"[230], In a study by Eurostat, it was found that 1 in 3 Greek citizens lived under poverty conditions in 2016.[231].


The 2008 Dodecanese earthquake occurred near Kattavia on the island of Rhodes in the eastern Mediterranean Sea on 15 July. [276], The US has also repeatedly asked Germany to loosen fiscal policy at G7 meetings, but the Germans have repeatedly refused.

[90][91] The areas in which Greece's deficit and debt statistics did not follow common European Union rules spanned about a dozen different areas outlined and explained in two European Commission/Eurostat reports, from January 2010 (including its very detailed and candid annex) and from November 2010.
[227], The Greek government was unable to commit the necessary resources to homelessness, due in part to austerity measures. [126] The money for this agency would come from a crackdown on tax evasion. [21][22] However, during the same period the Greek debt-to-GDP ratio rose up from 127% to 179%[21] due to the severe GDP drop during the handling of the crisis. [31] Both the Greek trade deficit and budget deficit rose from below 5% of GDP in 1999 to peak around 15% of GDP in the 2008–2009 periods.

[51][52][53][54] From 1974 to 1980 the government had budget deficits below 3% of GDP, while 1981–2013 deficits were above 3%.[52][54][55][56]. [167][168] On 3 May, the Eurozone countries and the IMF agreed to a three-year €110 billion loan, paying 5.5% interest,[169] conditional on the implementation of austerity measures. The greater use of cards was one of the factors that had already achieved significant increases in VAT collection in 2016. [288][289], All of this has resulted in increased anti-German sentiment within peripheral countries like Greece and Spain. [191], Once HFSF liquidates its assets, the total amount of recovered capital will be returned to the Greek government to help to reduce its debt. Two of the country's largest earners, tourism and shipping were badly affected by the downturn, with revenues falling 15% in 2009.[37]. Widely known in the country as The Crisis (Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. "[273] At the end of May 2012, the European Commission warned that an "orderly unwinding of intra-euro area macroeconomic imbalances is crucial for sustainable growth and stability in the euro area," and suggested Germany should "contribute to rebalancing by removing unnecessary regulatory and other constraints on domestic demand". [170] On 27 October 2011, Eurozone leaders and the IMF settled an agreement with banks whereby they accepted a 50% write-off of (part of) Greek debt. [223] In February 2012, it was reported that 20,000 Greeks had been made homeless during the preceding year, and that 20 per cent of shops in the historic city centre of Athens were empty. A restructuring of all debt, not just in Greece but in several European countries, is inevitable." Greece ran current account (trade) deficits averaging 9.1% GDP from 2000 to 2011. We see the famous Bronze Charioteer, Temple of Apollo, the Theater, the Athenian Treasury and the Castalian spring. most probably unsustainable. [78] The Ministry of Finance stated that Greeks with Swiss bank accounts would either be required to pay a tax or reveal information such as the identity of the bank account holder to the Greek internal revenue services. "[281] Paul Krugman opposed structural reforms in accordance with his view of the task of improving the macroeconomic situation being "the responsibility of Germany and the ECB. Horse racing has ceased operation due to the liquidation of the conducting organization.

[168] Nevertheless, the austerity package was approved on 29 June 2011, with 155 out of 300 members of parliament voting in favour. [25] At some time during the evolution of the crisis, it became the worst performer. The Greek government-debt crisis was the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. [8], According to a poll in February 2012 by Public Issue and SKAI Channel, PASOK—which won the national elections of 2009 with 43.92% of the vote—had seen its approval rating decline to 8%, placing it fifth after centre-right New Democracy (31%), left-wing Democratic Left (18%), far-left Communist Party of Greece (KKE) (12.5%) and radical left Syriza (12%). "[94] In the context of this controversy, the former head of Greece's statistical agency, Andreas Georgiou, has been accused of inflating Greece's budget deficit for the aforementioned years. ", "Fearful ECB starts countdown on Greek funding lifeline", "Greek negotiators learned of referendum proposal from Twitter", "Information from the European Commission on the latest draft proposals in the context of negotiations with Greece", "Remarks by Eurogroup President at the intermediary Eurogroup press conference on 27 June 2015", "Greece debt crisis: Tsipras announces bailout referendum", "REPORT: Greece's stock market will be closed for at least a week". When the Greek EDP data have been published without reservations, this has been the result of Eurostat interventions before or during the notification period in order to correct mistakes or inappropriate recording, with the result of increasing the notified deficit." The translation of trade deficits to budget deficits works through sectoral balances. "Germany is coming across like a know-it-all in the debate over aid for Greece", commented Der Spiegel,[262] while its own government did not achieve a budget surplus during the era of 1970 to 2011,[263] although a budget surplus indeed was achieved by Germany in all three subsequent years (2012–2014)[264] – with a spokesman for the governing CDU party commenting that "Germany is leading by example in the eurozone – only spending money in its coffers". Consequently, Greece was "punished" by the markets which increased borrowing rates, making it impossible for the country to finance its debt since early 2010. [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. In 2014, the government collected 28% less than was owed to it; this shortfall is about double the average for the EU. Overall revenues were expected to grow 31.5% from 2009 to 2013, secured by new, higher taxes and by a major reform of the ineffective tax collection system. [180] Between 2009 and 2014 the change (improvement) in structural primary balance was 16.1 points of GDP for Greece, compared to 8.5 for Portugal, 7.3 for Spain, 7.2 for Ireland, and 5.6 for Cyprus.[181]. [305], A large number of negative articles about the Greek economy and society have been published in international media before and during the crisis, leading to accusations about negative stereotyping and possible effects on the evolution of the crisis itself.[70]. [83], Despite the crisis, the Greek government's bond auction in January 2010 of €8bn 5-year bonds was 4x over-subscribed. Economy-wide labour reform might induce consumer spending cuts, adding another drag on a weakened economy. The combination of local democracy and international obligations is the fundamental contradiction at the heart of the single currency—and it has yet to be resolved. 2008-02-05 Greece: Czech Republic: 1:0 c. Friendly All Time Records. [181] The results of these policies, which worsened the debt crisis, are often cited,[24][301][302] while Greece's president, Prokopis Pavlopoulos, has stressed the creditors' share in responsibility for the depth of the crisis.

Greece defaulted in the amount of €1.6 billion to the IMF in 2015. Three-quarters of Greeks think the bailouts harmed the country. (...) If you've been in a job where it is hard to be fired, labour market reform introduces insecurity, and you might be tempted to save more now there's a greater prospect of unemployment. [72][73], A mid-2017 report indicated Greeks were being "taxed to the hilt" and many believed that the risk of penalties for tax evasion were less serious than the risk of bankruptcy. [259] Critics have also accused the German government of hypocrisy; of pursuing its own national interests via an unwillingness to adjust fiscal policy in a way that would help resolve the eurozone crisis; of using the ECB to serve their country's national interests; and have criticised the nature of the austerity and debt-relief programme Greece has followed as part of the conditions attached to its bailouts.[248][260][261]. Excluding Greek banks, European banks had €45.8bn exposure to Greece in June 2011.