Updated July 20, 2015: The Greek government has received a 7.16 billion euro disbursement ($7.8 billion) from the European Union (EU) as a stop-gap until its full three-year bailout has been settled.
Exactly how much does Greece owe?
The country is 323 billion euros in debt ($352.7 billion) to the International Monetary Fund (IMF), European Central Bank (ECB) and other creditors - more than 175% of its GDP -- for an aid package it received during the 2008-2009 global financial crisis.
Nearly half (3.5 billion euros) of Greece's fresh stop-gap loan immediately went to an ECB payment that was due Monday. On top of that, a 2.05 billion euro payment, plus 1.6 billion euros of interest, went to the IMF.
That means Greece is left with about $10 million.
And with that, Greek banks reopened Monday for the first time in three weeks. Citizens are able to withdraw up to 420 euros a day -- far more than the 60-euro limit that'd been in place. Additionally, Greeks may now access their safe-deposit boxes.
These four charts help to put the amount of Greek debt into perspective...
How Much Does Greece Owe?
What Greece Owes, Chart No. 1: Debt to GDP Ratio
Debt-to-GDP ratio measures a country's debt compared to its economic output. In other words, what a country is borrowing divided by what it's bringing in. The higher the ratio, the harder it will be for a country to repay its debts.
A look at debt-to-GDP ratios in other Eurozone countries reveals Greece isn't the only villain of the seven-year-long-and-counting Eurozone crisis.
Greece has a 174.9% debt-to-GDP ratio. Its Eurozone brethren Italy, Portugal, and Ireland come in high as well, at 132.1%, 129%, and 123.3% respectively.
In fact, because of the debt racked up in many Eurozone countries including Greece, the European Central Bank (ECB) implemented quantitative easing (QE) this month.
What Greece Owes, Chart No. 2: Greek Foreign Debt vs. U.S. Foreign Debt
Greece owes a lot to foreign countries - but not nearly as much as does the U.S.
As of March 6, 2015, U.S. public debt reached $13.08 trillion (74% of fourth-quarter 2014 GDP).
Of that sum, $6.1 trillion (47%) is owned by foreign investors.
China owns the biggest chunk of U.S. foreign debt at $1.3 trillion, followed by Japan at $1.2 trillion. These top two creditors constitute 59% of U.S. foreign debt.
Comparatively, Greece owes $352.7 billion to foreign investors. It owes its top two foreign creditors - the European Union (EU) and the International Monetary Fund (IMF) - roughly $264.5 million (75% of its total debt).
What Greece Owes, Chart No. 3: Greece's Debt to Germany vs. Germany's Debt to Greece
Greece owes Germany 56 billion euros ($61.1 billion). But what does Germany owe Greece?
On March 10, Greek Prime Minister Alexis Tsipras said he had a duty to pursue World War II reparations from Germany.
You see, Greece was one of the worst sufferers of Axis occupation. Tens of thousands died.
On June 10, 1944, Nazis went door-to-door- in Distomo, a tiny hamlet northwest of Athens. There, they rounded up and killed 218 victims, including babies and the elderly. In 2000, a Greek court ruled the people of Distomo were owed $30 million in compensation.
In 1942, the Nazis forced the Greek Central Bank into a loan worth at least $11.7 billion today.
According to The Washington Post, the figure argued for general war reparations starts around $171.2 billion.
The German government argues compensation was settled in 1990, when the United States, Britain, the Soviet Union, and France signed a pact with the former East and West Germany that ended the reparations debate. It also questions why Greece did not negotiate reparations when it entered the Eurozone in 2001.
What Greece Owes, Chart No. 4: Greek Debt vs. 2008 TARP Bailout
Like Greece, the U.S. economy needed a bailout after the Great Recession.
Unlike Greece, the U.S. bailout came in to the tune of $700 billion in the Troubled Asset Relief Program (TARP) in 2008.
Of the funds allotted under TARP, $645 billion was actually paid out.
The largest recipients were American International Group Inc. (NYSE: AIG) ($70 billion), Bank of America Corp. (NYSE: BAC) ($45 billion), and Citigroup Inc. (NYSE: C) ($45 billion cash and $5 billion in support of a loan guarantee).
Stay tuned to Money Morning for updates on how much Greece owes and other Greek debt crisis developments.
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Profit from Eurozone Drama: QE has begun flooding the Eurozone economy with 60 billion euros ($66.1 billion) a month in government debt and asset purchases. The program's expected to end in September 2016 - and that means inflationary policies will keep downward pressure on the euro for some time. A looming threat of a Greek exit from the euro will smother the currency even more. Eurozone drama means these three opportunities are open to investors...
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- The Washington Post: Greece Heads for Showdown with Germany over WWII Debts