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Full Name
Hellenic Republic
Population
Capital
Athens
Largest City
Athens
Official Language
Greek
Major Religion
Life Expectancy
Monetary Unit
Euro
Government
President
Prokopis Pavlopoulos
Prime Minister
Alexis Tsipras
GDP (PPP)
Per Capita
$26,773
Gini (2014)
34.5
Greek civilization began around 3000BC, with the Minoans, who were followed by Myceneans, who lasted till 1100 BC.
After this, A ie t Gree e e tered a Dark Age that lasted u til 800 BC, he Greeks ega to e plore sea.
Arou d 480 BC, a golde age ega that a e to e k o as Classi Gree e, hi h is he it ear ed the a e the irthpla e of western
i ilizatio .
In 146 BC, Roman conquered the Greek Empire.
Around 300 AD Greece became part of Byzantine Empire.
Early 16th Century came under Ottoman Turk rule.
Gained independence from Turks in 1830.
In WWI fought on the side of allies but communism and fascism was quite prevalent.
Greece was occupied by Nazis in WWII
Communism was defeated in Greece 1949 and 1952 Greece joined Nato
For a short period military dictatorship took over but ended in 1974 with democratic elections creating parliamentary republic
Greece joined European Union in 1981
Current Issue
Timeline of Events
Earthquake hits Athens on
Sept 7 with a magnitude of 6.0
Los of $3 billion
1999
2000
2001
Reports revealing the falsifying
of reports by understating
the deficit figures.
Deficit was rest to 113% of GDP
George Panpandreou
resgins as PM
2011
2010
2009
2004
Global Recession and credit
availability became a
major concern.
2008
Prior to 1999
Budget Deficit (Actual)
1997: 6.44%
1998 : 4.13%
1999 : 3.38%
Triggers
Greece
Entering
Euro Zone
Debt to
GDP Ratio
Govt.
Borro i gs
and
spe di gs
Tax
Collection
Issues
22%
44%
12%
19%
EPSF
Eurozone
Private Investors
Banks
Misalignment of Monetary
Policy (set by ECB) and Fiscal
Policy (set by the Greek
Govt.)
200
171.3
146
150
175 177.1
156.9
129.7
100
100
50
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Year
Go er
e t Borro i gs/Spe di gs
65
60
54
55
54
54.4
2012
2013
52.2
50.6
50
46.9
45
44.6
44.9
2006
2007
40
2008
2009
2010
2011
2014
3.2
3
2.7
2.6
2.4
2.5
2
1.7
1.7
1.8
2007
2008
2009
2.3
2.2
2.2
1.7
1.6
1.5
1.5
1.5
2010
2011
2012
2013
2014
1.5
1
0.5
0
Greece
NATO - Europe
Income 1.92X of
what is reported
Unemployment
55% (15-28 age)
Current Scenario
After 6 ears of re essio , Gree es e o o
expanded by 0.8% in 2014 and is projected to expand
by 1.6% in 2015.
Unemployment Rate: 26%
Youth Unemployment Rate: 51%
Debt to Equity: 174.9%
Consumer Confidence: -30%
Current Credit Rating:
Moodys
S&P
CCC+
Stable
Caa3
Fitch
rur
CC
stable
Platform:
End Austerity
Renegotiate Euro bailout
plan
Retain dignity to all
Greek people
In Feb 2015 the radical left Syrizia part won the General
Election, Alexis Tsipras being the new leader.
Gree e Leaves ehi d atastrophi austerity, it leaves
behind fear and authoritarianism, it leaves behind 5 years
of hu iliatio a d sufferi g.
Uncertainty
What EU wants?
Continue Austerity
Save and Growth Pact
A govt. debt to
GDP ratio of 60%
or below
A max deficit of
3% or less of GDP
Referendum Results
Latest Update
After a 17-hour summit, Europe's leaders have reached a deal. If the Greek parliament passes a package of reforms by
Wednesday night, the country's creditors will move forward with a third bailout on terms that are much stricter than previous
proposals. If the deal proceeds, it will avert the immediate chaos that Greece's uncontrolled exit from the euro area would entail,
and enable European leaders to talk about something else for a while.
The Greek parliament passed sweeping austerity measures demanded by lenders to open talks on a new multibillion-euro
bailout package to keep Greece in the euro, but dozens of hardliners in the ruling Syriza party deserted Prime Minister Alexis
Tsipras. The package was approved with 229 votes in the 300-seat chamber. There were 64 votes against it and six abstentions.
Greece is on track to complete a draft deal on a third bailout by Tuesday and possibly get a first disbursement by Aug. 20 to
meet a key payment, sources familiar with a conference call of senior EU finance officials late on Friday said. Athens is
negotiating with European Union institutions and the International Monetary Fund for up to 86 billion euros ($94 billion) in fresh
loans to stave off economic collapse and stay in the euro zone.