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It's silly to say it had little to do with the global economic crisis. Economic production following the initial global downturn went down 8% [1], construction

• ignifero 15y ago
  The data you point to are for 2010, when greece entered the EU/IMF mechanism and govt spending stopped. This does not have to do with the global economic recession that started in 2008. I am Greek, and know that Greek banks were very little exposed to the international toxic assets. None of them collapsed, in fact they chose not to take govt-offered support money they were offered (28 bil. euro or so) in 2008. There are structural problems here, and although measures are being taken to rationalize the market, it's gonna take years to see the results.
  • lyudmil 15y ago
    To your first point - point taken. A better reference would have been the fact that the World Economic Outlook Database reported Greece had entered a recession in 2009. I'm Bulgarian and none of the Bulgarian banks had any problems, but the Bulgarian economy has definitely suffered, for the same reasons as Greece. Both are relatively small European economies, so any dip in the European market has a pronounced effect (easiest to see in tourism). So, you're not proving anything by saying your banks had no problems.
    • ignifero 15y ago
      I 'm saying that the crisis would have emerged even if there was no global recession. It's a solvency crisis caused by rampant government lending for more than 15 years before 2010.