How did the Greek economy get into such a mess?

Jun 23, 2015

Ross Chainey

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The Greek debt crisis has entered a crucial stage: new proposals for Greek reforms have been welcomed by Eurozone leaders and have raised hopes that a deal can be struck to stop Greece defaulting on its debt.

Greece needs to repay a €1.6 billion loan to the International Monetary Fund by the end of the month. Failure to do so could lead to the country leaving the euro.

How did it come to this? The following graphic (courtesy of Reuters Graphics) charts Greece’s 10-year government bond yield and average credit rating since 2009, along with key moments that show how the crisis has unfolded.

Author: Ross Chainey, Digital Media Specialist, World Economic Forum

Image: A protester waves a Greek flag at the entrance of the parliament building during a rally calling on the government to clinch a deal with its international creditors and secure Greece’s future in the Eurozone, in Athens, Greece, June 22, 2015. REUTERS/Yannis Behrakis

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