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The debt write-off had a size of €107 billion, and caused the Greek debt level to temporarily fall from roughly €350bn to €240bn in March 2012 (it would subsequently rise again, due to the resulting bank recapitalization needs), with improved predictions about the debt burden.
Greece faced a sovereign debt crisis in the aftermath of the 2007–2008 financial crisis.Widely known in the country as The Crisis (Greek: Η Κρίση, romanized: I Krísi), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a humanitarian crisis.
Greece and Ireland established diplomatic relations on 22 January 1975. Since 1977, Greece has an embassy in Dublin. Since 1978, Ireland has an embassy in Athens. The Irish Institute of Hellenic Studies at Athens opened in 1995, and is one of 17 foreign archaeological institutes in Athens.
] An economist from NCB said non-residential investment would fall by 5 percent in 2008 and by 12 percent in 2009. [8] Ireland's GDP saw a contraction in the second quarter by 0.5 percent, making Ireland the first member of the eurozone to enter a recession. [9]
From 1991 to 2001, Ireland's real gross domestic product (GDP) growth averaged above 7% and there was a large expansion in the workforce. From 1990 to 2000, the Irish gross national product (GNP) per capita rose 58%, bringing it above the European Union average. [9]
The economy and government finances began to show signs of impending recession by the end of 2007 when tax revenues fell short of the 2007 annual budget forecast by €2.3 billion (5%), with stamp duties and income tax both falling short by €0.8 billion (19% and 5%) resulting in the 2007 general government budget surplus of €2.3 billion (1.2% of GDP) being wiped out.
The White Star Line, the company that owned the ship, invoked the act and asked courts to limit the compensation it would have to pay to survivors and the relatives of those who perished in the ship.
In January 2015, speculation about a Greek exit from the eurozone was revived when Michael Fuchs, deputy leader of the center-right CDU/CSU faction in the German Bundestag, was quoted on 31 December 2014: "The time when we had to rescue Greece is over. There is no more blackmail potential. Greece is not systemically relevant for the euro."