GDP of Greece is slowly recovering, but it’s import is 40% larger than it’s export.
It’s in budget deficit of -7.5 of the GDP, even though it’s supposed to have a suficit of +2% until 2060 to pay out the bailout debts (at least if I understood correctly)
Not sure for which year this is, but budget revenues are 93,889 billion dollars and expenditures are 111,371, meaning they are short for 17,482 billion…so how does this even work?
Are they taking additional debts to pay out these shortages and keep the country running, while at the same time also paying out the bailout debt?
The entire point of the bailout deal was for them to lower their debt to gdp to 60% somewhere in the future, but if all they are doing is taking out new loans and thus increasing the debt percentage, then I don’t see how this would be possible. Only if their GDP rapidly started growing, but even then they would need to be in a sufficite, which they aren’t.
I will gladly defer to anyone who knows what they’re actually talking about, but one possible consideration is that, I gather, with the covid-based tanking of the world economy recently it was a very good time to buy money. Greece may have taken advantage of this to borrow good money to pay off its worse debts. It won’t make the problem go away, but it could make debt a lot less onerous as part of GDP.
Also Greece must be very reliant on tourism, so there would be an expectation of rosier times in 22-23 than in the past few years. But that very big import figure can’t be helping.
Greece received its bailouts in 2010 - 2015. They are slowly paying these back.
Since about 2018 the government of Greece has been able to borrow in the international bond market and has been doing so. I don’t know what interest rate they are getting, but I do recall hearing that they are benefitting from the extremely low rates of the last few years.