In 2014, Greece’s economy appeared to be recovering, as it grew 0.7%. ATHENS (Reuters) - Here is a timeline of economic events in Greece in 2010. All three main credit ratings agencies cut Greece's rating to a level associated with a substantial risk of default. [154], On 13 July, after 17 hours of negotiations, Eurozone leaders reached a provisional agreement on a third bailout programme, substantially the same as their June proposal. Credit rating agencies immediately downgraded Greek governmental bonds to an even lower junk status. France and Germany were also spending above the limit at the time.
Financial markets are bolstered by news on 8 October that the leaders of Germany and France have reached an accord on measures to help resolve the debt crisis. -- May 6 - Greek parliament approves latest austerity bill. [32], Greece had budget surpluses from 1960 to 1973, but thereafter it had budget deficits. [66], The ability to pay its debts depends greatly on the amount of tax the government is able to collect. The EU announces that the Greek deficit is even worse than thought after reviewing its accounts - 13.6% of GDP, not 12.7%. Helped To Mask Debt Fueling Europe's Crisis", https://www.statistics.gr/en/statistics?p_p_id=documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN&p_p_lifecycle=2&p_p_state=normal&p_p_mode=view&p_p_cacheability=cacheLevelPage&p_p_col_id=column-2&p_p_col_count=4&p_p_col_pos=1&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_javax.faces.resource=document&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_ln=downloadResources&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_documentID=104391&_documents_WAR_publicationsportlet_INSTANCE_qDQ8fBKKo4lN_locale=en, "Greek debt to reach 120.8 pct of GDP in '10 – draft", "The Road to the Greek Hell is Paved with False EU and IMF Statistics", "Former Head of ELSTAT Will Face Charges for Allegedly Inflating 2009 Deficit, Supreme Court Says", http://www.wsj.com/articles/man-who-revealed-the-depth-of-greeces-financial-quagmire-is-cleared-11551435051, http://www.mirandaxafa.com/contents_en.asp?id=150, https://www.iaos-isi.org/index.php/latestnews/221-80-former-chief-statisticians-condemn-prosecution-of-andreas-georgiou, https://www.amstat.org/asa/News/ASA-Statement-Prominent-Individuals-Urge-Greek-Authorities-to-Halt-Prosecutions-of-Andreas-Georgiou.aspx, "Eurostat Newsrelease 170/2010: Provision of deficit and debt data for 2009 – Second notification", "Greece's revised 2009 deficit tops 15% of GDP: Eurostat lifts reservations over Greek methodology", "Greek debt write-down must be larger: German finance minister", "The Greek debt restructuring: an autopsy", "Βενιζέλος: Δημιουργία λογαριασμού κοινωνικής εξισορρόπησης", "Greece Must Speed Up Asset Sales, Win Investment, Minister Says", "The Second Economic Adjustment Programme for Greece Fourth Review", "IMF Country Report No. An estimated 36% of Greeks lived below the poverty line in 2014. It reduced incentives for early retirement. Indeed, accession to the EEC (and later the European Union) was predicated on keeping the debt-to-GDP well below the 60% level; and certain members watched this figure closely. 2006 May - Greek and Turkish fighter planes crash into the Aegean after colliding in mid-air. 2005 December - Amid protest strikes by transport workers, parliament approves changes to labour laws, including an end to jobs for life in the public sector.
A harrowingly detailed tale of incompetence and intransigence in the Greek debt crisis. Are wildfires the end of the Californian dream? April - On April 11, euro zone finance ministers approve 30 billion euro emergency aid mechanism for Greece but say Athens has not yet asked to activate plan. Countries facing such a sudden reversal in capital flows typically devalue their currencies to resume the inflow of capital; however, Greece was unable to do this, and so has instead suffered significant income (GDP) reduction, an internal form of devaluation.
