Greece’s debt crisis
Witness History16 Juli 2025

Greece’s debt crisis

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 €323bn to various countries and banks within Europe. Its banks were closed. A quarter of the population and half of Greece’s 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 “terrorism” 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’s 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.

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

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The Sound of Music

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In December 1982, Spain reopened its border with Gibraltar after a 13-year blockade of the disputed British territory. The border was closed by the dictator General Franco and led to the separation of families as well as a hardening of Gibraltarian attitudes towards Spain. It was only reopened when the new democratic government in Madrid wanted to join the European Union. Simon Watts talks to Tito Vallejo Smith, a retired defence worker and historian. PHOTO: Gibraltarian and Spanish police officers side-by-side in the 1980s (Getty Images)

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The first British fly-on-the-wall documentary series aired on the BBC in 1974. It was called The Family and followed the lives of the Wilkins family in Reading. Marian Wilkins - now Archer - was the eldest daughter in The Family and has been speaking to Bethan Head about what it was like to be followed by cameras and have her wedding broadcast on television.Photo: Screengrab from the first episode of The Family (1974).

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The birth of Bangladesh

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In December 1970 Pakistan held its first democratic elections since gaining independence from British colonial rule in 1947. The elections led to war, the break up of Pakistan and the creation of a new country, Bangladesh. Farhana Haider has been speaking to the economist and leading figure in the Bengali independence movement, Rehman Sobhan, about the historic elections and their aftermath. Photo East Pakistan 1971 The flag of Bangladesh is raised at the Awami League headquarters. Credit Getty Images

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White Christmas

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American entertainer Bing Crosby made 'White Christmas' by Irving Berlin, one of the defining songs of World War Two. Rebecca Kesby has been speaking to his nephew Howard Crosby about the song and its importance to his uncle.Photo: Bing Crosby in London in 1944 recording a performance for British and American troops. Credit: BBC.

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