Tag Archives: European Commission

Loans to pay off loans pushed Greece to edge

In 2010 Greece was close to bankruptcy. But the troika of the IMF, European Central Bank and European Commission moved in and lent some $264 billion to the country.

GREECE

Greek flag waving in the village of Oia

Most of the troika’s bailout money was used up to paying off the international lenders, which are European banks.

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greece

They imposed very harsh conditions of austerity. Since 2010 the Greece’s economy shrunk by over 25% and unemployment jumped up to nearly 27%. The debt still remains – no growth.

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