Why Does Greece Have So Much Debt?
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Subscribe! http://bitly.com/1iLOHml With about $400 billion in debt and a broken economy, Greece is in trouble. But, how did Greece end up with such a high debt, and who do they owe money to? Learn More: Greece's Debt Due: What Greece Owes When http://graphics.wsj.com/greece-debt-timeline/ "Greece is negotiating with its eurozone creditors to get more aid before the indebted government runs out of cash." Explaining the Greek Debt Crisis http://www.nytimes.com/2015/04/09/business/international/explaining-the-greek-debt-crisis.html "Greece, the weak link in the eurozone, is struggling to pay its debt as its people and its creditors grow more restive." Greek debts: what does it owe? When will the money run out? http://www.theguardian.com/business/2015/apr/24/greek-debts-what-does-it-owe-when-will-the-money-run-out "Crunch talks between Greece and its eurozone creditors are under way, but investors are growing increasingly sceptical that the country can reach an agreement on reforms and unlock the aid it needs from international lenders to avoid a debt default." Greek debt crisis: Who has most to lose? http://money.cnn.com/2015/01/28/investing/greek-debt-who-has-most-to-lose/ "Greece and its international lenders have embarked on a battle over the country's staggering debt." Watch More: What Happens If A Country Goes Bankrupt? https://www.youtube.com/watch?v=3PZDLG-rtGs&list=UUgRvm1yLFoaQKhmaTqXk9SA Subscribe to TestTube Daily! http://bitly.com/1iLOHml _________________________ TestTube's new daily show is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in. Watch more TestTube: http://testtube.com/testtubedailyshow/ Subscribe now! http://www.youtube.com/subscription_center?add_user=testtubenetwork TestTube on Twitter https://twitter.com/TestTube Trace Dominguez on Twitter https://twitter.com/TraceDominguez TestTube on Facebook https://facebook.com/testtubenetwork TestTube on Google+ http://gplus.to/TestTube Download the New TestTube iOS app! http://testu.be/1ndmmMq Special thanks to Lissette Padilla for hosting TestTube! Check Lissette out on Twitter:https://twitter.com/lizzette
Comments
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you didn't mention the REASON!!
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Germany owed more money but back in 1953 all countries including Greece signed a debt relief and the country didn't have to pay 50% of its debt. Why not offer a debt relief for Greece as well?
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(I am Greek) 2:30 hahahahahahaha tsipras!!!
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When the coup took place Greece actually STARTED going in the right direction.
But no!Some politician dogs from the European Powers didn't want Greece to walk in the right direction so they put traitorous assfucks to rule us. -
just another greek lie , endless money pit .
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idk Greece may be Broken or in Debt but its been there for thousands of years nothing will happen to it
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So is it the people's or the government's fault of this
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because it doesnt have an economy without loans
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Army tank guarding Shows M113 APC. Really?
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the greece thing is pretty greasy
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US debt is greater than Greek debt ... interesting
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one more thing if you talk the greek dudes they think they better than any body else realty is they are jobless loosers with out future and they will stay that way long time ha.ha.ha
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$400 billion wow it will take them 80 year the pay of i do not understand those other countries join in this looser club look like greek peoples like prarasite they live of others
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denbt
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just idiot politicians, that's all
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Ekhm...not 400billion $ debt, it is 271billion...cant you even get this information right?
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"Greecians"
Autism has become an epidemic - Donald trump -
Congrats....your description to the Greek debt crisis is like describing a movie from which you missed the first 3/4 and you saw the last 1/4 wearing sunglasses into the cinema ...As Grecian (? I thought I was a Greek but anyway....) I have to add a few non-important facts...
1) Greece's modern history begins in 1821 with the uprising against the Ottoman empire...For the liberation to happen we borrowed money (not with the best terms) from the great powers of the time...We defaulted five (5) times between 1821 and 1931.......Today's debt is (or was until very recently) partly a projection of that debt...
2) Then the Germans came....not the politically correct ones we have now....the old really really pissed off ones....they payed us a visit from 1941 till the end of 1944...in the meantime Greece lost ~10% of its population ( second only to the USSR in human losses but not by much) mostly by retaliative measures to guerrilla attacks and hunger due to the ceasing of the country's production...The majority of Greece's infrastructure i.e. roads, bridges etc. was destroyed. However, we did sign the London Agreement on German External Debt to postpone German reparations payments until German unification...the estimated German war reparations amounts to 200-300 billion Euros (in today's value)...suspiciously similar figure to our current debt...even more surprisingly the Germans do their best to forget that part of history....
3) To be fair we did receive Marshall plan aid but this was largely spend for military purposes (a.k.a. NATO obligations) mostly due to the then emerging Cold War....not so much on the destroyed infrastructures or reparations to the victims...reconstruction was driven by borrowing...again...
4) After that we had a civil war (effectively the beginning of the cold war), a period of fragile stability (~10-15 years) and then a military junta from 1967-1974, which is the starting point of your video...
You also made a couple of mistakes....
5) The debt to GDP ratio in now ~180%...However in 2010 when we entered the loan programs it was ~120% and therefore much more manageable...A combination of IMF related financial witchcraft (false predictions about the the effects of spending-cuts on the GDP) and German obsession with austerity resulted in the present day 180%...not because the net debt (i.e. ~320 billion Euros) increased but because the GDP collapsed (from ~230 to ~180 billion Euros) so the ratio skyrocketed....
6) The falsifying of the debt data....we did what all the rest of Europe did, maybe a just a bit more extensively...everyone in Europe lied about their debt....the Germans included...no one met the 60% debt to GDP of the Maastricht treaty...and in Europe everyone knew that.... -
I always thought it was because people weren't buying enough of their yogurt
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what the hell? "Greecians"? What's that?!
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