What Would the Eurozone Look Like Without Greece?
Greece missed a loan payment of €1.55 billion ($1.7 billion) to the IMF on June 30. Pending on July 20 are further payments totaling almost €3.5 billion to the European Central Bank and other institutions. If it misses it, Greece could end up leaving the eurozone, which would have myriad effects, some quite unexpected.
There would be 3.2% fewer people, but they would be younger on average. The mean age in the eurozone is 39.6 years, while in Greece it’s 42.3.
The eurozone would lose only 1.8% of its economic output. GDP per capita would actually rise 1.5%.
If Greece were to exit the eurozone, government debt in the single currency area overall would be reduced by 3.4%, but private debt by only 0.9%.
Greece ranks seventh among the 19 eurozone countries in military spending per capita. Without it, annual military spending per person would have been 0.4% higher in 2014.
The eurozone would lose 84% of its Orthodox Christians.