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Money Greece plunges back into the budgetary crisis, 10 years after the rescue plan

02:20  02 may  2020
02:20  02 may  2020 Source:   rfi.fr

Catch me if you can: police in Easter scramble to keep Greeks indoors

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Health workers during a general strike in Athens in 2017. Annual state spending on mental health was halved in 2012, and it has been trimmed further each year since then.Credit Aris Messinis/Agence France-Presse — Getty Images.

Our correspondents Bryan Carter and Fay Doulgeri have set off on the next leg of Euronews' Road Trip ahead of the EU election in May. They have arrived to Metsovo in Greece where they have been asking people if they feel any improvement in their lives since the crisis that hit nearly 10 years ago.…

A Athènes, en Grèce, le 28 avril 2020. © REUTERS / Goran Tomasevic / File Photo In Athens, Greece, April 28, 2020.

Ten years ago, today for the day May 2010, the Eurogroup finance ministers decide to launch the aid plan for Greece in the midst of an economic downturn. After three successive plans, and 289 billion euros in loans from the IMF and the European authorities, Greece is just beginning to catch its breath. A short respite. The still convalescent Greek economy will fall into recession, this time due to the coronavirus.

Barely out of ten years of austerity, the Greeks fear to see their country confined. To stem the epidemic of coronavirus the government imposed since March 23 a general confinement, which put an abrupt end to the tourist activity.

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A decade after the financial crisis struck the globe, the US continues to accumulate growing mountains of debt while interest rates are being raised every

After days of intense speculation that Greece will fail to meet its budget cut targets, there are signs of a eurozone rescue plan emerging to write down Greek debt and On 6 October the Bank of England injects a further £75bn into the UK economy through quantitative easing, while the European Central

The travel industry contributes 30% to the wealth of the country's economy. In 2018, 32 million tourists visited Greece. However due to the pandemic, the country remains closed for tourism for the moment. The fall in the sector raises fears of a surge in unemployment which has gone from 28% in 2013 to 16% currently.

To finance the impact linked to the coronavirus, Greece raised 2 billion euros on April 15 and has just allocated 24 billion euros of national and European funds to support the economy due to the pandemic. Prime Minister Kyriakos Mitsotaki has warned that the country will experience a deep recession. A forecast confirmed by the International Monetary Fund which forecasts a contraction of 10% of Greece's GDP and an unemployment rate of 22.3% in 2020, before however recovering in 2020 accompanied by growth of around 5%.

'We need a rescue package': Premier League told to help lower league clubs out of £200m financial black hole as EFL chief Rick Parry calls parachute payments 'an evil that needs to be eradicated' .
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