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Unit 4 - Greek Economy Default

Unit 4 - Greek Economy Default

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  • 1. On the Brink of Default – The Greek Economy Tutor2u September 2011
  • 2. Beware Greeks bearing debts• A founder member of the Euro in 2001• After years of strong growth - went into recession in 2009• Budget deficit was fraudulently under-reported• Fiscal deficit surged to 15.4% of GDP in 2010• Sharp loss of investor confidence• Caused large rise in borrowing costs (bond yields)• May 2010 Greece became the first euro zone member to receive a Euro 110bn rescue package from the EU and IMF• Recession has continued• Greeces govt debt is now 150% of GDP and rising• Fiscal austerity has met with fierce political unrest• Recognition that default is inevitable• But with what consequences for Greece and the rest of Europe?
  • 3. A Crisis of Confidence – Bond Yields
  • 4. Real GDP Growth
  • 5. Recession and Unemployment
  • 6. Soaring unemployment
  • 7. Decade of improved relative living standards is lost
  • 8. An unsustainable level of debt
  • 9. Fiscal Crisis Prompts Default
  • 10. Fewer people in work and a weaker trend growth rate
  • 11. Manufacturing and Property in a Slump