The European crisis is coming to an end. According to Eurostat's latest report, the aggregate debt of Eurozone’s countries amounts to 92.9% of their total GDP. As Financial Times reports, this figure is an absolute debt record in the first quarter 2015.
Among all European countries, Greece is naturally on the top of the list of debtors with its current foreign debt amounting to over 169% of its own GDP. Also, Italy, Belgium, Cyprus and Portugal are on the list of countries whose debt exceeds GDP.
Despite this desperate condition, the Greek government continues to resist and accepts a second package of bills necessary for reaching an agreement with the creditors.
The new package includes tougher rules of collateral forfeiture and new rules of banks restructuring. According to this bill, Greece will be granted 40-50 billion euro through ESM (European Stability Mechanism) and 16 billion euro through IMF for a period of 3 years. In their turn, Greek authorities must implement all necessary reforms before 7th of August.
At the same time, the Greek continue to protest right in front of the house of parliament in Athens. Protesters are provoking clashes with police in a show of their disagreement with the current policy. The main motto in the placards sounds as "Down with ECB and IMF policy".
Taking into consideration the main stages of the Greek crisis, most experts are inclined to think that Greece will have left the EU by the end of the year 2016. This conclusion is due to the fact the the third bailout of 86 billion euro is not enough for helping the country out. There is an opinion that Greece may manage to save 50 billion euro due to privatization and austerity measures. But some experts are sure that even this sum of money won't help the country last out till the next bailout.
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