Greek Ruins: Overview : SBS Insight

Overview

Greece is in trouble.

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After living beyond its means for years, Greece has got to the point where its sovereign debt is equal to 166 per cent of its annual output.

On top of that is a lurching political situation, talk of leaving the eurozone, a youth jobless rate of more than 40 per cent, and a slashing of wages, pensions and hospital budgets.

Little wonder the rest of the world is nervous.

We look at what’s unfolding in Greece – from the broad economic picture to the experience of those on the ground – and whether Australia will be affected.

Meet the Guests

George Charalampopoulos

George Charalampopoulos was elected as an MP for the Pasok party in 2009 in Athens and is a member of the Greek delegation to the Council of Europe Parliamentary Assembly. George contributes as a full member of the Committee on Legal Affairs and Human Rights. He speaks English, French and Spanish and is married with five children.

Chrysoula and John

Chrysoula and John are Greek Australians living in Athens. Chrysoula is a public servant and has had her income cut by 1000 euros a month. Her husband is earning almost nothing. They are living in a half built house and have recently tried to borrow money but the banks aren’t lending. They now grow their own vegetables as shopping at the supermarket is too expensive. Chrysoula is worried about her family’s future if they stay in Greece.

Satyajit Das

Satyajit Das says Australia - and the rest of world – is facing a worse crisis than the economic downturn in 2008, and that Greece is the first symptom. A risk analyst and author, Satyajit accurately predicted that last crisis – years before it happened - with a paper titled ‘The Coming Global Credit Crash’ which said that toxic debts would poison the global financial system.

Oliver Marc Hartwich

Dr Oliver Marc Hartwich says Australia has relatively little exposure to European debt. He is an economist with the Centre for Independent Studies think tank, and a weekly columnist on European affairs with Business Spectator. He’s also written about Europe’s economic, demographic and social problems.