GDTC
REACH US NOW
admin@greekdebttruthcommission.org
+1 724-855-0525
803 Spruce Drive Pittsburgh, PA 15222
Greece is in a financial crisis because government was spending more than it was earning from taxes for decades. However, government figures did not reflect this profligacy. Government then had to borrow massively to cover for the deficit leading to a huge debt burden for the nation.
The Troika are the three major institutions that provided the bailout funds to cover the Greek deficit in 2010. They are the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Union (EU). These institutions bore the risk of a Greek default. Thus, their representatives met regularly with the Greek government to ensure economic reforms.
Mollis vel morbi lacinia quam vel, imperdiet id nec consectetuer sit volutpat, nunc massa egestas, luctus molestie. Libero metus consectetuer vel libero, est dignissim turpis viverra etiam, est bibendum cras hac, suscipit consequat sit orci pede. Eget fusce fermentum egestas, gravida amet sagittis. Hendrerit suspendisse, aliquam ut, quis purus.
Austerity measures have not done much to stem the economic slide. Government spending still takes up about 48% of GDP while bailouts contribute 3%. 20% of the nation’s GDP comes from its tourist sector. Banks are reluctant to give loans and citizens have emigrated in droves. The outlook for the Greek economy is a slow path to recovery.
803 Spruce Drive
Pittsburgh, PA 15222
+1 724-855-0525
admin@greekdebttruthcommission.org
2021 Greek Debt Truth Commission | All Rights Reserved.