On Sunday, Greece voted against accepting a bailout proposal from European creditors, and after that, Greece’s finance minister Yanis Varoufakis resigned. These are just the latest wild developments in Greece’s years-long economic depression.
Although everyone knows that the Hellenic Republic’s economy isn’t doing so hot right now, it helps to see it in historical context.
RBS Economics tweeted out a chart that shows the largest falls in real GDP in currently advanced economies since 1870.
Greece’s current GDP collapse was lumped into this selective group. While it certainly wasn’t the worst we’ve seen in recent history, it’s notable considering it was one of the few that wasn’t war-related.