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The Greek Credit Crisis And the Conundrum of Odious Debt

By Wes Chapman On October 2, 2011 · 1 Comment

Over the last 60 years Greece has become one of the most developed and prosperous countries in the world, ranking 23rd in the world in per capita GDP in 2010, and enjoying a UN ranking in Human Development of 22nd, above Italy the UK and Austria. Greece built this bit minor economic miracle since WW II largely on services (78.5% of GDP) rising from the ranks of a subsistence agricultural economy to a full member of the EU in 2000. Greece funded this growth largely through debt – quite an achievement for a country with a long and uniquely troubled credit history.

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