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s demonstrated in my recent book with Carmen Reinhart This Time is Different: Eight Centuries of Financial Folly , Greece has been in default roughly one out of every two years since it first gained independence in the nineteenth century | s demonstrated in my recent book with Carmen Reinhart This Time is Different: Eight Centuries of Financial Folly , Greece has been in default roughly one out of every two years since it first gained independence in the nineteenth century | ||
<ref> http://www.project-syndicate.org/commentary/rogoff65/English Kenneth Rogoff: ''Can Greece Avoid the Lion?'', Project Syndicate February 2010]</ref> | |||
<ref> http://www.project-syndicate.org/commentary/rogoff65/English | |||
Can Greece Avoid the Lion? | |||
Revision as of 07:21, 16 April 2010
When Greece joined the Eurozone in 2001, it was less prosperous than the other members[1], but its GDP grew more rapidly over the next eight years and fell less rapidly in the course of 2009. Its unemployment rate nevertheless rose in line with the European average and it was still suffering higher levels of poverty [2].
The country's national debt rose by about 25 per cent above its above-average pre-crisis level of 100 per cent of GDP[4].
Fiscal factors account for only a third of the spreads[5]
s demonstrated in my recent book with Carmen Reinhart This Time is Different: Eight Centuries of Financial Folly , Greece has been in default roughly one out of every two years since it first gained independence in the nineteenth century [8]
[1]
Robert Chote et al: Britain's Fiscal Squeeze, the Choices Ahead, IFS Briefing Note BN87, September 2009
2009 2010 2007 2008 2009 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GDP (% change on previous period)
Household Debt
- (percentage of GDP}
1997 2007 The United States 68 95 The United Kingdom 75 105 The Eurozone 42 60
- (Source: approximate transcription from the Turner Report [2])
The growth of financial assets
- (Financial assets as a percentage of GDP)
1995 2005 The United States 303 405 The United Kingdom 278 359 The Eurozone 180 303
- (Source: Martin Wolf: Fixing Global Finance, page 11, Yale University Press, 2009. )
- ↑ Country comparison GDP per capita (PPP), Index Mundi
- ↑ "Living conditions in 2008", Eurostat Newsrelease Januaty 2010
- ↑ Economic Survey of Greece, 2009, OECD July 2009
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs nameddebt - ↑ Maria Grazia Attinasi, Cristina Checherita, and Christiane Nickel: What explains the surge in euro-area sovereign spreads during the financial crisis of 2007-09?, European Central Bank, 11 January 2010
- ↑ Report on Greek Government Deficit and Debt Statistics, European Commission, January 2019
- ↑ Statement on the support to Greece by Euro area Members States, Europa, 11 April 2010
- ↑ http://www.project-syndicate.org/commentary/rogoff65/English Kenneth Rogoff: Can Greece Avoid the Lion?, Project Syndicate February 2010]
- ↑ Global Economic Prospects, World Bank, January 2010