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Every Greek owes €29,700 to foreign lenders, says OECD

Every Greek owes €29,700 to country’s foreign lenders, says a debt analysis by the Greek Federation of Enterprises (SEV). The analysis is based on the report “How’s Life” 2017 conducted by the Organization for Economic Cooperation and Development (OECD) on the impact of disinvestment in natural, human, economic and social capital.

According to the SEV analysis, Greece is last in terms of sustainability of the level of prosperity.

The amount of 29,700 euros that every Greek owes to Greece’s foreign lenders, is about twice the average of his annual gross income.

With regard to the sustainability of Greece’s prosperity in the future, Greece ranks last (35th) when compared to other OECD countries. In penultimate position is Portugal, while other countries like Italy, Spain and France are in the 5th, 6th and 12th place from the end. Scandinavian countries are in the top four positions, with Sweden to be the champion.

Greece ranks 23rd in terms of natural capital and last in terms of financial capital as a result of the country’s massive foreign debt, the banks’ capital need over the past years and the collapse of investment.

Greece has also poor performance in terms of social (4th from the end) and human capital (5th from the end), due to absence of trust in institutions and lack of skilled professionals.

Other data from the OECD survey that allegedly sees no poor in its member countres:

-The net wealth per Greek household (assets less debt) amounts to 125.262 € compared to 280.383 € on average in the OECD countries, with the figures being 231.854 in Italy, 292.619 in Spain and 198.634 in Portugal.

The US households are recorded as the richest in the world with 383,489 €.

BTW If I am not wrong the amount every Greek owned to lenders was some 35,000-36,000 euros in the beginning of the economic crisis.

PS I have a personal €29,000 debt to lenders? Seriously? Should OEDC ask me “How’s Life?” all I can reply is  “I have nothing, I owe nothing, I am free!”almost Kazantzakis

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2 comments

  1. To quote the economist Michael Hudson: “…. no country should be obliged to pay foreign debt at the price of losing its domestic autonomy as a state: the right to determine its own foreign policy, to tax and to create its own money, and to be free of having to privatize its public assets to pay foreign creditors. Any such debt is a ‘bad loan’ reflecting the creditor’s own irresponsibility or, even worse, pernicious asset grab in a foreclosure that was the whole point of the loan.”

  2. I agree wholeheartedly! The whole debacle was started over 30 years ago when Greeks, who were mostly relatively poor but debtfree, were bombarded with easy access to cheap loans to consume everything in and out of sight!! The financially “uneducated” Greeks fell into the trap and have now yoked themselves and their future generations to “repaying” their folly! But the wily foreign creditors who set the trap allready have a solution to end their Greek debtors problem!… Hand over your revenue producing assets eg ports airports, naturanium sources, pristine beaches, historical treasures, export your educated human capital and you can live unhappily ever after!! Nobody mentions the reckeys and criminal lending practices of the past that have condemned the Greeks to the scrapheap of Europe! !! But there is a way out I believe!!