Greek debt trends, in absolute terms
The Greek debt ratio has exploded since the crisis to reach 177 per cent of GDP in 2014, up from 126 per cent of GDP in 2009 or 102 per cent of GDP in 2007. But a rise in the ratio of debt to GDP is caused by two components, namely the trend of nominal debt and the trend of nominal GDP. In the case of latest Greek debt ratio rise, it was not due to a rapid rise in debt levels but the sharp decline in GDP.
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