Greece – where did a quarter of a trillion euros go?

Since 2010 Greece has received over €226 billion from the so-called troika – European Commission, European Central Bank and International Monetary Fund. Athens also raised almost €28bn towards its own financing needs. Most of the €254.4bn went to banks, creditors or in interest payments
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The bailouts

€240bn Twin bailouts from troika

€110bn May 2010

€130bn March 2012.

Second bailout linked to tough austerity measures, including budget cuts and privatization of state-owned assets
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Payments to Greece

€226.7bn Total disbursements from Troika between May 2010 and end of 2014

€194.8bn from eurozone

€31.9bn from IMF
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€27.7bn Raised by Greece

How austerity hit Greece

Unemployment rate: Up from 12% to 26%. Youth unemployment: 58%

Civil servant layoffs: 15,000

Minimum wage: Cut 22% to €586 per month

Wages: Year-on- year fall of 12%

Hospital budgets: Cut 25% (2009-2011)

Suicide rate: Up 25% (2008-2011)

Retirement age: Raised from 61 years to 65

Pensions: State pension cut 10%, from €400 to €360 a month Pensions above €1,400 cut by 10%
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€27.0bn Greek state’s operating needs

€40.6bn Interest payments

€81.3bn Repay maturing government securities

€254.4bn Where the money went

€45.9bn Private Sector Initiative (PSI): Recompense private bond holders – demanded by Germany

€48.2bn Recapitalisation of Greek banks: Following losses from government bonds under PSI

€9.1bn Paid to IMF

€2.3bn Contribution to European Stability Mechanism
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Sources: MacroPolis, EurActive, Financial Times, International Monetary Fund, The Lancet

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