Greek public debt - beyond the control of
the weaknesses in the management of public debt so high that the main cause leading to the Greek debt crisis
so far, the European sovereign debt crisis has lasted for almost 3 years , the relief efforts as well as the austerity program of the Government keeps on giving, but the situation is even worsening. In this crisis, Greece is the name most mentioned people.
Greece was put under the debt crisis since late 2009, when its new government admitted that the Government predecessor has announced the economic data are not honest, especially about the budget deficit. Actual budget deficit of this country in 2009 was 13.6% rather than 6.7% of GDP, as it has been reported, much higher budget deficit limit of 3% of GDP allowed for countries EU member. Status low savings and foreign borrowing for public spending is still going strong in the period 2002-2007 is one of the reasons for an average growth rate of the economy up to 4.2% / year.
While However, the global financial crisis of 2008-2009 had a strong influence over key industries of Greece. Revenue from tourism and shipping - two key sectors of the economy, the decline of 15% in 2009. Greece's economy fall into difficulties, the tax revenues and fees to finance the budget ... book shrunk, while the government still has to strengthen public spending to support the economy to overcome the crisis, has pushed public debt to huge numbers.
by 2010, the OECD report shows that public debt Greece has reached up to 330 billion euros, equivalent to 147.8% of GDP. Economic experts predict whether Greece has implemented austerity plans lasted 3 years, the debt of Greece by 2012 has increased to 172% of GDP.
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