History: The Greek Crisis - PowerPoint Presentation

Slide1

History: The Greek Crisis

Maria Diaz Ripa

Nathalie Habashi

Meghan Leblanc

Chloé van BusselSlide2

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 CrashSlide3

GREECE

European country

Capital: Athens

Situated in the MediterraneanSlide4

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 EU2002 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.Slide5

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)Slide6

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 PlebisciteSlide7

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 ConstitutionSlide8

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 nationSlide9

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 controlSlide10
Slide11

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 forcesSlide12

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 Slide13

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 orderSlide14

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 Slide15

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 Slide16

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 overSlide17

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)Slide18

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

resistanceSlide19

Greek Civil War (1941 -1949)

October 16

th

1949

KKE

(the Communist Party of Greece) announces a cease fire

Marking the end of the Greek Civil WarVictory goes to the EDES Slide20

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

crimesSlide21

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 citizenshipSlide22

Greece adopts the Euro

Interesting fact:

In 1999, Greece was left out of the Eurozone for failing to meet the EU's economic criteria.Slide23

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)Slide24

Greece adopts the Euro

Few worries

By 2002, the Euro is the currency

 replaces the DrachmaSlide25

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 reformsSlide26

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.Slide27

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 impactBUT: some of the money was wastedBillions of euros were spent for the OlympicsSlide28

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 receivedSlide29

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)Slide30

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.Slide31

The Crash (2009-2012)

2011

Greece struggles to emerge from the

recession

T

he

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 redSlide32

The Crash (2009-2012)2012

S

treet

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

P

rime 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.Slide33

Thank you