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History: The Greek Crisis Maria Diaz Ripa Nathalie Habashi Meghan Leblanc Chloé van Bussel History: the Greek Crisis A little bit of information about Greece A quick timeline of important dates The impact of WW2 The Greek Civil War Adoption of the Euro: when and why The impact of the Olympics on the Economy The Crash GREECE European country Capital: Athens Situated in the Mediterranean Quick timeline: important dates 1973 - Greece declared a republic, the monarchy is abolished 1975 - New constitution declares Greece a parliamentary republic with some executive powers vested in a president 1981 - Greece joins EU 2002 January - Euro replaces drachma 2004 August - Athens hosts Olympic Games 2010 January - Government announces second round of tough austerity measures, including public sector pay cuts, fuel increases, and a crackdown on tax evasion. The Main Events Greece during World War II (1940-1944) The Greek Civil War (1941-1949) The Euro’s endorsement into Greece The Crash in Greece (2009-2012) To put you in context.. Greece before World War II Greece throughout 1924 to 1935 23 changes of government A dictatorship 13 coup d’états Greece 1935 End of the Greek Republic Greece under a monarch Georgios Kondylis • Overthrew the government • Appointed himself Prime Minister • Arranged a Plebiscite To put you in context.. Greece before World War II 98% of the reported votes were in favour of the restoration of the Monarchy !!STAGED!! King George II instates his own dictatorship through the METAXAS REGIME • Banishment of political parties and those opposed to his dictatorship • Dissolution of the Parliament • Abolishment of the Constitution Greece During World War II (1940-1944) Began in 1940 Greek resistance to Bulgarian and Italian invasions Wore off with the entrance of the German Forces in the Axis April 1941 German invasion and occupation of the Greek nation Greece During World War II (1940-1944) Bulgaria, Italy and Germany (nearest neighbouring region of the Axis) divided the country amongst each other Separation of ownership leading to better control Greece During World War II (1940-1944) Throughout the war: Various outbreaks of resistance in Greece Axis Groups forced out in certain regions Difference in opinions of these resistance movements led to civil war only ending in 1949 October 1944 Red Army liberates Greece from German forces Greece During World War II (1940-1944) War Repercussions on Greece Great economical troubles Destroyed infrastructure Majority of the nation’s Jewish population exterminated Around 400 000 deaths at the hands of the Axis occupational force Beginning of economical detriments Greek Civil War (1941 -1949) Began in 1941 at the hands of the German occupation Two main governments recognised by different international authorities - King George II (exiled and taking refuge in Egypt). Recognised only by Western allies and not by the Soviet Union - Second government selected by the Germans to keep the state in order Greek Civil War (1941 -1949) Causes of the Greek Civil War: Both governments lack support and legitimacy in the country emerging resistance forces Poverty and famine intensifying in the country at the hands of the Germans and Greek Bourgeoisie numerous counterattacks against them Distinct opinions developing in those resistance movements Greek Civil War (1941 -1949) Two Opposing affiliation of the Greek Civil War: Communist Party of Greece (KKE) - Largest resistance force - Comprised of the socialist working class of peasants and the proletariat - Created the National Liberation Front (EAM) - ELAS EAM’s army The Greek National Republican League (EDES) - Group committed to the liberation of Greece from fascism and communism Greek Civil War (1941 -1949) During World War II Resistance troops fight off Axis groups in certain regions of their country EAM’s army conducts massive attacks against EDES putting them in strategic and advantageous position putting them at a leading scene once the second world war was over Greek Civil War (1941 -1949) Early 1947 (shortly after World War II ended) EDES support switches from the British to the Americans ( due to financial purposes) Marshall Plan, instated by Truman, provides EDES - Food supplies Equipment Military aid EAM receiving reinforcements from Yugoslavia and Albania (very little from the Soviet Union) Greek Civil War (1941 -1949) June 1949 (Near the end) Soviet Union and Yugoslavia cut alliances (1948) due to Tito (president of Yugoslavia)’s refusal to submit to Stalin’s regime EAM forced to pick sides between - Soviet Union strongest communist force - Yugoslavia Initial supporter and gave EAM access to its borders EAM chooses the Soviet Union Tito closes off his borders denying the EAM access to them. Turning point for the EDES as EAM is no longer able to sustain resistance Greek Civil War (1941 -1949) October 16th 1949 KKE (the Communist Party of Greece) announces a cease fire Marking the end of the Greek Civil War Victory goes to the EDES Repercussions of the Greek Civil War Later that year, Greece joins the North Atlantic Treaty Organization (NATO) 50 000 people killed during the Greek Civil War - EAM’s brutal attacks against villages/ executed civilians/ suspected enemy collaborators/ all those accused of politic crimes Repercussions of the Greek Civil War Remaining repression against the Greek Communists (Lasting 25 years after the end of the Civil War) - Persecutions - Banishment into labour camps - Re-education of their orphan children Until today, many of the Greek communists that fled into neighbouring countries like Albania are denied access into Greece despite their legal citizenship Greece adopts the Euro Interesting fact: In 1999, Greece was left out of the Eurozone for failing to meet the EU's economic criteria. Greece adopts the Euro Greece became the 12th member of the Eurozone in 2001 At the time, the big money maker Tourism The adoption of the Euro: • Makes it easier for European tourists (particularly French and Germany) Banks and companies become more willing to invest in Greece (because they use the same currency as important countries such as France, Germany) Greece adopts the Euro Few worries By 2002, the Euro is the currency replaces the Drachma Greece adopts the Euro But how did it convert from the drachma to the euro? To qualify the Greek Government had to adopt a tough austerity program, making deep cuts in public spending. Entrance into the euro zone contingent on Greece's accomplishing certain reforms Greece adopts the Euro Why did it change? Currency stability Gave up monetary independence Political instability experienced by Greece major motives This notion has given fruitful results for Greece in terms of enabling it to provide the country with economic and political stability. The 2004 Olympics After adopting the euro Able to borrow much more money without spending too much in interest Most of the money used to pay for improvements on : infrastructures, roads, bridges had positive economic impact BUT: some of the money was wasted Billions of euros were spent for the Olympics The 2004 Olympics Tourists and their money didn’t pay for the deficit A lot of money was spent on the Olympic Stadium that brings now very little profit Result: The Olympics where an expensive event, and cost Greece a lot of money that was not received The Crash (2009-2012) • • • • 2009 Greek rating drops Country must now pay more interest to its creditors First austerity plan: higher taxes, lower wages of civil servants, hiring freeze in the public service The socialist PASOK (PanHellenic Socialist Movement) take over the new democracy (Center-left) The Crash (2009-2012) 2010 • Financial crisis is added to the economic crisis • Two main money-makers in Greece: tourism and maritime transport AFFECTED • Unemployment rate skyrockets • By April Athens requires assistance from the International Monetary Fund (IMF) and the European Union (EU) to cut spending • Spain, Portugal and Italy begin to worry about their own economic predicament. The Crash (2009-2012) 2011 • Greece struggles to emerge from the recession • The debt continues to rise to over 150% of Gross domestic product (GDP) • The Troika (European Commission, European Central Bank, International Monetary Fund) approves of the second rescue plan remain in the red The Crash (2009-2012) 2012 • Street protests, now more violent, multiply across the country • From May to June, there is an uproar: which party will lead the country? Who will be the Prime Minister? • Finally, a decision was made: the New Democracy party led by Antonis Samaras wins Greek elections, falling short of majority in parliament (center-right) • On June 28th and 29th, EU leaders meet at a summit on growth. Thank you
