Greek government-debt crisis timeline *

Sustainable Development, Economy and Democracy

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This article contains the timeline of events for the Greek government-debt crisis which began in 2009 and is ongoing. During this period many changes have occurred in Greece. The income of many Greeks has declined, levels of unemployment have increased, elections and resignations of politicians have altered the country’s political landscape radically, the Greek parliament has passed many austerity bills, and protests have become common sights throughout the country. A brief summary follows highlighting some key events since the Greek elections of October 2009.

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The Financial Attack on Greece: Where Do We Go From Here?

Sustainable Development, Economy and Democracy

– by Michael Hudson,.Counterepunch.org. July 8, 2015

bankruptcyThe major financial problem tearing economies apart over the past century has stemmed more from official inter-governmental debt than with private-sector debt. That is why the global economy today faces a similar breakdown to the Depression years of 1929-31, when it became apparent that the volume of official inter-government debts could not be paid. The Versailles Treaty had imposed impossibly high reparations demands on Germany, and the United States imposed equally destructive requirements on the Allies to use their reparations receipts to pay back World War I arms debts to the U.S. Government.[1]

Legal procedures are well established to cope with corporate and personal bankruptcy. Courts write down personal and business debts either under “debtor in control” procedures or foreclosure, and creditors take a loss on loans that go bad. Personal bankruptcy permits individuals to make a fresh start with a Clean Slate.

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