Greece has been struck with one of the world’s worst debt crisis. It owes an alarmingly high amount of sovereign debt to the European Union.
In 2010 the country revealed its sky-high deficit and was frozen out of bond markets. Consequently, emergency loans from EU and IMF i.e bailouts aimed at saving sinking economies began.
Greece received three successive packages, amounting to €289 billion but they were accompanied by the obligation to take some drastic austerity measures. The economy had to go through a series of elections and referendums, switching through governments and their different policies.
On August 20, 2018, the bailout program ended. Most of the outstanding debt now is owed to the EU emergency funding entities, which are primarily funded by German banks. Want to know more? Watch the video.