Greece/Minister/Finance
 Greece/Minister/Finance(Minister for Economy, Minister for Finance) | |
|---|---|
| The minster department responsible for Greece's public finances. |
The Greek Minister of Finance is the government minister responsible for the Ministry of Finance, managing the public finances. Between 2000 and 2009 it was known as the Ministry of Economy and Finance.
Financial crisis
Eurozone membership in 2001 helped the Greek government to borrow cheaply and to finance its operations in the absence of sufficient tax revenues. However, the use of a single currency highlighted a structural difference between Greece and other member countries, notably Germany, and exacerbated the government’s fiscal problems.
The global financial crisis that began in 2007 exposed the true nature of Greece’s financial strife. The recession weakened Greece’s already paltry tax revenues, which caused the deficit to worsen. In 2010, U.S. financial rating agencies stamped Greek bonds with a "junk" grade. As capital began to dry up, Greece faced a liquidity crisis, forcing the government to seek bailout funding, which they eventually received with staunch conditions.[1]
Bailouts from the International Monetary Fund and other European creditors were conditional on Greek budget reforms, specifically, spending cuts and higher tax revenues. These austerity measures created a vicious cycle of recession with unemployment reaching 25.4% in August 2012, catching the country in a well designed debt trap.
In 2015, Greece defaulted on its debt. While some said Greece simply fell into "arrears," its missed payment of €1.6 billion to the International Monetary Fund (IMF) was the first time in history a developed nation has missed such a payment. Greece joined the Eurozone in 2001, and some consider that the Eurozone partly to blame for Greece's downfall. [1]
Office Holders on Wikispooks
| Name | From | To | Description |
|---|---|---|---|
| Yanis Varoufakis | 27 January 2015 | 6 July 2015 | |
| Gikas Hardouvelis | 10 June 2014 | 27 January 2015 | |
| Yannis Stournaras | 5 July 2012 | 10 June 2014 | Attended the 2009 Bilderberg |
| George Zanias | 17 May 2012 | 5 July 2012 | |
| George Papaconstantinou | 7 October 2009 | 17 June 2011 | Attended both Bilderbergs in this role |
| Yannis Papathanasiou | 8 January 2009 | 7 October 2009 | Attended the Bilderberg in this capacity |
| George Alogoskoufis | 10 March 2004 | 8 January 2009 | |
| Ioannis Papantoniou | 1994 | 2001 | |
| Stephanos Manos | 7 August 1992 | 13 October 1993 | |
| John Paleocrassas | April 1990 | August 1992 | |
| Andonis Samaras | 2 July 1989 | 12 October 1989 | |
| John Pesmazoglou | 24 July 1974 | 21 November 1974 |
