Greek government-debt crisis timeline

The Greek government-debt crisis began in 2009 and, as of July 2015, is ongoing. During this period many changes have occurred in Greece. The income of many Greeks has declined, levels of unemployment have increased, elections and resignations of politicians have altered the country's political landscape radically, the Greek parliament has passed many austerity bills, and protests have become common sights throughout the country. A brief summary follows highlighting some key events since the Greek elections of October 2009.

Background

Cabinets of Greek Debt Crisis
Second Cabinet of Alexis Tsipras Caretaker Cabinet of Vassiliki Thanou-Christophilou Cabinet of Alexis Tsipras Cabinet of Antonis Samaras Cabinet of Antonis Samaras Caretaker Cabinet of Panagiotis Pikrammenos Cabinet of Lucas Papademos Cabinet of George Papandreou Second Cabinet of Kostas Karamanlis

Greece joined the European Communities (subsequently subsumed by the European Union) on 1 January 1981, ushering in a period of sustained growth. Widespread investments in industrial enterprises and heavy infrastructure, as well as funds from the European Union and growing revenues from tourism, shipping and a fast-growing service sector raised the country's standard of living to unprecedented levels. The country adopted the Euro in 2001 and over the next 7 years the country's GDP per capita nearly tripled, from $12,400 in 2001 to $31,700 in 2008.[1] The Greek government, encouraged by the European Commission, European Central Bank, private banking institutions, and the Greek business community also took out loans to pay Greek and foreign infrastructure companies for a wide variety of infrastructure projects such as those related to the 2004 Summer Olympic Games in Athens.[2] Government deficits were also consistently underreported.[3] As the Financial crisis of 2007–08 began to affect Greece's economy, the country's GDP fell by nearly 20% from 2008 to 2010 and the government's capacity to repay its creditors was drastically reduced.

2009

Political events

Financial events

2010

Political events

Financial events

2011

Political events

Financial events

2012

Political events

Financial events

2013

Political events

Financial events

2014

Political events

Financial events

2015

Political events

Financial events

2016

Political events

Financial events

Government Budget Balance and Debt

Year Deficit as a % of GDP
Source: Eurostat[129]
Debt as a % of GDP
Source: Eurostat[130]
2008 −9.8 112.9
2009 −15.7 129.7
2010 −10.9 148.3
2011 −10.2 171.3
2012 −8.7 156.9
2013 −12.3 175.0
2014 −3.5 177.1

Annual GDP growth rate

year rate
Source: Eurostat[131]
2008 −0.4
2009 −4.4
2010 −5.4
2011 −8.9
2012 −6.6
2013 −3.9
2014 0.8

Quarterly GDP growth rate (year-on-year) (seasonally and calendar adjusted figures)

quarter rate
Source: EL.STAT.[132]
Source: Eurostat[133]
2008 Q1 1.8
2008 Q2 −1.2
2008 Q3 −0.3
2008 Q4 −1.4
2009 Q1 −7.1
2009 Q2 −3.9
2009 Q3 −4.1
2009 Q4 −2.3
2010 Q1 0.5
2010 Q2 −4.8
2010 Q3 −7.6
2010 Q4 −9.5
quarter rate
Source: EL.STAT.
Source: Eurostat
2011 Q1 −10.7
2011 Q2 −8.6
2011 Q3 −6.6
2011 Q4 −10.7
2012 Q1 −8.8
2012 Q2 −8.6
2012 Q3 −7.3
2012 Q4 −4.3
2013 Q1 −6.0
2013 Q2 −3.6
2013 Q3 −1.0
2013 Q4 −2.5
quarter rate
Source: EL.STAT.
Source: Eurostat
2014 Q1 0.0
2014 Q2 0.4
2014 Q3 1.6
2014 Q4 0.6
2015 Q1 0.3
2015 Q2 1.3
2015 Q3 −0.1

