Wednesday, 1 July 2015

Greece has defaulted 5 other times in the modern era... and other interesting facts

Everyone is waiting for Greece and Europe's leaders to agree on a bailout deal.
It seems as if every morning brings another incremental development or regression in Greece's battle against its European creditors.
So in the meantime, we've put together a guide to what's been happening in the underbelly of Greece's economy.
Everything from demographics to corruption to cigarettes — check it out.

Greece has a history of financial troubles — the country's first default occurred way back in the fourth century B.C. 

Back in the fourth century B.C., 13 Greek city-states borrowed from the Temple of Delos. Most of the borrowers, however, "never made good on the loans and the temple took an 80% loss on its principal."
As a reference point, Plato, Aristotle, and Alexander the Great were alive during the fourth century.
Source: Investopedia

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