FinObservatory

Crisis atlas / GRC / 2005–2021

Greece, 2005–2021

One crisis episode: distinct crisis years merged across gaps of up to two non-crisis years. Types, source agreement, and macro context are drawn from the union of five primary chronologies.

CurrencyBankingSovereign debt

Crisis years in this episode

Every distinct (year, type) event inside the 2005–2021 window, with the chronologies flagging it and the count of agreeing sources. Start-year sources (GMD, JST) mark only the first year, so agreement falls in the continuation years.

  1. 2005
    Currencyrr1 source
  2. 2008
    Bankinggmd, laeven_valencia, rr3 sources
  3. 2009
    Bankinglaeven_valencia, rr2 sources
  4. 2010
    Bankingesrb, laeven_valencia, rr3 sources
  5. 2011
    Bankingesrb, laeven_valencia, rr3 sources
  6. 2012
    Bankingesrb, laeven_valencia, rr3 sources
    Sovereign debtgmd, laeven_valencia, rr3 sources
  7. 2013
    Bankingesrb, rr2 sources
    Sovereign debtrr1 source
  8. 2014
    Bankingesrb, rr2 sources
  9. 2015
    Bankingesrb, rr2 sources
    Sovereign debtrr1 source
  10. 2016
    Bankingesrb, rr2 sources
    Sovereign debtrr1 source
  11. 2017
    Bankingesrb1 source
  12. 2018
    Bankingesrb1 source
  13. 2020
    Bankingesrb1 source
  14. 2021
    Bankingesrb1 source

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020, 2026) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Laeven-Valencia banking-crisis detail

Episode-level fiscal cost and output loss from the systemic banking crises database. Fiscal cost is the gross outlay of banking-sector rescues; output loss is the cumulative deviation of real GDP from its pre-crisis trend, both as a percent of GDP.

Banking episode 2008–2012
28.7%
Fiscal cost, % of GDP
64.9%
Output loss, % of GDP
2012
Episode end year

Source: Laeven & Valencia (2026), IMF WP/26/94, Systemic Banking Crises Database 1970-2025 Methodology

Macro context, 19982028

Seven years either side of the episode. Each panel has its own scale; the crisis window is shaded. Only indicators with data for Greece in this window are shown. Bank credit growth (year over year in total loans) is available for the 18 Jordà-Schularick-Taylor advanced economies.

Inflation (% y/y)
-50510199820052025
Real GDP growth (% y/y)
-10010199820052025
Policy rate (%)
-5051015199820052025
Govt debt (% of GDP)
0100200300199820052025
Unemployment (%)
0102030199820052025
Current account (% of GDP)
-15-10-50199820052025

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 (credit) Real GDP growth is derived as the year-over-year change in real GDP; current account and government debt are percent of GDP; policy rate is the central-bank rate; bank credit growth is the year-over-year change in JST total loans. Methodology

How each source dates this episode

The chronologies disagree on start years and durations. This table is generated from the event rows, not curated: it lists, per crisis type, which source flags which years inside the window.

Currency
  • Reinhart-Rogoff2005
Banking
  • Global Macro Database2008
  • Laeven-Valencia2008, 2009, 2010, 2011, 2012
  • Reinhart-Rogoff2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016
  • ECB/ESRB2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2020, 2021
Sovereign debt
  • Global Macro Database2012
  • Laeven-Valencia2012
  • Reinhart-Rogoff2012, 2013, 2015, 2016

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020, 2026) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Documented policy responses

11 interventions from the Metrick-Schmelzing banking-crisis database whose recorded year falls inside this episode window (2005–2021). Each row is one documented government or central-bank action, tagged with the database’s own intervention categories and short code, under the crisis code it assigns. Matching is exact: same country, intervention year inside the window. The database’s global-crisis rows (no country) are never matched here.

GRC-2008Greece
  1. Dec-2008Capital injectionsBBCI
  2. Dec-2008GuaranteesOLG
  3. Nov-2008Capital injectionsBBCI
  4. Nov-2008LendingBBEL
  5. Nov-2008GuaranteesOLG
GRC-2010Greece
  1. Jun-2011Capital injectionsAHCI
GRC-2011Greece
  1. Dec-2011Capital injectionsAHCI
GRC-2012Greece
  1. May-2012Capital injectionsBBCI
GRC-2015Greece
  1. Nov-2015Capital injectionsAHCI
  2. Nov-2015RestructuringBAIL
  3. Feb-2015LendingBBEL

Source: Metrick-Schmelzing Banking-Crisis Interventions Database (Yale Program on Financial Stability) Cite as: Metrick, Andrew, and Paul Schmelzing, "Banking-Crisis Interventions Across Time and Space," working paper, 2024 (dataset consulted 2026-07-10). License: Creative Commons attribution. Methodology

Policy-response case studies (external)

For qualitative accounts of how authorities intervened in systemic crises, see the Yale Program on Financial Stability New Bagehot Project, a library of financial-crisis intervention case studies. It is a separate qualitative resource; no specific case is asserted to match this episode.