The European sovereign debt crisis has exerted a far-reaching impact on the European continent and even the international community over the past decade. This impact is noticeably complex as it involves not only the stakeholders within Europe but also international organizations due to aid application . On the one hand, countries used austerity measures to help with foreign aid requests, which evoked public demonstrations at different scales and. in turn, triggered various social crises. On the other hand, the then government officials held conflicting opinions on how to solve the crises, directly leading to frequent power shifts. In such a context, the European debt crisis has excited widespread interest among scholars who try to explore the causes, seek solutions, and predict trends from diversified perspectives. Thus, there is a practical background as well as theoretical and practical implications for studying the causes of the European debt crisis and the evaluation of economic policies. For the convenience of research, we select Greece as the main subject of study.