantly
decrease the interest rate on the loans so as to:
a) Stop the rising debt in Greece and allow them to begin to pay back loans,
b) Halt the vicious cycle that has formed in Greece by taking in loans to pay debt
and then having interest increase on the loans and adding to their debt;
6. Urges Greece to hold to their three year economic plan as negotiated between the IMF,
European Union, and European Central Bank;
7. Proposes that Greece changes its policy of giving out a certain amount of licenses for
certain trades so that there is an unlimited increase in the number of licenses would
therefore increase domestic production and stimulate the economy;
8. Expresses its hope that Greece will take more care looking into being more attentive and
responsible when dealing with illegal issues regarding economy, such as tax evasion by:
a) Creating harsh consequences for those involved,
b) Increasing its investigations into these topics;
9. Encourages nations to invest in the Greek economy and continue importing and
exporting, to and from Greece, so as to:
a) Increase the rate of recovery from the economic crisis in Greece,
b) Prevent all investors from leaving Greece in a state where it cannot recover from;
10. Expresses its hope that Greece will invest in new industries inside of their country to
promote domestic trade;
11. Asks Greece and its citizens to reduce unnecessary spending and to increase their savings
as an attempt to curb going into further debt;
12. Recommends countries look into their economy to find any weak points and fix them, so
that situations of debt will not spiral out of control as has happened with Greece;
13. Decides to remain actively seized upon the matter.