- GDP Has Decreased 25% since 2009.
- Debt to GDP now stands at 180% as of 2014.
- Unemployment is at a staggering 27%, while youth unemployment is at 60%, 1.2mn people have lost their jobs since 2009.
- 30% of businesses have closed since 2009.
- Salaries have fallen 40% since 2009.
- Pensions have been reduced by 50%
- Child poverty has increased 41%, since 2009 there has been a 100% increase in poverty throughout the country.
- 80bn in deposits have been lost since 2009.
- The number of households without electricity has increased by 250% since 2009.
- Social Security funds have lost 35bn since 2009.
- 250,000 people have emigrated from Greece.
- The richest 10% own 56% of the wealth in Greece.
The Governments Response.
On 18 March, 2015 the Greek parliament passed a series of social measures aimed at helping the millions struggling in the country. The law will offer food stamps and free electricity to the poorest, the amount of the assistants totals some $213mn.
On top of the aid package passed by parliament the EU has pledged $2.15bn, the aid isn’t part of Greece’s bailout packages. The aid is to expected to boost economic growth, cut youth unemployment, and help the poor. Greek Prime Minister Alexis Tsipras welcomed the move.
Greece is still struggling to draft a reform plan that can be approved by the members of the European Union to extend it’s $272bn bailout until the end of June. If no agreement can be reached with Greece’s creditors the country will be unable to meet its obligations. Greece will need to pay $6.4bn to creditors within the next two weeks, raising fears Greece will run out of money.