"[282], Claims that Germany had, by mid-2012, given Greece the equivalent of 29 times the aid given to West Germany under the Marshall Plan after World War II have been contested, with opponents claiming that aid was just a small part of Marshall Plan assistance to Germany and conflating the writing off of a majority of Germany's debt with the Marshall Plan. [305], A large number of negative articles about the Greek economy and society have been published in international media before and during the crisis, leading to accusations about negative stereotyping and possible effects on the evolution of the crisis itself.[70]. The same poll suggested that Papandreou was the least popular political leader with a 9% approval rating, while 71% of Greeks did not trust him.

In a 2013 report, the IMF admitted that it had underestimated the effects of such extensive tax hikes and budget cuts on the country's GDP and issued an informal apology. [218] Tax debts in Greece are now equal to 90% of annual tax revenue, which is the worst number in all industrialized nations. In other words, they lent more than they could afford. [citation needed], Also in 2012, Swiss estimates suggested that Greeks had some 20 billion euros in Switzerland of which only one percent had been declared as taxable in Greece.

[157] By the middle of 2017, the yield on Greek government bonds began approaching pre-2010 levels, signalling a potential return to economic normalcy for the country. This morning we continue on to Pella, the birthplace and capital of Alexander the Great, where we see excavations of the large agora, pebble mosaic floors and temples, some dating from the 4th century BC, the time of Alexander. The same fears motivated the massive rescue programme in America—the bank bailouts, fiscal stimulus and monetary easing by the Federal Reserve.

[192] A few months later, the remaining HFSF reserves were likewise approved for repayment to ECB, resulting in redeeming €11.4bn in notes during the first quarter of 2015. This partial listing is just to give a few links for the places on the Greece itinerary. Video, Colorado battles a record-breaking wildfire, Why jellyfish could be a 'perfect food' Video, Far-right online: 'I got them back on social media' Video, Far-right online: 'I got them back on social media', Undercover in the schools that chain boys. [182][298][299][300], The Greek programmes imposed a very rapid improvement in structural primary balance, at least two times faster than in Ireland, Portugal and Cyprus. DAY 5 ­ Wednesday: May 28 ­ METEORA / DELPHI / ATHENS Elements contradicting several negative reports, include the facts that Greeks even before the crisis worked the hardest in the EU, took fewer vacation days and on average retired at about the same age as the Germans,[70][306][307] Greece's private and households debt-to-GDP ratio was one of the lowest in the EU, while its government expenditure as a percentage of GDP was at the EU average. UK push to 'give people Covid' for vaccine trial, playColorado battles a record-breaking wildfire. Consequently, Greece was "punished" by the markets which increased borrowing rates, making it impossible for the country to finance its debt since early 2010. This extended the 2014 deal that EIB would lend 670 million euros. That would restore Greece's control over its monetary policy, allowing it to navigate the trade-offs between inflation and growth on a national basis, rather than the entire Eurozone. An OPTIONAL excursion goes to the tiny island of Delos, once the religious and commercial hub of the Agean. [51][52][53][54] From 1974 to 1980 the government had budget deficits below 3% of GDP, while 1981–2013 deficits were above 3%.[52][54][55][56]. At that time, debt levels had reached €323bn or some €30,000 per capita[19], a per capita value below the OECD average[20], but high as a percentage of the respective GDP. Fraudulent statistics, revisions and controversies, Effects on the GDP compared to other Eurozone countries, Electronic payments to reduce tax evasion, Effect of applied programmes on the debt crisis, Criticism of the role of news media and stereotyping. Euro crisis saves Germany money", "Eurozone crisis saves Germany tens of billions", "Double-dip recession: There's always fantasy island", "Germany Was Biggest Debt Transgressor of 20th Century", "The Danger Debt Poses to the Western World", "European economic forecast – autumn 2014", "Germany balances budget for first time since 1969", "Despite Progress, Euro Crisis Is Far From Over", "German 'hypocrisy' over Greek military spending has critics up in arms", "There's No Getting Around It, Germany Is Taking Over Europe", "German wages to rise but restraint still rules", "Germany launches strategy to counter ECB largesse", "European Economics: Welcome higher German wages", "Recommendation for a Council Recommendation on the implementation of the broad guidelines for the economic policies of the Member States whose currency is the euro", "Germany 'pivotal' to rebalancing eurozone", "US to chide Germany on eurozone growth at G7 meeting", "G7 reaffirms commitment not to depreciate currencies for domestic gain", "Italian showdown with Germany as Enrico Letta rejects 'death by austerity, "Incoherent EU economic policy won't deliver a swift recovery", "Why Germany Will Pay Up to Save the Euro", "Deficits: good marketing in a time of austerity? He also said he learned that "other EU countries such as Italy" had made similar deals (while similar cases were reported for other countries, including Belgium, Portugal, and even Germany). (...) If you've been in a job where it is hard to be fired, labour market reform introduces insecurity, and you might be tempted to save more now there's a greater prospect of unemployment. We stop to see the spectacular Corinth Canal, which links the Aegean and Ionian Seas, then on to ancient Corinth. Games total 43.

[213] The tax rates of Greece have been compared to those of Scandinavian countries, but without the same reciprocity, as Greece lacks the welfare state infrastructures.

This morning we disembark at Piraeus, the port of Athens. The BBC is not responsible for the content of external sites. But the corollary of course is that under such a system, there might also be a universal tax authority for the EU, a single benefits system and much besides. http://en.wikipedia.org/wiki/Arch_and_Tomb_of_Galerius, DAY 3 ­ Monday: May 26 ­ PHILIPPI / KAVALA (NEAPOLIS) In 2011–19, the country was ruled by two- or three-party coalitions.[232]. [201] Nonetheless, other 2012 polls showed that almost half (48%) of Greeks were in favour of default, in contrast with a minority (38%) who are not. Greece's large budget deficit was funded by running a large foreign financial surplus. Eric Lonergan, a fund manager, argues that: QE involves one branch of government (the Bank of England) buying the debt issued by another department (the Treasury).



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