GREECE SOVEREIGN DEBT CRISIS

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 GREECE SOVEREIGN DEBT CRISIS

Read more on - Polity | Economy | Schemes | S&T | Environment


    • The Greek debt crisis was created due to profligate fiscal policies, over the decades
    • In Oct. 1981, the Panhellenic Socialist Movement (PASOK), a party founded by Andreas Papandreou in 1974, came into power on a populist platform. 
    • Over the next three decades, PASOK alternated in power with the New Democracy Party that was also founded in 1974. 
    • In a continuing bid to keep Greek voters happy, both parties lavished liberal welfare policies on their electorates, creating a bloated and protectionist economy.
    • Greece's financial situation was sound when it entered the EU in the early 1980s, but deteriorated substantially over the next thirty years
    • While the economy boomed from 2001-2008, higher spending and mounting debt loads accompanied the growth.
    • By the time of the 2007-2008 financial crisis, the jig was up and Greece's debt loads became too big to handle—austerity measures were put in place shortly thereafter.
    • End of Greece bailout period, 2018: Greece emerged from a tough and controversial bailout programme that came with years of austerity (spending cuts).
    • The whole process: 
      1. In 2008 the world's worst financial crisis (started from the US housing market) in almost 80 years caused a global recession. Many European nations had huge government debts but Greece was worst affected, with a major spending deficit. It had borrowed much more money than it was able to make in revenue through taxes (poor fiscal vision).
      2. In 2010, Greece revealed its sky-high deficit and was frozen out of bond markets, as its ability to stay afloat was under question. Practically, the nation was bust.
      3. So, Greece asked for a financial rescue by the European Union and International Monetary Fund (IMF). Bailouts came.
    • What are Bailouts: These are emergency loans aimed at saving sinking economies – and Greece’s bailout began in 2010. It received three successive packages, totalling €289bn ($330bn), but they came with austerity measures.
    • Citizens paid the price: For many Greeks - especially the young - the years of economic hardship were severe. People's despair turned into riots on the streets, as they suffered spending cuts, high taxes and repeatedly slashed salaries and pensions. More than 4 lakh Greeks emigrated. At the height of the crisis, some worried that the Eurozone - the 19 countries that shared the euro - would collapse alongside Greece. But that never happened
    • What about 2018: Three-quarters of Greeks think the bailouts harmed the country. The economy is 25% smaller than when the crisis began and it will take decades to pay off its debt pile of 180% of GDP. But for the first in almost a decade, Greece is off life support. The economy has stabilised and grown slowly and it can borrow on international markets again.
    • The road ahead: Greece has to repay the debts now, through its revenues. With an ageing population, it is not going to be easy.
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                                                                                                                                                  PT's IAS Academy, PT education, IAS, CSE, UPSC, Prelims, Mains, exam coaching, exam prep, Civil Services test

                                                                                                                                                  PT's IAS Academy, PT education, IAS, CSE, UPSC, Prelims, Mains, exam coaching, exam prep, Civil Services test

                                                                                                                                                  PT's IAS Academy, PT education, IAS, CSE, UPSC, Prelims, Mains, exam coaching, exam prep, Civil Services test

                                                                                                                                                  PT's IAS Academy, PT education, IAS, CSE, UPSC, Prelims, Mains, exam coaching, exam prep, Civil Services test

                                                                                                                                                  PT's IAS Academy, PT education, IAS, CSE, UPSC, Prelims, Mains, exam coaching, exam prep, Civil Services test

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                                                                                                                                                  PT's IAS Academy: GREECE SOVEREIGN DEBT CRISIS
                                                                                                                                                  GREECE SOVEREIGN DEBT CRISIS
                                                                                                                                                  Excellent study material for all civil services aspirants - begin learning - Kar ke dikhayenge!
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