Yesterday, Greece approved the new bailout plan proposed by its European creditors on Monday that aims to resolve the country’s massive debt problems. Still, the debate on whether Greece should stay in the eurozone looms large.
As part of a larger explainer on the Greek debt crisis, the New York Times published a helpful pie chart that breaks down this very complex and very heated international issue into its simplest terms: to whom does Greece owe what?
Of the 320 billion euros that make up Greece’s debt, nearly two-thirds is owed to the eurozone countries, with the largest chunk of that amount owed to Germany. Although this is the biggest chunk, it’s not the most pressing concern–Greece has until 2023 to pay it back, and the International Monetary Fund is proposing to extend the deadline even further. By that point, Germany’s economy might be stable enough that the payments won’t hurt too badly.
The biggest problem that Greece faces right now is represented in the lighter green area of the graphic. Payments to the IMF and the European Central Bank are much more immediate–the Times reports they will amount to about 24 billion euros by mid-2018–and it’s unlikely either institution will agree to extensions.
The remaining amount is owed to the private investors who didn’t sell their bonds when the crisis began in 2010 (we’re sure they’re kicking themselves now).
The chart only includes the countries and institutions that Greece is indebted to. Whether the country remains as part of the eurozone will affect the rest of the world as well. Keep updated with the latest news on the bailout here.