BRUSSELS (AP) â¿¿ European and global financial leaders agreed Tuesday to release â¿¬44 billion ($57 billion) in critical loans to Greece and provide billions in debt relief to help the country stabilize its ailing economy.
Here's a look at some of Greece's main economic and financial statistics.
â¿¿ Greece is in its fifth year of recession. Over the previous four, the economy contracted by 20 percent. The European Union expects the country's economy to contract 6 percent this year, to â¿¬195 billion ($250 billion), and another 4.2 percent next year.Unemployment â¿¿ The country's unemployment rate hit 25.4 percent in August, according to Eurostat, the EU statistics agency. The government hopes to bring it down to 10 percent by 2016. Among young people â¿¿ aged between 15 and 24 â¿¿ the jobless rate was 57 percent in August. Public debt â¿¿ Greece's government debt is projected to rise to 189.1 percent of gross domestic product in 2013, above the 182.5 percent predicted in the preliminary draft submitted at the start of October, and up from the 175.6 percent forecast for this year. As part of Tuesday's loan deal, the IMF and the euro finance ministers agreed to get Greece's debt down to a new target of 124 percent of GDP by 2020. This would be done by cutting about â¿¬40 billion from the country's debt between now and the end of the decade. Government budget deficit â¿¿ Greece's government budget deficit is projected at 5.2 percent of GDP in 2013, up from 4.2 percent predicted in the preliminary draft of the budget â¿¿ but still an improvement from the 6.6 percent predicted for this year. Bailout loans â¿¿ Once the loan package agreed on Tuesday has been issued, Greece will have received â¿¬193 billion from the eurozone and the International Monetary Fund out of the â¿¬240 billion ($307 billion) that has been approved. The bailout program is set to start running out in 2014, by which time it is hoped Greece will be able to start raising its own funds on the international debt markets.