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Greece Crisis

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Greece experienced a debt crisis when its deficit exceeded 12.7% of GDP and national debt reached over 300 billion Euros. The Greek government requested a bailout package from the EU and IMF worth 45 billion to help repay imminent debts and negotiate financing. However, bailing out Greece was challenging under EU laws requiring deficit levels below 3% of GDP. The crisis highlighted Greece as the eurozone's weakest economy and hurt the EU's reputation, threatening the stability of the single European currency.

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油
Financial crisis of Greece
President: 油 Karolos Papoulias (2005) Prime Minister: 油 George Papandreou (2009) Population (2009 est.): 油10,737,428 (growth rate: 0.1%); birth rate: 9.4/1000 ; Monetary unit: 油Euro
Greece, a developed country with a high standard of living and very high Human Development Index; A top five tourist destination since at least the 80s Greece had shifted to the Euro in 2001.
Economic summary:油 GDP油(2009est.): $341 billion per capita $32,100 油 Real growth rate:油 4%. 油 Inflation (2009 est.) : 油 1.2% Unemployment (2009 est.) : 9 % Exports:油 $25.76 billion Imports: 油 $79.92 billion
Greece crisis
Debt Crisis of Greece Greek government funding crisis
Greece has a 12.7% deficit of its GDP. National debt has exceeded 300 billion Euros. Greece has US$ 25 billion dollar of its debt that must be immediately re-financed Debt crisis
The Greek government requested that the EU/IMF bailout package (made of relatively high-interest loans) be activated. The Euro zone legally requires that national deficit be within a 3% limit if GDP. With Greeces deficit of 12.7% of the GDP, the European Central Bank is legally not allowed to engineer a typical bail-out, partly due to political aspects of the EU treaty.
The size of the bailout is expected to be 45 billion ($61 billion) and it is expected to take three weeks to negotiate With a payout within weeks of 8.5 billion of Greek bonds becoming due for repayment .
Fitch ratings has called Greece as Eurozones weakest member Greeces debt is 113%of its GDP.
Greek Government Funding Crisis : The Greek economy was one of the fastest growing in the euro zone during the油2000s From 2000 to 2007 it grew at an annual rate of 4.2% Estimated tax evasion costs the Greek government over $20 billion per year. Investors placed about 20bn ($28bn, 贈17bn) in orders for the five-year, fixed-rate bond
Greek crisis hurts EU reputation A default by one member of the 27 participants in the Euro-zone will lead to the collapse of the Euro Countries of the European Union are allocating 20 to 25 billion Euros to Greece as a rescue package to help it get over the financial crisis Expectations of a weaker Euro, dollar becomes stronger relative the Euro
Greece must change or sink !
Real estate industry Greek political parties Systemic corruption and clientelism Tax inspectorate Health sector
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Greece Crisis

  • 1. 油
  • 3. President: 油 Karolos Papoulias (2005) Prime Minister: 油 George Papandreou (2009) Population (2009 est.): 油10,737,428 (growth rate: 0.1%); birth rate: 9.4/1000 ; Monetary unit: 油Euro
  • 4. Greece, a developed country with a high standard of living and very high Human Development Index; A top five tourist destination since at least the 80s Greece had shifted to the Euro in 2001.
  • 5. Economic summary:油 GDP油(2009est.): $341 billion per capita $32,100 油 Real growth rate:油 4%. 油 Inflation (2009 est.) : 油 1.2% Unemployment (2009 est.) : 9 % Exports:油 $25.76 billion Imports: 油 $79.92 billion
  • 7. Debt Crisis of Greece Greek government funding crisis
  • 8. Greece has a 12.7% deficit of its GDP. National debt has exceeded 300 billion Euros. Greece has US$ 25 billion dollar of its debt that must be immediately re-financed Debt crisis
  • 9. The Greek government requested that the EU/IMF bailout package (made of relatively high-interest loans) be activated. The Euro zone legally requires that national deficit be within a 3% limit if GDP. With Greeces deficit of 12.7% of the GDP, the European Central Bank is legally not allowed to engineer a typical bail-out, partly due to political aspects of the EU treaty.
  • 10. The size of the bailout is expected to be 45 billion ($61 billion) and it is expected to take three weeks to negotiate With a payout within weeks of 8.5 billion of Greek bonds becoming due for repayment .
  • 11. Fitch ratings has called Greece as Eurozones weakest member Greeces debt is 113%of its GDP.
  • 12. Greek Government Funding Crisis : The Greek economy was one of the fastest growing in the euro zone during the油2000s From 2000 to 2007 it grew at an annual rate of 4.2% Estimated tax evasion costs the Greek government over $20 billion per year. Investors placed about 20bn ($28bn, 贈17bn) in orders for the five-year, fixed-rate bond
  • 13. Greek crisis hurts EU reputation A default by one member of the 27 participants in the Euro-zone will lead to the collapse of the Euro Countries of the European Union are allocating 20 to 25 billion Euros to Greece as a rescue package to help it get over the financial crisis Expectations of a weaker Euro, dollar becomes stronger relative the Euro
  • 14. Greece must change or sink !
  • 15. Real estate industry Greek political parties Systemic corruption and clientelism Tax inspectorate Health sector