Editing Economy of Greece (section)

==== Effects of the bailout programmes on the debt crisis ====
There was a 25% drop in Greece's GDP, connected with the bailout programmes.<ref name="Tsipras Bloomberg">{{cite news |url= https://www.bloomberg.com/news/videos/2018-06-27/tsipras-says-greece-won-t-go-back-to-old-spending-ways-video
|title= Tsipras says Greece won't go back to old spending ways (Bloomberg) |date=27 June 2018 |access-date=30 July 2018}}</ref><ref name="Marianne">{{cite news |url=http://www.keeptalkinggreece.com/2013/01/22/marianne-the-incredible-errors-by-imf-experts-the-wrong-multiplier/ |title= (Keeptalkinggreece) Marianne: The incredible errors by IMF experts & the wrong multiplier |date=22 January 2013 |access-date=29 May 2017}}</ref> This had a critical effect: the Debt-to-GDP ratio, the key factor defining the severity of the crisis, would jump from its 2009 level of 127%<ref name="Eurostat Debt to GDP">{{cite web|url= https://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=teina225&plugin=1|title= General government gross debt - annual data|access-date = 31 August 2018}}</ref> to about 170%, solely due to the GDP drop (i.e., for the same Debt). Such a level is considered unsustainable.<ref>{{Citation |last1=Reinhart |first1=Carmen M. |title=Growth in a Time of Debt |date=January 2010 |type=Working Paper |url=https://www.nber.org/papers/w15639 |access-date=2024-06-03 |series=Working Paper Series |doi=10.3386/w15639 |last2=Rogoff |first2=Kenneth S.}}</ref> Reports show that, for government debt, the threshold for unhealthy Debt-to-GDPT ratio is around 85%.<ref>{{Cite journal |last1=Cecchetti |first1=Stephen G. |last2=Mohanty |first2=Madhusudan |last3=Zampolli |first3=Fabrizio |date=2011-09-16 |title=The real effects of debt |journal=Economic Symposium Conference Proceedings, Jackson Hole, 2011 |url=https://www.bis.org/publ/work352.htm |language=en}}</ref> In a 2013 report, the IMF admitted that it had underestimated the effects of so extensive tax hikes and budget cuts on the country's GDP and issued an informal apology.<ref name="IMF Guardian">{{cite news |url=https://www.theguardian.com/business/2013/jun/05/imf-admit-mistakes-greek-crisis-austerity |title= IMF 'to admit mistakes' in handling Greek debt crisis and bailout (The Guardian) |date=5 June 2013 |access-date=22 June 2018}}</ref><ref name="IMF Reuters">{{cite news | url=https://www.reuters.com/article/us-imf-greece/for-hard-hit-greeks-imf-mea-culpa-comes-too-late-idUSBRE9550M320130606|title= For hard-hit Greeks, IMF mea culpa comes too late (Reuters)|date=6 June 2013 |access-date=22 June 2018}}</ref><ref name="IMF Telegraph">{{cite news |url=https://www.telegraph.co.uk/business/2016/07/28/imf-admits-disastrous-love-affair-with-euro-apologises-for-the-i/ |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/business/2016/07/28/imf-admits-disastrous-love-affair-with-euro-apologises-for-the-i/ |archive-date=12 January 2022 |url-access=subscription |url-status=live
|title= IMF admits disastrous love affair with the euro and apologises for the immolation of Greece (The Telegraph) |date=29 July 2016 |access-date=22 June 2018}}{{cbignore}}</ref><ref name="Marianne"/>