B5 BME - The Greek Crisis - 22nd July 2015
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The Greek crisis began when it was revealed that Greece had falsified financial figures to join the Eurozone. Greece's debt levels rose to 177% of GDP due to high government spending, low tax revenues, and generous pensions. If Greece exits the Eurozone, it could have disastrous effects on Greece's economy and significantly impact other European countries, the US, and global economy. The document discusses Greece's debt levels over time, who owns Greek debt, what caused the crisis, and debates whether Greece should stay in or leave the Eurozone.
B5 BME - The Greek Crisis - 22nd July 2015
- 1. THE GREEK CRISIS A WALK THROUGH Navigated by Group B5
- 2. OVERVIEW • Introduction ( The Eurozone) • Greece & her Problem • And What Caused it ? • How does it matter to us and the rest of the World ? • Conclusion : Should Greece Stay or Leave ?
- 3. 1THE EURO-Z0NE Euro-Adoption as virtual currency Lithuania - the 19th country to join the Euro Zone in Bank notes & Coins go into Circulation The Crisis begins Greece Affected First Greece Adopts Euro
- 4. 2 247.67 273.38 318.69 354.26 329.86 299.32 288.79 249.53 242.23 237.59 0 50 100 150 200 250 300 350 400 GDPinPercentages Year 2006 - 2015 GDP of Greece 2006-2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 GREECE & HER PROBLEM Debt is now 177% of the GDP Deterioration in Financial Situation Structural Imbalances Possibility of IMF loan defaults
- 5. 3 €56 Billion Germany €42 Billion France €32 Billion IMF Who owns the most debt ? ….and what caused it ? €327 BILLION Total Greek Debt Falsified Figures to Become an European Economic & Monetary Union (EMU) member High Government Spending Adoption of Euro Currency Low Tax Returns Generous Pension Schemes
- 6. 4HOW DOES IT MATTER TO US AND THE REST OF THE WORLD ? GrExit could be disastrous for Greece Whatever the out come, it will have a knock out effect in other countries The US is worried If Greece goes other countries will follow The global economy wont like it India may not be spared
- 7. THE CONCLUSION 5 Bring back the Drachmas ? Agree to the Austerity plan ? Leave Eurozone, But stay in the European Union ?
- 8. THANK YOU Designed & Presented by Akhil Antony 15003 Ashika Jones 15022 Kavitha 15054 Bobby 15027 Viola 15120 REFERENCES www.bbc.com www.bloombergview.com www.quora.com www.tradingeconomics.com/greece www.greekcrisis.co.in www.forbes.com