Eurozone at risk by BANKRUPT nations - Greece debt soars again with £303bn owed

[beijingwalker]

Eurozone at risk by BANKRUPT nations - Greece debt soars again with £303bn owed​

THE EUROZONE is facing crisis after Greece's public debt hit a record high this year.​

By ALESSANDRA SCOTTO DI SANTOLO
14:30, Fri, Jul 22, 2022 | UPDATED: 16:04, Fri, Jul 22, 2022

Eurozone crisis: Greece debt has risen to record higs (Image: GETTY)

Greek public debt has significantly increased since last year reaching 193 percent of the country's GDP. Inflation for June was 11.6 percent, up from 10.5 percent in May last year.

According to data from the Greek Statistical Service (ELSTAT), public debt increased by €13.417 billion (£11.4 bn) between Q1 2021 and Q2 2022.

Public debt is now expected to exceed €357 billion (£303 bn).

The worrying figure has alerted experts, warning another collapse of the Greek economy could bring the whole eurozone down.

And with Italy's political crisis looming on its economy, economists have warned of possible bankruptcy.

Stefan Legge, an economics lecturer at the University of St.Gallen in Switzerland told EURACTIV: “The fear is back that Italy or Greece or some other countries will not be able to afford higher levels of interest and could eventually go bankrupt."

After Mario Draghi's resignation, a snap election has been set for Italy on September 25.

Rumours of a snap elections are also going around in Greece as soaring energy, food and fuel prices are costing the government a lot of criticism.

Greek Prime Minister Kyriakos Mitsotakis, elected in 2019, dismissed such calls.

He told Skai radio: “I’m not looking at opinion polls for a clearing to call elections.

"We have a government with a strong majority, and it’s my obligation to secure the country’s stability."

The euro also continued its retreat from a more-than-two-week high as disappointing activity data from France and Germany pushed the single currency lower, a day after the European Central Bank highlighted the path for interest rates would be data dependent.

German business activity unexpectedly shrank in July while French manufacturing activity contracted and growth in services slowed, preliminary purchasing managers' (PMI) surveys showed.

Analysts said the eurozone economy appeared to be heading towards a recession.

The euro was already softer, even after the ECB raised rates by a more-than-forecast 50 basis points (bps) on Thursday, as its new tool to shield highly indebted states from soaring borrowing costs failed to impress investors.

Analysts also said the removal of the ECB's forward guidance on rates and the move to a meeting-by-meeting, data dependent stance gives the central bank a small window of opportunity for further tightening.

Viraj Patel, macro strategist at Vanda Research said: "Maybe the ECB can eke out another hike in September but judging by the direction of travel for the European economy I don't think they'll be in any shape or form to be talking about rate hikes in December or early next year."

Traders are now pricing in under 110 bps of ECB rate hikes by December, down from around 120 bps before the data.

Eurozone at risk as Greece debt soars again with £303bn owed

THE EUROZONE is facing crisis after Greece's public debt hit a record high this year.

www.express.co.uk

 

[beijingwalker]

Will China bail Greece out this time?

Cash injection – DW – 10/04/2010

Chinese Prime Minister Wen Jiabao has offered to buy Greek government bonds and pledged support for cash-strapped Athens as it looks to make Greece the center for its exports in south-east and eastern Europe.

www.dw.com

Could China Save Greece from Financial Ruin?

As Greek voters head to the polls to decide their economic future, there's one country that already has money bound up in the country that…

foreignpolicy.com

 

[etylo]

Will China bail Greece out this time?

Cash injection – DW – 10/04/2010

Chinese Prime Minister Wen Jiabao has offered to buy Greek government bonds and pledged support for cash-strapped Athens as it looks to make Greece the center for its exports in south-east and eastern Europe.

www.dw.com

Could China Save Greece from Financial Ruin?

As Greek voters head to the polls to decide their economic future, there's one country that already has money bound up in the country that…

foreignpolicy.com

Maybe China should leave Greece alone cosidering that many Greeks have a bias against China and Chinese, they are toeing US anti-China line to a large extent.

 

[beijingwalker]

 

[beijingwalker]

Maybe China should leave Greece alone cosidering that many Greeks have a bias against China and Chinese, they are toeing US anti-China line to a large extent.

With some beggar countries in EU, EU will go nowhere in the future, they will keep pulling the Union down into a deep hole. Maybe EU should let Greece to become A Turkey's province and rid of the burden once and for all.

 

[etylo]

With some beggar countries in EU, EU will go nowhere in the future, they will keep pulling the Union down into a deep hole. Maybe EU should let Greece to become A Turkey's province and rid of the burden once and for all.

Haha !

 

[MH.Yang]

Maybe China should leave Greece alone cosidering that many Greeks have a bias against China and Chinese, they are toeing US anti-China line to a large extent.

We must choose between Greece and Turkey.

Comparing aziqbal and foinikas, I suggest choosing to help Greece.

 

[Akritas]

Italian journalist probably wants to cover the problems of her country, which is why she attacks Greece. Well, in 2021 and 2020, Greece's debt was higher than it is this year.

Second, the Italian deliberately forgets to mention that the Greek economy has been growing for two consecutive years.

Finally, the debt in Greece after the ten-year international surveillance is sustainable, because on the one hand it is in the hands of the Eurozone countries, on the other hand it does not exceed....8% annual repayment until 2035.

In fact, the above table has changed, because the debt to the IMF has been paid off, which means lower interest rates.

 

[etylo]

We must choose between Greece and Turkey.

Comparing aziqbal and foinikas, I suggest choosing to help Greece.

Is aziqba Turkish ? I thought he is of Pakistani origin living in UK, am I wrong ?

 

[Foinikas]

We must choose between Greece and Turkey.

Comparing aziqbal and foinikas, I suggest choosing to help Greece.

Turkey will always nag about Uyghurs and "Great Turkestan".

 

[Beast]

We must choose between Greece and Turkey.

Comparing aziqbal and foinikas, I suggest choosing to help Greece.

Better help the Italian first.

 

[Foinikas]

With some beggar countries in EU, EU will go nowhere in the future, they will keep pulling the Union down into a deep hole. Maybe EU should let Greece to become A Turkey's province and rid of the burden once and for all.

Wow so smart. You solved the problem. What about half the Eastern Block that joined the EU and NATO and had nothing to contribute,but need trillions for programs and re-armarment?

 

[Beast]

Turkey will always nag about Uyghurs and "Great Turkestan".

China will aid Greece economy ONLY if they admit Taiwan is a province of PRC and is never an independent state with its own government and they take judication from PRC. Anything short of it will result in drying of any aid in case of recent economy turmoil.

 

[Foinikas]

China will aid Greece economy ONLY if they admit Taiwan is a province of PRC and is never an independent state with its own government and they take judication from PRC. Anything short of it will result in drying of any aid in case of recent economy turmoil.

Says who? You? Are you the representative of President Xi?

 

[Beast]

Says who? You? Are you the representative of President Xi?

LOL... Are you getting cold feet? You think Xi will be happy if some Greece shitty politician makes the same comment about Taiwan like u claiming as independent state from PRC and still lend u money?

We dont even need a genius to tell u the answer.