Advertise On EU-Digest

Anual Advertising Rates

7/9/15

Greece crisis: Tsipras under pressure to submit reform blueprint to creditors - total foreign debt: € 246 billion

http://cdn.moneymorning.com/wp-content/blogs.dir/1/files/2015/03/How-much-does-Greece-owe-graph.jpg
Fforeign debt of €246b Greece and local debt € 32b 
Greece is under intense pressure to table a last-chance blueprint for radical economic reform, tax increases and spending cuts on Thursday in order to secure a future in the euro and stave off financial collapse.

The reform proposals are to be sent to Greece’s creditors with negotiations at the critical stage. The embattled Greek prime minister, Alexis Tsipras, accused his eurozone creditors on Wednesday of exploiting his country as an “austerity laboratory” for the past five years while formally asking Europe for three more years of rescue funds.

Note EU-Digest: Athens has accumulated a debt mountain of 175% of GDP amounting to € 246 billion. If you spread that over the population of 11.3 million Greeks, every Greek Citizens presently would owe approximately € 21 million to cover the debt. Very difficult to figure out how Greece would ever be able to pay this off unless a lot of the debt would be "forgiven".

EU-Digest


No comments: