Articles by Antonis Davanellos
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What’s at Stake in Greece?
Antonis Davanellos – Socialist Worker,
27 Jun 2011
Just this year Greece will pay its lenders in interest alone the equivalent of 30% of all its revenues–or 8 percent of the GDP. By 2015, the equivalent figures will be 39% of government revenues and 10% of GDP. At the same time, Greece’s debt instead of going down will increase. The sacrifices forced on the people were supposed to bring debt down to 350 billion euros by 2015, or 139 percent of annual GDP. Today, the government, EU and IMF all admit that Greece’s debt will exceed 500 billion euros, or almost 200 percent of GDP!
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