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Published byJayce Furr Modified over 9 years ago
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On the Brink of Default – The Greek Economy Tutor2u September 2011
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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 Greece's 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?
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A Crisis of Confidence – Bond Yields
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Real GDP Growth
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Recession and Unemployment
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Soaring unemployment
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Decade of improved relative living standards is lost
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An unsustainable level of debt
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Fiscal Crisis Prompts Default
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Fewer people in work and a weaker trend growth rate
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Manufacturing and Property in a Slump
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