We also consider how quickly funds have been flowing out of Greek banks. This covers repayments and the largest interest payments on debt due from Greece in coming months. The list includes Treasury bills, usually called T-bills for short, which are shorter-dated government bonds sold to domestic investors, such as Greek banks, and to a smaller extent to foreign investors.
This chart from UBS sums up repayments for the rest of this year. On top of debt repayments and interest payments, Greece has to cover the usual costs of pensions and salaries for the public sector.
There have been warnings that Greece faces a choice between meeting those commitments and its debt servicing - and that it cannot afford both unless the next lot of bailout funds is paid out. Economists say some scepticism should apply to any claims the coffers are almost empty. The Greek government has tried to squeeze money out of a variety of sources for a couple of months now. Capital expenditure has reportedly been trimmed, state payments to third parties have been postponed and reserve funds of public institutions tapped, but with scarce chances to get the relevant data evidence.
In eight years of bailout programs, Greece has received This has caused Greek debt to rise and it needs to be repaid at some stage. In order to make debt repayments easier for Greece, the euro zone agreed last Friday to a new set of measure s. Currently, the European Central Bank ECB and other central banks are buying bonds from euro zone countries as part of economic stimulus measures.
The latest debt relief measures state that any profits made by central banks in the euro zone on Greek bonds will be returned to Athens in two equal tranches every year, between and The 19 euro zone finance ministers, who met last week, also agreed to look at Greek debt again in and assess whether or not further measures are needed to make the debt pile sustainable.
Thanks to this set of measures, Greek debt repayments are no longer a problem in the medium-term, according to the International Monetary Fund IMF , which was the biggest advocate for Greek debt relief. But in the long-run the IMF has its doubts. For the first time in nearly a decade, Greece can claim the crisis is gone and that it will be standing on its own feet after August.
With the end of the bailout, Greece will no longer have to implement reforms demanded by creditors in exchange for funds. The agreement on debt is particularly important for Prime Minister Alexis Tsipras, who promised to the Greek people, back in , that he would get debt forgiveness from European creditors.
Tsipras promised in he would not wear a tie until creditors would "cut" the Greek debt. National debt within the country saw significant gains over the past decades, however roughly came to a halt due to financial rescue packages issued from the European Union in order to help Greece maintain and improve their economical situation. Investors, consumers and workers alike are struggling to see a bright future in Greece, whose chances of an economic comeback are much lower than that of other struggling countries such as Portugal and Italy.
However, Greece's financial situation might improve in the future, as it is estimated that at least its national debt will decrease - slowly, but steadily. Still, since its future participation in the European Union is in limbo as of now, these figures can only be estimates, not predictions.
Loading statistic Show source. Download for free You need to log in to download this statistic Register for free Already a member? Log in. Show detailed source information? Register for free Already a member? More information. Supplementary notes. Other statistics on the topic. International Countries with the highest public debt Aaron O'Neill. Research expert covering historical data.
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