Greek government debt crisis alias the Greek depression was an aftermath of the
2007-2008 global financial crises. After Greek’s years of struggle to stay in
the Euro, it got shaken by a severe shortage of funds in late 2009 as a result of
structural weaknesses in its economy, the great recession, and revelations that
the government had inaccurately counted previous data on government deficits
and public debt levels. Some Greek commercial banks were forced to lend money
to the government. In 2010, the Greek government arranged for 110B Euros
bailout deal with the International Monetary Fund (IMF) and the EU, which the
government would pay in installments. Their credit rate was severely dropping
as per this time.
Greek depression led to confidence crisis which was manifested by rising costs
of risk insurance on credit default swaps as compared to other countries in the
Eurozone and the widening of bond yield spreads. Greece initiated the largest
sovereign debt default in history in 2012. The Greek government accumulated
large amounts of public debt that translated to a significant percentage (above
150%) of its Gross Domestic Product (GDP). The European Financial Stability
Facility, IMF, and ECB funded Greece with huge sums of money to bail them from
became the first country which is developed to fail to settle an IMF loan in
June 2015. The debt levels had reached 323B Euros at this time. Failed deals on
Brussel talks during this period created anxiety to the masses who took to the
streets to protest against the Eurozone. The Greek government could hardly pay
its public servants’ salaries and pensions or any state benefits. Greece’s
creditors wanted benefits cut, and VAT raised, but Greece would only agree to
increase the retirement age and only hike taxes on corporates and corporations
while leaving VAT rates on essential goods intact. Regardless of this, steps
were made towards a potential bailout agreement.
the Greek government nor its Eurozone partners want Greece to leave the
Eurozone or “Grexit” as it's infamously known. A “Grexit” would imply that the
government cannot be able to repay its debts. There is also a high possibility
of a surge in inflation. It would also have grave consequences on Eurozone as it
could spark another recession. Tax receipts would also fall, and the government
might be forced to finance spending by printing money while devaluation
beacons. There are also chances of an 80% decline in living standards after a
few weeks’ time of Grexit. The government might as well be forced to freeze
withdrawals and on people taking money out of the country which will be a mess
Greece's economy might as well benefit from
having an exchange rate that is much more competitive, but this won’t solve pending
loopholes in the economy. Currency depreciation is also more likely to occur,
and this will make imported goods like food and medicine more expensive. Grexit
might also cause people temporarily to lose confidence in the Euro and a
possible gain in confidence for the U.S dollar. Despite this, a Grexit would
not impact the world severely as a whole like the U.S did.
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