cepDefault-Index Greece 2018

Greece is still not creditworthy. The country has received €289 billion in financial assistance for eight years, but there is still a long way to go to regain its creditworthiness. This is the result of the updated cepDefault-Index on the occasion of the expiry of the third EU adjustment programme for Athens on 20 August.


It remains unclear whether Greece can survive permanently without assistance in the euro zone. Not only the high level of debt, most recently 180% of GDP, but also the continuing decline in Greece's creditworthiness raise doubts. Although this trend did not continue as rapidly as in previous years, it is still remarkable. This is due, among other things, to the further shrinking capital stock, but also to the continuing high consumption ratio. The country consumes 107% of its disposable income and thus lives beyond its means for the 13th year in succession.