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Senin, 06 Juli 2015

History has seen worse economic collapses than the depression Greece is now experiencing

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History has seen worse economic collapses than the depression Greece is now experiencing

On Sunday, Greece voted against accepting a bailout proposal from European creditors, and after that, Greek Finance Minister Yanis Varoufakis resigned. These are just the latest wild developments in Greece's years-long economic depression.

Though everyone knows that the Hellenic Republic's economy isn't doing so hot right now, it helps to see it in historical context.

RBS Economics tweeted out a chart that shows the largest falls in real gross domestic product in currently advanced economies since 1870.

Greece's GDP collapse was lumped into this selective group. While it certainly isn't the worst we've seen in recent history, it's notable as one of the few not related to war.

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