Interesting facts about debt ridden Greece
Greece once the home of Plato, Aristotle, and Alexander the Great is suffering from huge financial crisis. People of the country have hit the street against the ongoing crisis. Banks have been closed and a cap on daily withdrawal from ATMs have also been put into place. A Greek can withdraw only 60 euros in a day. However, tourists in the country have been exempted from this rule, they can withdraw whatever the amount they want.
Below are important facts need to know about Greece
- Greece, which got independence from the Ottoman Empire in 1830, has a history of financial troubles - the country's first default occurred way back in the fourth century B.C.
- In the modern era, Greece has defaulted a grand total of five times - which is only half as many times as the default leaders, Venezuela and Ecuador, have.
- Greece has spent a combined 90 years - almost half of the time since its independence - in financial crisis.
- Corruption costs Greece about 8% to 10% of GDP per year.
- Greece has become first developed country to default International Monetary Fund (IMF)
- Greeks who are self-employed are "paying over 100% of their reported income flows to debt servicing on consumer debts."
- Over 49 percent of Greece's young active population is unemployed.
- 63.5% of Greeks between ages 18 and 34 live at home with their parents.
- Only 23.9% of Greece's population is under the age of 24. By comparison, 47% of Saudi Arabia's population falls in that age bracket.
- Greece is almost five times as big as Massachusetts, but Massachusetts' GDP is twice that of Greece.
- Greece's annual production of olive oil weighs as much as 1,575 blue whales.
- Greece's cigarette consumption per capita is roughly 28 times that of India.