Why Greece Is The Precursor To The Next Global Debt Crisis

Here are the basics of Greece’s economy, via the CIA’s World Factbook:

 

Greece’s population is 10.8 million and its GDP (gross domestic product) is about $200 billion (This source states the GDP is 182 billion euros or about $200 billion). Note that the euro fell sharply from $1.40 in 2014 to $1.10 currently, so any Eurozone GDP data stated in dollars has to be downsized accordingly. Many sources state Greek GDP was $240 billion in 2013; adjusted for the 20% decline in the euro, this is about $200 billion at today’s exchange rate.

 

Los Angeles County, with slightly more than 10 million residents, has a GDP of $554 billion, more than double that of Greece.

 

The European Union has over 500 million residents. Greece’s population represents 2.2% of the EU populace.

 

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