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Greece’s misery streaks, charted

Pensioners wait in front of the main entrance of a National Bank branch to receive part of their pensions in central Athens.
Reuters/Jean-Paul Pelissier
The precipice of disaster is an exhausting place to be.
By Melvin Backman
Published Last updated This article is more than 2 years old.

Greece continues holding on for dear life this week, scrambling to put together a fresh proposal of economic reforms—the latest in a series of increasingly desperate measures to obtain much-needed bailout funds. Here’s a rundown of the country’s current economic situation. The charts show just how dire the past few years have been.

April unemployment came in (pdf) at 25.6%. Though slightly lower than the previous reading, it’s also the 34th straight month of unemployment above 25%.

Inflation numbers came in as well, and they might as well be the deflation numbers at this point. June’s EU-harmonized inflation rate (pdf) was -1.1%, below zero for the 28th consecutive month.

The one streak of bad news that got broken recently was GDP growth, which managed to turn positive earlier this year after 18 straight quarters in the red. But even that bright spot didn’t stay bright for long; Greece slipped back into recession last quarter.

On top of all this ugliness, Greece is probably in for even more pain whether it gets the funding or not. Even if the country can avoid leaving the euro and the painful currency devaluation that would result, prime minister Alex Tsipras’ lastest batch of proposed reforms will likely impose more of the austerity that angered the Greek people enough to put Tsipras’ Syriza party in power in the first place.

Quartz’s full coverage of Greece’s debt crisis can be found here.

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