neutralnews:

• Greece currently owes over 220 billion Euros to various countries and monetary funds, most of which has not yet been repaid.  The majority of Greece’s bailout money has been loaned by Germany, followed by France and Italy. (Telegraph)  This week, Greece was late in paying back a loan to the IMF, resulting in further talks between European nations as Greece asks for a further bailout of 29 billion Euros.
  
• What is actually happening to the Greek people?  The people of Greece are facing high unemployment (25%) and now cash withdrawal restrictions as the nation’s banks temporarily close (60 Euros per day maximum). (AlJazeera)  The people of Greece will be voting in a referendum come Sunday about whether or not to accept European austerity measures, but there is no telling what their options will be.
• How did Greece get into this crisis in the first place?  The world-wide recession of 2008 certainly didn’t help.  Greece was in deficit in 2009, with the situation growing worse in 2010 when the country took the first of two major bailouts.  This money went toward keeping the country’s everyday operations afloat and repaying former debts.
• What will Greece do next?  We literally have no idea since Greece’s Prime Minister, Alexis Tsipras, has gone back and forth on plans just over the past two days.  We do know that the people of Greece will vote in a referendum, that the nation’s leaders will have talks on Sunday to discuss possible repayment plans, and that the threat of default looms nearer should these talks not accomplish any concrete plans.
• What is all this talk about a Greek Eurozone exit?  Due to Greece’s bankruptcy, there is a possibility that the country will stop using the Euro and switch over to a different currency.  This has prompted fear among Eurozone members that other countries with failing economies could follow suit, such as Portugal.

Further reading:

• BBC’s overview of all Greek debt articles (BBC)
• Understanding the Greek economy (Enterprise Greece)
• Understanding what’s happened in the past week (NPR)

the-zodiac-key:

I wish tumblr actually gave a shit about Greece right now. Everyone’s happy to reblog posts of pictures of Santorini and the Greek islands and to read books based of Greek mythology and quote Greek philosophers and live in countries built on the ideas and inventions that GREEKS CREATED but I am yet to see one post about the Greek crisis and it just seems like no one cares what’s going on. People do not have any money whatsoever, all banks are closed and accounts are frozen. ATMs are only giving 60 euro a day to people and they are soon going to run out of money. Unemployment is at 28% if I’m correct. 272.7% increase in depression. People are committing suicide because of the living standards. There has been electricity and hot water cuts in parts of Greece. Pensioners can’t get their pensions. The Greek PEOPLE are being blamed because apparently they are ‘too lazy’ but no ones blaming anyone else when it’s not the people of Greece’s fault. they’re being bullied and pressured by more powerful countries, the eu and imf to vote yes on the referendum meaning higher taxes and spending cuts putting the people of greece in even more poverty. not to mention that Greece already has a corrupt government to deal with. And no one seems to care that whatever the outcome is with Greece effects other countries such as Ireland, Portugal, Spain and Italy who are also in a very fragile state. I have family in Greece right now and my yiayia (grandmother) has informed us that she is currently living off her last 20 euros because she’s on the island Lesvos in a village and can’t access any of her money in her bank accounts. It’s disgusting that people are making jokes of this situation when the people of Greece are suffering as much as they are, and I don’t think they realize what an effect Greece collapsing will have on them and the rest of the world! All I’m asking is for the people of tumblr to open their eyes to a major issue in the world right now because even if it’s not effecting you directly, it’s effecting millions of people. Greece needs help and even if it can get something as little as more recognition and acknowledgment of how bad the problem is, maybe just maybe things can get better