Greece's Sovereign Debt Crisis

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Case Details:

Case Code : ECON035
Case Length : 16 Pages
Period : 2004 - 2010
Pub. Date : 2011
Teaching Note :Not Available
Organization : Telenor; Unitech
Industry : -
Countries : Greece, Europe

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Greece's Sovereign Debt Crisis

When Greece disclosed that it had a foreign debt of about 125% of GDP in 2008-09, it took prominent economists and global political figures alike by surprise as the Greek authorities had kept the fact under wraps for a long time. Soon after the disclosure, the debt problem became aggravated into a sovereign debt crisis. Many economists opined that the main cause for the problem was the huge non-productive expenditure incurred on the 2004 Olympics and the false accounting of the budget report during the period 1999-2008. To help Greece overcome the debt crisis, both IMF and European Union (EU) countries extended a rescue loan of €110 billion to the country.¹

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However, economists wondered whether the quantum of the rescue loan would be sufficient for the Greek economy to pull itself out of the debt crisis.

Growth of Greece

The Ancient Greek Civilization flourished during the period 776 BC to 36 BC, in what were termed the Archaic (776-480), Classical (480-323), and Hellenistic (323-30) periods.² During the Archaic and Classical periods, Greece was comprised of many "Polis" or city-states. Around 6th century BC, Athens emerged as a new state with mammoth economic powers.

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1] Rizzo Alessandra and Perry Dan, "ECB Chief Says Greece's Debt Crisis Should Not Force It Out OF Euro Zone," www.businessday.co.za, September 9, 2010
2] Engen Darel Tai, "The Economy of Ancient Greece," http://eh.net/encyclopedia, February 1, 2010