The Greek government-debt crisis began in 2009 and ended in 2018. During this period, many changes had occurred in Greece. The income of many Greeks has declined, levels of unemployment have increased, elections and resignations of politicians have altered the country's political landscape radically, the Greek parliament has passed many austerity bills, and protests have become common sights throughout the country.
Greece joined the European Communities (subsequently subsumed by the European Union) on 1 January 1981, ushering in a period of sustained growth. Widespread investments in industrial enterprises and heavy infrastructure, as well as funds from the European Union and growing revenues from tourism, shipping and a fast-growing service sector raised the country's standard of living to unprecedented levels. The country adopted the Euro in 2001 and over the next 7 years the country's GDP per capita more than doubled, from $13,070 in 2001 to $28,660 in 2008. [1] The Greek government, encouraged by the European Commission, European Central Bank, private banking institutions, and the Greek business community also took out loans to pay Greek and foreign infrastructure companies for a wide variety of infrastructure projects such as those related to the 2004 Summer Olympic Games in Athens. [2] [ failed verification ] Government deficits were also consistently underreported. [3] As the 2008 financial crisis began to affect Greece's economy, the country's GDP stagnated between 2008 and 2010 and the government's capacity to repay its creditors was drastically reduced.
On June 21, 2018, Greece's creditors agreed on a 10-year extension of maturities on 96.6 billion euros of loans (i.e., almost a third of Greece's total debt), as well as a 10-year grace period in interest and amortization payments on the same loans. [135] Greece successfully exited (as declared) the bailouts on August 20, 2018. [136]
Year | Deficit as a % of GDP Source: Eurostat [137] | Debt as a % of GDP Source: Eurostat [138] |
---|---|---|
2008 | −9.8 | 112.9 |
2009 | −15.7 | 129.7 |
2010 | −10.9 | 148.3 |
2011 | −10.2 | 171.3 |
2012 | −8.7 | 156.9 |
2013 | −12.3 | 175.0 |
2014 | −3.6 | 178.9 |
2015 | −5.7 | 176.8 |
2016 | +0.6 | 180.8 |
2017 | +0.8 | 178.6 |
year | rate Source: Eurostat [139] |
---|---|
2008 | −0.3 |
2009 | −4.3 |
2010 | −5.5 |
2011 | −9.1 |
2012 | −7.3 |
2013 | −3.2 |
2014 | 0.7 |
2015 | −0.3 |
2016 | −0.2 |
|
|
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quarter | rate Source: EL.STAT. [142] | rate Source: Eurostat [143] |
---|---|---|
2010 Q1 | 11.9 | 11.4 |
2010 Q2 | 12.0 | 12.2 |
2010 Q3 | 12.6 | 13.0 |
2010 Q4 | 14.4 | 14.3 |
2011 Q1 | 16.1 | 15.3 |
2011 Q2 | 16.5 | 16.7 |
2011 Q3 | 17.9 | 18.2 |
2011 Q4 | 20.9 | 20.9 |
2012 Q1 | 22.8 | 21.9 |
2012 Q2 | 23.8 | 23.9 |
2012 Q3 | 24.9 | 25.5 |
2012 Q4 | 26.2 | 26.3 |
2013 Q1 | 27.6 | 27.0 |
2013 Q2 | 27.3 | 27.6 |
2013 Q3 | 27.2 | 27.8 |
2013 Q4 | 27.8 | 27.6 |
2014 Q1 | 27.8 | 27.2 |
2014 Q2 | 26.6 | 26.9 |
2014 Q3 | 25.5 | 26.2 |
2014 Q4 | 26.1 | 26.0 |
2015 Q1 | 26.6 | 25.9 |
Political position/ Ideology | Political Party | 2009 Legislative Elections | 2012 May Legislative Elections | 2012 June Legislative Elections | 2014 European Elections | 2015 January Legislative Elections | 2015 September Legislative Elections | |
---|---|---|---|---|---|---|---|---|
% (votes) | % (votes) | % (votes) | % (votes) | % (votes) | % (votes) | |||
Far-Left | Communist Party of Greece | 7.54 (517,154) | 8.48![]() (536,105) | 4.50![]() (277,227) | 6.11![]() (349,255) | 5.47![]() (338,138) | 5.55![]() (301.615) | |
ANTARSYA | 0.36 (24,737) | 1.19![]() (75,416) | 0.33![]() (20,416) | 0.72![]() (41,307) | 0.64![]() (39,460) | 0.85![]() (46.096) | ||
Left-Wing | Coalition of the Radical Left (Syriza) | 4.60 (315,627) | 16.79![]() (1,061,928) | 26.89![]() (1,655,022) | 26.57![]() (1,518,608) | 36.34![]() (2,246,064) | 35.46![]() (1.925.904) | |
Popular Unity | — | — | — | — | — | 2.86 (155.242) | ||
Centre-Left | PASOK/Olive Tree/Socialist Alignment | 43.92 (3,012,373) | 13.18![]() (833,452) | 12.28![]() (756,024) | 8.02![]() (458,403) | 4.68![]() (289,482) | 6.28![]() (341.390) | |
Democratic Left | — | 6.11 (386,394) | 6.25![]() (384,986) | 1.20![]() (68.873) | 0.49![]() (30,074) | — | ||
Social Agreement | — | 0.96 (60,552) | — | — | — | — | ||
The River | — | — | — | 6.60 (377,438) | 6.05![]() (373,868) | 4.09![]() (222.166) | ||
Movement of Democratic Socialists | — | — | — | — | 2.46 (152,230) | — | ||
Ecologist | Ecologist Greens | 2.53 (173,449) | 2.93![]() (185,485) | 0.88![]() (54,408) | 0.90![]() (51.673) | — | — | |
Centre | Union of Centrists | 0.27 (18,278) | 0.61![]() (38,376) | 0.28![]() (17,191) | 0.65![]() (36,879) | 1.79![]() (110,827) | 3.43![]() (186.457 ) | |
Teleia | — | — | — | — | 1.77 (109,483) | — | ||
Liberal | Drassi | — | 1.80 (114,066) | — | — | — | — | |
Recreate Greece | — | 2.15 (135,960) | — | — | — | 0.53![]() (28.936) | ||
Democratic Alliance | — | 2.55 (161,550) | — | — | — | — | ||
Drassi/Recreate Greece | — | — | 1.59 (98,140) | 0.91![]() (51.749) | — | — | ||
Greek European Citizens | — | — | — | 1.40 (82,350) | — | — | ||
Centre-Right | New Democracy | 33.48 (2,295,967) | 18.85![]() (1,192,103) | 29.66![]() (1,825,497) | 22.72![]() (1,298,713) | 27.81![]() (1,718,815) | 28.10![]() (1.526.205 ) | |
Right-Wing | Independent Greeks | — | 10.62 (671,324) | 7.51![]() (462,406) | 3.46![]() (197,701) | 4.75![]() (293,371) | 3.69![]() (200.423 ) | |
Union for the Fatherland and the People | — | — | — | 1.04 (59.341) | — | — | ||
Far Right | Popular Orthodox Rally | 5.63 (386,152) | 2.89![]() (182,925) | 1.58![]() (97,099) | 2.69![]() (154.027) | 1.03![]() (63,692) | — | |
Golden Dawn | 0.29 (19,636) | 6.97![]() (440,966) | 6.92![]() (426,025) | 9.39![]() (536,910) | 6.28![]() (388,447) | 6.99![]() (379.581) |