Unemployment

Employment and unemployment in Greece, 2004–2014
quarter rate
Source: EL.STAT.[134]
rate
Source: Eurostat[135]
2010 Q1 11.9 11.4
2010 Q2 12.0 12.2
2010 Q3 12.6 13.0
2010 Q4 14.4 14.3
2011 Q1 16.1 15.3
2011 Q2 16.5 16.7
2011 Q3 17.9 18.2
2011 Q4 20.9 20.9
2012 Q1 22.8 21.9
2012 Q2 23.8 23.9
2012 Q3 24.9 25.5
2012 Q4 26.2 26.3
2013 Q1 27.6 27.0
2013 Q2 27.3 27.6
2013 Q3 27.2 27.8
2013 Q4 27.8 27.6
2014 Q1 27.8 27.2
2014 Q2 26.6 26.9
2014 Q3 25.5 26.2
2014 Q4 26.1 26.0
2015 Q1 26.6 25.9

The elections of the crisis

Political position/
Ideology
Political Party 2009
Legislative
Elections
2012 May
Legislative
Elections
2012 June
Legislative
Elections
2014
European
Elections
2015
January
Legislative
Elections
2015
September
Legislative
Elections
%
(votes)
%
(votes)
%
(votes)
%
(votes)
%
(votes)
%
(votes)
Far-Left Communist Party of Greece 7.54
(517,154)
8.48 Increase
(536,105)
4.50 Decrease
(277,227)
6.11 Increase
(349,255)
5.47 Decrease
(338,138)
5.55 Increase
(301.615)
ANTARSYA 0.36
(24,737)
1.19 Increase
(75,416)
0.33Decrease
(20,416)
0.72Increase
(41,307)
0.64 Decrease
(39,460)
0.85 Increase
(46.096)
Left-WingCoalition of the Radical Left (Syriza) 4.60
(315,627)
16.79Increase
(1,061,928)
26.89Increase
(1,655,022)
26.57Decrease
(1,518,608)
36.34Increase
(2,246,064)
35.46Decrease
(1.925.904)
Polular Unity2.86
(155.242)
Centre-LeftPASOK/Olive Tree/Socialist Alignment43.92
(3,012,373)
13.18Decrease
(833,452)
12.28Decrease
(756,024)
8.02Decrease
(458,403)
4.68Decrease
(289,482)
6.28 Increase
(341.390)
Democratic Left 6.11
(386,394)
6.25Increase
(384,986)
1.20Decrease
(68.873)
0.49Decrease
(30,074)
Social Agreement 0.96
(60,552)
The River 6.60
(377,438)
6.05Decrease
(373,868)
4.09Decrease
(222.166)
Movement of Democratic Socialists2.46
(152,230)
EcologistEcologist Greens 2.53
(173,449)
2.93 Increase
(185,485)
0.88Decrease
(54,408)
0.90Increase
(51.673)
CentreUnion of Centrists0.27
(18,278)
0.61Increase
(38,376)
0.28Decrease
(17,191)
0.65Increase
(36,879)
1.79Increase
(110,827)
3.43Increase
(186.457 )
Teleia 1.77
(109,483)
Liberal Drassi 1.80
(114,066)
Recreate Greece 2.15
(135,960)
0.53 Decrease
(28.936)
Democratic Alliance2.55
(161,550)
Drassi/Recreate Greece1.59
(98,140)
0.91 Decrease
(51.749)
Greek European Citizens 1.40
(82,350)
Centre-Right New Democracy 33.48
(2,295,967)
18.85Decrease
(1,192,103)
29.66 Increase
(1,825,497)
22.72 Decrease
(1,298,713)
27.81 Increase
(1,718,815)
28.10 Increase
(1.526.205 )
Right-WingIndependent Greeks10.62
(671,324)
7.51Decrease
(462,406)
3.46 Decrease
(197,701)
4.75 Increase
(293,371)
3.69 Decrease
(200.423 )
Union for the Fatherland and the People 1.04
(59.341)
Far RightPopular Orthodox Rally5.63
(386,152)
2.89Decrease
(182,925)
1.58Decrease
(97,099)
2.69Increase
(154.027)
1.03Decrease
(63,692)
Golden Dawn0.29
(19,636)
6.97 Increase
(440,966)
6.92 Decrease
(426,025)
9.39 Increase
(536,910)
6.28 Decrease
(388,447)
6.99 Increase
(379.581)

See also

References

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External links

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