Contemporary Development of the Greek Debt Crisis Cover Image

Съвременно развитие на гръцката дългова криза
Contemporary Development of the Greek Debt Crisis

Author(s): Deyan Rumenov
Subject(s): Economy, National Economy, Financial Markets, Public Finances
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Greece Crisis; Financial Crisis; Government Debt; Eurozone Crisis; Bailout
Summary/Abstract: In October 2011, Eurozone leaders agreed on a second bailout for Greece totaling EUR130 billion. Similar to the first loan, this one is accompanied by a number of conditions to the Greek government. The significant difference between the two loans stems from the fact that the debt to private creditors must be restructured in order to reduce the amount of the Greek debt. The ratification of the second rescue loan by all parties took place in February 2012. Its amount attempts to cover all the obligations of Greece in the next three years from 2012 to 2014. If the country manages to meet all the economic objectives set out in the rescue plan, it will be able to again make use of benefits and resources acquired on the international capital markets in order to meet its financial needs in 2015.

  • Page Range: 438-443
  • Page Count: 6
  • Publication Year: 2015
  • Language: Bulgarian