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The Greek Debt Crisis: What Went Wrong?

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tadhg
11 diapositives · 276 Views · Jul 26, 2014

On October 2nd, during my birthday, we delve into the complexities of Greece's economic turmoil post-2002 when it adopted the euro. The nation, after engaging in reckless debt-funded spending, faced a severe downturn, leading to increased austerity measures that sparked widespread protests. As lenders grew wary, the repercussions of Greece's financial mismanagement threatened the stability of the entire Eurozone. This led to multiple bailouts and ongoing political struggles as citizens grappled with austerity while demanding economic accountability and reform.

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  1. Housekeeping… • Practice Exam • Tuesday 2nd October (My Birthday!) • 11.15am – 1.30pm

  2. Greece

  3. What went wrong? • Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.

  4. What went wrong? • Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget. • The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.

  5. What went wrong? • Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers. • There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.

  6. What went wrong? • Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.

  7. What went wrong? • In 2010, the EU, IMF and ECB agreed a bailout worth 110bn euros (£92bn; $145bn) for Greece. Prime Minister George Papandreou quit the following year while negotiating its follow-up. • Lucas Papademos, who succeeded Mr Papandreou, has negotiated a second bailout of 130bn euros, plus a debt writedown of 107bn euros. The price: increased austerity and eurozone monitoring.

  8. What went wrong? • In May 2012 elections a majority of voters backed parties opposed to austerity, but no group won an overall majority resulting in political deadlock. Fresh elections were called and Antonis Samaras was elected as PM.

  9. Table Activity

  10. Homework • Complete Practice SAC given out last week. • Essay questions are on the wiki (sscglobalpolitics.wikispaces.com)