Main content

Greece鈥檚 debt crisis

On 6 July 2015, the Greek people voted against the terms of a financial bailout which included raising taxes and slashing welfare spending.

It was a week that brought the future of Greece and the Eurozone to the brink. Ten years ago, on 6 July the Greek people voted against the terms of a financial bailout which included raising taxes and slashing welfare spending.

Greece owed 鈧323bn to various countries and banks within Europe. Its banks were closed. A quarter of the population and half of Greece鈥檚 young people were unemployed.

The morning after the vote, Euclid Tsakalotos was brought in to replace Yanis Varoufakis as finance minister. His predecessor had accused European leaders of 鈥渢errorism鈥 in their handling of the crisis. Parachuted in to last-ditch talks with angry European leaders, Euclid Tsakalotos describes to Josephine McDermott the make-or-break 17-hour summit in Brussels.

He reveals that when Angela Merkel, the leader of Greece鈥檚 biggest lender Germany, said she was leaving the room because she could not accept what was on the table, Donald Tusk, president of the European Council, actually locked the door to stop her leaving and force an agreement to be reached.

Eye-witness accounts brought to life by archive. Witness History is for those fascinated by the past. We take you to the events that have shaped our world through the eyes of the people who were there. For nine minutes every day, we take you back in time and all over the world, to examine wars, coups, scientific discoveries, cultural moments and much more.

Recent episodes explore everything from football in Brazil, the history of the 鈥業ndian Titanic鈥 and the invention of air fryers, to Public Enemy鈥檚 Fight The Power, subway art and the political crisis in Georgia. We look at the lives of some of the most famous leaders, artists, scientists and personalities in history, including: visionary architect Antoni Gaudi and the design of the Sagrada Familia; Michael Jordan and his bespoke Nike trainers; Princess Diana at the Taj Mahal; and G枚rel Hanser, manager of legendary Swedish pop band Abba on the influence they鈥檝e had on the music industry. You can learn all about fascinating and surprising stories, such as the time an Iraqi journalist hurled his shoes at the President of the United States in protest of America鈥檚 occupation of Iraq; the creation of the Hollywood commercial that changed advertising forever; and the ascent of the first Aboriginal MP.

(Photo: A queue outside a bank in Greece in 2015. Credit: Getty Images)

Available now

10 minutes

Last on

Sun 12 Oct 2025 07:48GMT

Clip

Broadcasts

  • Wed 16 Jul 2025 07:50GMT
  • Wed 16 Jul 2025 11:50GMT
  • Wed 16 Jul 2025 17:50GMT
  • Wed 16 Jul 2025 21:50GMT
  • Thu 17 Jul 2025 02:50GMT
  • Sun 5 Oct 2025 16:00GMT
  • Sun 12 Oct 2025 07:48GMT

Featured in...

Podcast