The Greek Prime Minister’s package of economic reforms have raised hopes of a deal being reached to stop the country leaving the euro.
Here are some of the key numbers that summarise the crisis:
€240 billion
Athens owes €240 billion euro in loans from the IMF, euro zone governments and the bloc’s rescue funds.
€8 billion
Greek prime minister Alexis Tsipras is offering €8 billion in higher taxes and austerity measures over the next two years to gain approval from the EU, IMF and European Central Bank. But the compromise proposal goes against the anti-austerity commitments made by the left-wing party, and so getting support in Athens may prove problematic.
25%
The unemployment rate in Greece stands at 25 per cent — five times that of the UK. The figure has grown sharply since 2008, but in recent months has fallen slightly. Yet, more than 50 per cent of young people remain out of work.
€1.6 billion
Greece is due to repay €1.6 billion to the IMF by the end of June. The monetary fund has lent more to Athens than any other borrower — contributing nearly one-third of the total its owes.
400,000 people
This year, almost half a million people who qualify for a state pension are looking to retire. The country’s early retirement rules will be phased out by 2025 to save €300 million but the 60 and 61-year-olds who want to put their feet up now will be a problem for the public purse.
17.5%
Greece spends more than any other EU country on pensions as a proportion of GDP. The country shells out 17.5 per cent of GDP on the annuities, according to Eurostat. But the country also has an ageing population, with one of the highest age dependency ratios in the EU.
19
Leaders from 19 euro nations are holding an emergency summit to stop Greece leaving the euro. They must reach an agreement on reforms before any more money can be released.
7,000
Last night, thousands gathered in Syntagma square in Athens to protest in favour of Greece staying in the euro. They were calling for the government to fix a deal as soon as possible.
€1.36 billion
VAT reform will raise an extra €1.36 billion by next year. The proposals for reform include scrapping a range of exemptions to the tax.
175%
In the UK, the ratio of debt to GDP is 90 per cent , but in Greece the figure is 175 per cent. The high ratio means it cannot produce or trade without adding to the debt, making a recovery even harder.
- Reuters
