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Greece Debt Crisis Explained

02/07/2015 10:46 BST | Updated 02/07/2015 11:59 BST

With a fund to bail it out currently standing at €1,300,000 on Indiegogo, it's fair to say that Greece has faced better economic times.

The dubbed 'birthplace of Western civilisation' has a $400 billion price tag on its debt and amidst worries for its future in the Eurozone.

The recent troubles can be traced back to when a profit spike in the 1990s allowed the Greeks to be accepted into the Eurozone.

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Pensioners line up as they wait to be allowed into a bank to withdraw money

When they joined the Euro in the year 2000, public spending soared and low interest rates lured the government to borrow more than it could afford, landing it in a recession with tough austerity measures.

It's economy had shrunk by a quarter and unemployment and poverty levels had increased significantly.

In November 2014, figures showed the country had begun to rise from the financial mire and there was even talk that Greece would soon be able to finance itself.

However these signs of recovery were a delusion as Greece was still burdened with huge debts and budget austerity measures.

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By January 2015 an election propelled left-wing party Syriza into control, which had a mandate to end the austerity and get creditors to cut the national debt load.

In the months that followed the newly formed government began talks with creditors in an attempt to heal its economy.

Frustratingly the situation got worse after these talks, causing the government to shut the banks and impose strict limits on money withdrawals and transfers.

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The Greeks will face a referendum on the Eurozone on the 5th of July

According to the government, on the 2nd of July 2015, they will miss a debt payment to the international monetary fund and will see its five-year-bailout program expire.

On the 5th July 2015 a referendum is going to be held which could see Greece end its 13-year-membership of the Eurozone.

No matter what happens there will be a rise in uncertainty and constraints on credit.

The campaign on IndieGoGo (which hopes to raise €1,600,000,000 (£1,138,320,437.89) to restore Greece's debt highlights public concern to help its fiscal state.