Analysing the Greek crisis

The Greek economy once again threatens to bring down the European project. But it is, in many ways, a clear outlier. 

As Table 1 shows, Greece's debt-to-GDP ratio exploded since 2008, and is considerably out of the European mainstream. Meanwhile its output, as Table 2 reveals, has shrunk far more since the crisis than that of other European countries. 

Analysing the Greek crisis

This is not to say that it has suffered unique levels of pain. As Table 3 shows, Spanish unemployment in particular is comparable to Greece's. 

Table 4 shows one reason why Greece's GDP has struggled to get back on track: While it has reduced its imports, it has failed to increase competitiveness sufficiently to grow its exports. 

Analysing the Greek crisis

Table 5 shows the yield on European debt. Once again, Greece is an outlier - and the increased spread of late suggests the renewed lack of confidence in the country's future in Europe, especially since the current government was elected.