National debt of Greece

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According to Eurostat (as of 2015), the national debt of Greece comprises national debts of a rounded figure of 312 billion euros. The national debt ratio in Greece is (as of 2015) 177.4% and is high in international comparison.

history

During the Greek Revolution of 1821–1829 , the provisional Greek government issued the first loans in 1824/25. In the London Protocol of 1830, the great European powers granted Greece their guarantee for a loan of 60 million francs. In 1833 the interest could no longer be paid.

In 1893 the Greek national bankruptcy occurred . After the Turkish-Greek War was lost in 1897 , the great European powers gave Greece a loan of 151.3 million gold francs in 1898 in order to be able to pay reparations to the Ottoman Empire, existing debt services and the Greek budget deficit. In order to guarantee the repayment of the debts, Greece was placed under International Financial Control in 1898 .

After the lost Greco-Turkish War 1919-1922 and the subsequent refugee disaster, a bond with a volume of 12.3 million pounds sterling was issued under the direction of the League of Nations . During the occupation of Greece in 1941–1945 by the troops of the German Reich , Greece's claims due to the economic exploitation of the country were offset in the form of a forced loan from Greece in 1942 , but were never paid later. At the beginning of the military dictatorship from 1967 to 1974 , Greece was blocked from a long-term, low-interest loan of DM 49 million from the European Investment Bank.

Greece became a member of the European Union in 1981 . On January 1, 2001, the euro was introduced as a currency in Greece. The role of the banking company Goldman Sachs has been controversial since 2015.

Gross domestic product and national debt of Greece 1991–2014 in billion euros and in relation to GDP.

The current Greek sovereign debt crisis arose as part of the euro crisis since 2009. From 2009 the yields on Greek government bonds rose sharply (which means that the state would have to pay significantly more interest on loans). On April 23, 2010, Greece then officially applied for EU aid in order to avoid national bankruptcy, and in return agreed to undertake consolidation efforts called for by other EU governments, including through cuts in government spending. On April 11, 2010, the members of the Eurozone decided to grant aid loans to Greece , including Germany on the basis of the Monetary Union Financial Stability Act , in order to stabilize the euro. These measures are known as the euro rescue package . Since 2012, the opportunities and problems of Greece leaving the Eurozone (“Grexit”) have been discussed.

In 2015, the national debt (gross debt) according to Eurostat was 311.673 billion euros. In connection with the overall poor economic development (including lower GDP) in Greece, the national debt ratio according to Eurostat has risen significantly from 103.1% (2007) to currently 177.4% (2015) since the financial crisis from 2007 .

literature

Individual evidence

  1. ↑ a b Eurostat database , government gross debt - annual data. Code: teina225.
  2. ↑ Olga Christodoulaki, Jeremy Penzer: Bonds on the London Stock Exchange, 1914–1929 . (PDF; 910 kB)
  3. ↑ http://www.independent.co.uk/news/world/europe/greek-debt-crisis-goldman-sachs-could-be-sued-for-helping-country-hide-debts-when-it-joined -euro-10381926.html
  4. ↑ (see Figure 4 for an increase in yield) Did the Troika policy benefit Greece? Federal Agency for Civic Education (bpb), November 2014, accessed on July 8, 2015 .
  5. ↑ Law of 7 May 2010, Federal Law Gazette 2010-I, p. 537