why is the greece financial crisis described as a depression and not a recession?

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31-05-2016
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why is the greece financial crisis described as a depression and not a recession?

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meerkat18 meerkat18 · Answer 1 · 2016-06-06T07:32:13+02:00

The financial crisis in Greece is described as depression rather than recession is because the Greece’s economy had taken a severe and sustained economic downturn. Greece’s economy has been marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced. Depression is a more severe form of recession. Recession lasts a few months, while depression lasts longer.