If you think of the Greek debt crisis as a big fat Greek problem, you should think again – all the European countries could be affected… Watch the video to understand what the crisis is about AND learn great words to talk about money problems in English!
Watch the video and note down all the expressions related to MONEY. If you don’t know the meaning of the words, but you think they have to do with money, write them down anyway, we’ll explain.
For example, bankruptcy = not have enough money to pay what you owe, a financial disaster.
VOCABULARY – synonyms of having NO or (LITTLE) MONEY
To talk about a friend of yours:
John is …
broke / flat broke / strapped for cash (or cash-strapped) / tapped out / low on cash
John went bust
To talk about a country:
Greece is…
on the brink of (= heading towards) bankruptcy / cash-strapped / sinking into default /
in a financial calamity / in economic meltdown / on the verge of going under
What to do to get back on your feet….
tighten your belt / ALWAYS have a safety net / save money / institute austerity measures (if you are a country)
INTERACTIVE QUIZ
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Here comes a quick quiz with some really funky expressions from the video! Words to know!
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Question 1 of 12
1. Question
1 pointsDo you understand the Greek crisis? You don’t? If it’s all ………….to you, watch the video again!
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Question 2 of 12
2. Question
1 pointsGreece joined the eurozone in 2001. The eurozone is a group of countries ………………together by a single currency, the euro.
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to band together = to form a group in order to achieve something together
So here, these countries are banded together. -
Question 3 of 12
3. Question
1 pointsThe thinking was that the euro would bring ………………..stability to Europe.
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economic = related to economy
economical = wise with money
economist = someone who studies the economy
economics = the study of the economy -
Question 4 of 12
4. Question
1 pointsBut there is a …………..side. The euro eliminate the ability of a nation like Greece to control its currency if its economy takes a turn for the worse.
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Question 5 of 12
5. Question
1 pointsThe global financial meltdown hit Greece h………….. .
- (hard)
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Question 6 of 12
6. Question
1 pointsThe TRIOKA of the EU is made up of……….
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Question 7 of 12
7. Question
1 pointsThe European lenders expected Greece to take serious ………………….measures to reform their economy.
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austerity measures = actions to make sure that a country gets out of a bad economic situation. For example, raising taxes, freezing pensions, and phasing out (stop something gradually) early retirement (going on state pension) are all austerity measures that Greece was supposed to introduce.
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Question 8 of 12
8. Question
1 pointsGreece voted ‘no’ to another ……………. by European lenders.
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bailout = giving money to a country or company that is in serious financial trouble
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Question 9 of 12
9. Question
1 pointsThere is a standoff between the Greek prime minister who needs the money but doesn’t want to have so many …………attached and the European lenders.
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When something has strings attached it means that you are not free to do what you want with it.
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Question 10 of 12
10. Question
1 pointsThe European lenders want Greece to play by their ……………. .
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play by someone’s rules = do what they tell you to do
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Question 11 of 12
11. Question
1 pointsIs Greece going to ………….the euro and start to use their old currency, the drachma, again?
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to ditch something = to get rid of it, to stop using something
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Question 12 of 12
12. Question
1 pointsG………….. in other words, the Greek exit from the euro is looking possible, but it won’t bode well for other European countries in the eurozone.
- (Grexit, grexit)
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Grexit = Greek exit from the eurozone
Related news lessons:
Eurozone reaches deal with Greece
Brexit, Grexit, and even Spexit… Whose bright idea was this?
Related movie lessons:
10 Words in 10 Minutes – My Big Fat Greek Wedding
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