Greece is on track to run out of money in two weeks.
Unless officials can alter its current burn rate, the
Mediterranean country will hit a cash wall on April 8, according to
Frankfurter Allgemeine Sonntagszeitung
how much does Greece owe
The country is 323 billion euros in debt ($352.7 billion) - more
than 175% of its GDP.
These four charts help to put that number into
How Much Does Greece Owe?
What Greece Owes, Chart No. 1: Debt-to-GDP Ratio
Debt-to-GDP ratio measures a country's debt compared to its
economic output. In other words, what a country is borrowing
divided by what it's bringing in. The higher the ratio, the harder
it will be for a country to repay its debts.
A look at debt-to-GDP ratios in other Eurozone countries reveals
Greece isn't the only villain of the seven-year-long-and-counting
Greece has a 174.9% debt-to-GDP ratio. Its Eurozone brethren
Italy, Portugal, and Ireland come in high as well, at 132.1%, 129%,
and 123.3% respectively.
In fact, because of the debt racked up in many Eurozone
countries including Greece,
the European Central Bank (ECB) implemented
quantitative easing (QE)
What Greece Owes, Chart No. 2: Greek Foreign Debt vs.
U.S. Foreign Debt
Greece owes a lot to foreign countries - but not nearly as much as
does the U.S.
As of March 6, 2015, U.S. public debt reached $13.08 trillion
(74% of fourth-quarter 2014 GDP).
Of that sum, $6.1 trillion (47%) is owned by foreign
China owns the biggest chunk of U.S. foreign debt at $1.3
trillion, followed by Japan at $1.2 trillion. These top two
creditors constitute 59% of U.S. foreign debt.
Comparatively, Greece owes $352.7 billion to foreign investors.
It owes its top two foreign creditors - the European Union (EU) and
the International Monetary Fund (IMF) - roughly $264.5 million (75%
of its total debt).
What Greece Owes, Chart No. 3: Greece's Debt to Germany
vs. Germany's Debt to Greece
Greece owes Germany 56 billion euros ($61.1 billion). But what does
Germany owe Greece?
On March 10, Greek Prime Minister Alexis Tsipras said he had a
duty to pursue World War II reparations from Germany.
You see, Greece was one of the worst sufferers of Axis
occupation. Tens of thousands died.
On June 10, 1944, Nazis went door-to-door- in Distomo, a tiny
hamlet northwest of Athens. There, they rounded up and killed 218
victims, including babies and the elderly. In 2000, a Greek court
ruled the people of Distomo were owed $30 million in
In 1942, the Nazis forced the Greek Central Bank into a loan
worth at least $11.7 billion today.
The Washington Post
, the figure argued for general war reparations starts around
The German government argues compensation was settled in 1990,
when the United States, Britain, the Soviet Union, and France
signed a pact with the former East and West Germany that ended the
reparations debate. It also questions why Greece did not
negotiate reparations when it entered the Eurozone in 2001.
What Greece Owes, Chart No. 4: Greek Debt vs. 2008 TARP
Like Greece, the U.S. economy needed a bailout after the Great
Unlike Greece, the U.S. bailout came in to the tune of $700
billion in the Troubled Asset Relief Program (TARP) in 2008.
Of the funds allotted under TARP, $645 billion was actually paid
The largest recipients were American International Group Inc. (
) ($70 billion), Bank of America Corp. (
) ($45 billion), and Citigroup Inc. (
) ($45 billion cash and $5 billion in support of a loan
Stay tuned to
for updates on how much Greece owes and other Greek debt crisis
Tweet the author @TaraKateClarke to join the conversation.
Profit from Eurozone Drama: QE has begun flooding the
Eurozone economy with 60 billion euros ($66.1 billion) a month in
government debt and asset purchases. The program's expected to
end in September 2016 - and that means inflationary policies will
keep downward pressure on the euro for some time. A looming
threat of a Greek exit from the euro will smother the currency
Eurozone drama means these three opportunities are open
Related Articles :
Eurozone 2015 Economic Outlook
The Washington Post:
Greece Heads for Showdown with Germany over WWII Debts
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