Where is your European Solidarity? By Alisher Akhatov

Greek Debt Timeline

January 2015 Led by Alexis Tsipras, anti-bailout party Syriza sweeps to victory

June 2015 Greece defaults on 1.5-billion-euro ($1.7 billion) debt repayment to the International Monetary Fund (IMF) Greece is the first country to miss a payment to the IMF since Zimbabwe in 2001

July 5, 2015 Greek Prime Minister Alexis Tsipras holds a public vote on whether to accept the austerity-heavy creditor proposed bailout deal. 61 percent vote NO to accepting a deal Grexit from the Eurozone

Today, July 12, 2015 Members from all 28 countries are meeting in Brussels in Euro Summit Final, Final Deadline… This could be the last meeting about Greece Matteo Renzi (Prime Minister of Italy)

Problems of Greece Government Budget deficit Debt to GDP ratio increased Fall in GDP High Unemployment rate and poverty

Why did Greece overspend? Excessive national military funding High wages High pensions

Revenue vs expenditure

Greek National Debt

Debt over GDP Ratio

Growth and Reform Priorities Privatization and improving infrastructure Boosting exports and developing service industry Contractionary fiscal policy

Reform of infrastructure Starting a business Reopen the banks Legal protection for investors

Boosting exports and developing service industry Tourism Sector Improvement Developing food production

Contractionary fiscal policy Aggregate expenditures through decrease in government spending and in Taxes Tax and Pension system reforms

Greeces future in your hands Now …

Reference Dellas, Harris, and George S. Tavlas. "THE GOLD STANDARD, THE EURO, AND THE ORIGINS OF THE GREEK SOVEREIGN DEBT CRISIS." Cato Journal 33.3 (2013): ProQuest. Web. 4 Nov Garton, Timothy Ash. "Europe Must save Greece to save Itself." The Guardian. The Guardian, 15 June Web. 02 Nov "Greece's Debt Crisis And The Future Of Europe - Documentary Greece."YouTube. YouTube, 10 Dec Web. 03 Nov Greece National Debt Clock :: National Debt Clocks." National Debt Clocks. National Debt Clocks, 05 Nov Web. 05 Nov "How Greece Can Save Itself." Bloomberg.com. Bloomberg, 24 June Web. 02 Nov Robbins, Peter. "The Greek Debt Crisis: The Need for "Heroic" Economic Policy Reforms in the European Economic and Monetary Union." Indiana Journal of Global Legal Studies 22.1 (2015): ProQuest. Web. 5 Nov Surowiecki, James. "Can Greece Save Itself?" The New Yorker. The New Yorker, 27 July Web. 05 Nov White, Gregory. "10 Facts About The Greek Pension System Destroying Any Hope Of A Bailout." Business Insider. Business Insider, Inc, 27 Apr Web. 03 Nov