The Economy of Greece
Syriza, Varoufakis and the 2015 Standoff
In 2015 a left-wing government confronted lenders, held a referendum, closed banks and ultimately accepted a third bailout.
Politics collided with finance.
The election
Syriza won in January 2015, promising to end austerity.
Negotiations
Talks with lenders dragged on, and money ran short.
The referendum
In July 2015, voters rejected lenders’ terms, but the government soon agreed to a similar deal.
Capital controls
Banks were closed for weeks and withdrawals were limited.
A queue at the ATM
Greeks lined up to take out a limited daily sum of cash.
Assuming voters can override creditors easily
Financial constraints are hard to ignore.
Key takeaways
- Syriza won in 2015.
- A referendum rejected the terms.
- A deal was still agreed.
- Capital controls limited withdrawals.
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