Two bailout agreements, total aid of 240 billion euro, and one bonds’ ‘haircut’ later…. Greek public debt remains as high as it was in 2010 – the year in which Greece sought the ‘rescue’ by the International Monetary Fund. In the end of first quarter of 2013, the total debt stood at 309.4 billion euro. That is, public debt rose when compared to the end of 2012, when it stood at 305.6 billion euro, so the Greek Finance Ministry. When compared to 2010, the numbers push you to cut your wrists right away:
2010 Public debt: 31o.3 billion euro
2013: Public debt: 309.4 billion euro
The public debt is almost the same, we are all still sitting on the same old boat. Just the economic situation of the average Greek is much worse: bankrupt households, unemployment at 27% and 64% among youth 15-24 years old, recession and even deflation. Oh, and a sharp rise in suicides and homeless.
” Greek central government debt rose 3.8 billion euros or 1.3 percent to 168.6 percent of GDP in the first quarter of 2013, according to the Finance Ministry.
Total debt stood at 309.4 billion euros at the end of the first quarter, compared to 305.6 billion at the end of 2012.
The average maturity of Greece’s debt is 15.4 years.” (ekathimerini)
Public Debt is $383,107,650,273Public Debt per Person is $33,833.87Population: 11,307,759Public Debt as of % of GDP: 156.7%
Total annual debt change: -13.0%
I hope, nobody remembers Evangelos Venizelos, finance minister in March 2012, heralding after the Greek bond swap (53.5% haircut) “we got rid of 100 billion euro debt.” But that’s lowering debt-to-GDP ratio, not real debt and not real euro money.