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reached an accord on measures to help resolve the debt crisis. Major public-sector strikes coincide to increase pressure on the government over its economic policies. [204][205] During that year, 111,000 Greek companies went bankrupt (27% higher than in 2010). – a value lower than that for Italy (107%) and Belgium (110%) during the same 15-year period,[25] and comparable to that for the U.S. or the OECD average in 2017.[30]. Assessing the impact of the financial crisis in mental health in greece. One way to do that is to allow higher inflation in Germany but I don't see any willingness in the German government to tolerate that, or to accept a current account deficit. -- May 9 - The IMF unanimously approves its part of the rescue loans, with 5.5 billion euros being provided immediately. Fear of default widened the 10-year bond spread and ultimately led to the collapse of Greece’s bond market. Banks closed and restricted ATM withdrawals to 60 euros per day.
[146][148], The Eurogroup clarified on 27 June that only if an agreement was reached prior to 30 June could the bailout be extended until the referendum on 5 July. 2015 January - Alexis Tsipras of Syriza becomes prime minister after winning parliamentary elections, and forms a coalition with the nationalist Independent Greeks party. That reduced the tax revenues needed to repay the debt. Some key assets were sold to insiders.[128]. On September 20, Tsipras and the Syriza party won a snap election. It gave them the mandate to continue to press for debt relief in negotiations with the EU. [112] The Finance Ministry accepted the need to restore trust among investors and correct methodological flaws, "by making the National Statistics Service an independent legal entity and phasing in, during the first quarter of 2010, all the necessary checks and balances".[36]. The fourth review of the bailout programme revealed unexpected financing gaps. The German chancellor, Angela Merkel says she would favour only a temporary boost to its firepower. This would shut down Greece’s ability to finance further debt repayments. [175] The unemployment rate grew from 7.5% in September 2008 to an unprecedented 19.9% in November 2011. Greece was burning through cash faster than anyone knew. [267], Allegations of hypocrisy could be made towards both sides: Germany complains of Greek corruption, yet the arms sales meant that the trade with Greece became synonymous with high-level bribery and corruption; former defence minister Akis Tsochadzopoulos was jailed in April 2012 ahead of his trial on charges of accepting an €8m bribe from Germany company Ferrostaal. A meeting of finance ministers and central bankers in Washington on 24 September leads to more calls for urgent action, but a lack of concrete proposals sparks further falls in share markets. "The IMF and the Greek Crisis: Myths and Realities." [219], A mid-2017 report indicated Greeks have been "taxed to the hilt" and many believed that the risk of penalties for tax evasion were less serious than the risk of bankruptcy. For 2009 it was found to be "a lot worse than normal, due to economic control being more lax in a year with political elections". -- Oct - The 2011 budget draft submitted to parliament on October 4 pledges to cut the 2011 budget deficit faster than agreed in the IMF/EU bailout deal, vowing another year of tough austerity. The debt increased in 2009 due to the higher-than-expected government deficit and higher debt-service costs.
[226] As the economy contracted and the welfare state declined, traditionally strong Greek families came under increasing strain, attempting to cope with increasing unemployment and homeless relatives.
Trade unions call a general strike. [126] The money for this agency would come from a crackdown on tax evasion. In February, Greece unveils a series of austerity measures aimed at curbing the deficit. From 2008 to 2012, unemployment rose from 8.2% to 22.7%. PASOK collapsed from 44% in 2009 to 13% in June 2012 and stabilized around 8% in the 2019 elections. GDP per capita fell from a peak of €22,500 in 2007 to €17,000 in 2014, a 24% decline. He also said he learned that "other EU countries such as Italy" had made similar deals (while similar cases were reported for other countries, including Belgium, Portugal, and even Germany).
As of early 2015, the largest individual contributors to the fund were Germany, France and Italy with roughly €130bn total of the €323bn debt. By 2012, Bondholders finally agreed to a haircut, exchanging 77 billion euros in bonds for debt worth 75% less. That limited the power of socialist parties and unions. [196] However, by early 2015 their holdings had declined to roughly €2.4bn,[195] in part due to the 50% debt write-down.
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