Greece emerges from eurozone bailout programme
Posted: August 20th, 2018, 11:10 am
Interesting article today on the BBC website, plotting Greece's path through their debt-crisis -
Greece has successfully completed a three-year eurozone emergency loan programme worth €61.9bn (£55bn; $70.8bn) to tackle its debt crisis.
It was part of the biggest bailout in global financial history, totalling some €289bn, which will take the country decades to repay.
Deeply unpopular cuts to public spending, a condition of the bailout, are set to continue.
But for the first time in eight years, Greece can borrow at market rates.
https://www.bbc.co.uk/news/business-45243088
Some interesting graphs and statistics on the page linked above, but I think some of the feet-on-the-ground experiences might still be showing the true story behind the headline -
Yorgos Vagelakos, an 81-year-old retired factory worker, took home a pension and benefits amounting to €1,250 before the debt crisis.
Today he gets €685 and his debts are growing, he told Reuters news agency. He can no longer support the families of his two sons and can barely cover his and his wife's needs.
"I wake up in the morning to a nightmare," he said. "How will I manage my finances and my responsibilities? This is what I wake up to every morning."
Cheers,
Itsallaguess
Greece has successfully completed a three-year eurozone emergency loan programme worth €61.9bn (£55bn; $70.8bn) to tackle its debt crisis.
It was part of the biggest bailout in global financial history, totalling some €289bn, which will take the country decades to repay.
Deeply unpopular cuts to public spending, a condition of the bailout, are set to continue.
But for the first time in eight years, Greece can borrow at market rates.
https://www.bbc.co.uk/news/business-45243088
Some interesting graphs and statistics on the page linked above, but I think some of the feet-on-the-ground experiences might still be showing the true story behind the headline -
Yorgos Vagelakos, an 81-year-old retired factory worker, took home a pension and benefits amounting to €1,250 before the debt crisis.
Today he gets €685 and his debts are growing, he told Reuters news agency. He can no longer support the families of his two sons and can barely cover his and his wife's needs.
"I wake up in the morning to a nightmare," he said. "How will I manage my finances and my responsibilities? This is what I wake up to every morning."
Cheers,
Itsallaguess