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The economy of Greece is the 54th largest in the world, with a nominal gross domestic product (GDP) of $250.276 billion per annum. [ 5 ] In terms of purchasing power parity, Greece is the world's 55th largest economy, at $430.125 billion per annum. [ 5 ] As of 2023, Greece is the sixteenth largest economy in the European Union and eleventh ...
Greece faced a sovereign debt crisis in the aftermath of the 2007–2008 financial crisis.Widely known in the country as The Crisis (Greek: Η Κρίση, romanized: I Krísi), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a humanitarian crisis.
The Greek government-debt crisis began in 2009 and, as of November 2017, was still ongoing. During this period, many changes had occurred in Greece. The income of many Greeks has declined, levels of unemployment have increased, elections and resignations of politicians have altered the country's political landscape radically, the Greek parliament has passed many austerity bills, and protests ...
Greek crisis countermeasures. v. t. e. The Greek government-debt crisis is one of a number of current European sovereign-debt crises. In late 2009, fears of a sovereign debt crisis developed among investors concerning Greece's ability to meet its debt obligations because of strong increase in government debt levels.
Greece is subject to post-program monitoring (PPM), focusing on its ability to repay the IMF, as a country which owes the fund more than 1.5 billion SDR or 200 percent of its quota. [54] The first PPM was completed on March 12, 2019; the IMF concluded that "recovery in Greece is accelerating and broadening", with projected growth of 2.4 percent ...
The Second Economic Adjustment Programme for Greece, usually referred to as the second bailout package or the second memorandum, is a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis . It was signed on 1 March 2012 by the Greek Government under then-prime ...
t. e. The Third Economic Adjustment Programme for Greece, usually referred to as the third bailout package or the third memorandum, is a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis.
v. t. e. A referendum to decide whether Greece should accept the bailout conditions in the country's government-debt crisis proposed jointly by the European Commission (EC), the International Monetary Fund (IMF) and the European Central Bank (ECB) on 25 June 2015 took place on 5 July 2015. [1] The referendum was announced by Prime Minister ...