After three memorandums and one PSI, the national debt "gallops": 35% increase, from 126% in 2010 to 168% in 2023

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Greek debt is now 35% higher than it was at the time of the memorandum, making Greece a true debt champion.

On March 31, 2010, the debt stood at €310.384 billion, at that time government cash reserves stood at €7.159 billion and government guarantees stood at €25.408 billion. At the end of the third quarter of 2023, Greece's public debt will reach 360.17 billion euros, increasing from 358.046 billion in the previous quarter!

In other words, two months before the signing of the memorandum, we owed much less than we do now. Isn't this the biggest fraud and crime in modern Greek history? And all this after three memorandums and a PSI haircut that killed the Greek economy in 2012.

Government debt as share of GDP, 2023.

🇬🇷 Greece: 168%
🇮🇹 Italy: 143%
🇫🇷 France: 110%
🇪🇸 Spain: 107%
🇧🇪 Belgium: 106%
🇬🇧 UK: 104%
🇦🇹 Austria: 74%
🇩🇪 Germany: 65%
🇵🇱 Poland: 49%
🇳🇱 Netherlands: 49%
🇮🇪 Ireland: 42%
🇨🇭 Switzerland: 39%
🇳🇴 Norway: 37%
🇹🇷 Turkey: 34%
🇷🇺 Russia: 21%

— The Spectator Index (@spectatorindex) April 12, 2024

The share of government debt in GDP increased to 168% in 2023, up from 126% in 2010.

It's worth noting that French economist and former European Central Bank (ECB) President Jean-Claude Trichet, speaking to Bloomberg, said he was concerned about the dangers in the global economic sphere, especially the “mountains” of government debt that are piling up. J.K. Trichet noted that before the financial crisis caused by the collapse of the American company Lehman Brothers, the total excess government debt in the world was 75% of global GDP, and now it is 114% of global GDP. In this regard, he called the situation “more alarming” than in the conditions preceding the great financial crisis of 2008-2009.

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