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AGENDA
Introduction
Financial
crisis of 2007-2008
Greek-government
debt crisis
Causes
Impact
of Greece crisis
Measures
Current
taken
status
Country profi le
Population: 11 Million
Founding member of UN
10th to join EU
ENTRY IN EU
Formed
in 1958
Six
Objective-
Greece
joined in 1981
ENTRY IN EUROPEAN
ECONOMY AND MONETARY
UNION
Greece entered in EMU in 2001
Accumulated high levels of debt before the financial crisis when the market was
highly liquid
Later crisis deepened and there was a liquidity crunch in the market
Several Eurozone member countries have high unsustainable levels of public debt
With largest public debt and one of the largest budget deficits in Eurozone,
Greece is at the centre of the crisis.
Fraud revealed
INFLATION RATE
ANNUAL
GOVERNMENT DEFICIT
TO GDP
REFERENCE VALUE
Max. 1%
Max. 3%
Max. 6%
GREECE
2.5
3.4
6.4
REASONS OF INTERNAL
GREECE CRISIS
Welfare schemes
Evasion of tax
REASONS (CONTD.)
20% of the government revenues diverted into long term investment expenditure
Accumulated debts
2004 OLYMPICS
RATING DECLINE
IMPACT OF CRISIS
Unemployment increased
MEASURES TAKEN
MEASURES (CONTD.)
AUSTERITY MEASURES
AUSTERITY MEASURES
10% rise in luxury taxes and taxes on alcohol, cigarettes and fuel
MEASURES (CONTD.)
CURRENT STATUS
Debt repayment
CURRENT AFFAIRS
All banks closed from last few weeks and restrictions on ATM for
only Euro 60 per day