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[53] [54] As a result, Greeks have lost about 40% of their purchasing power since the start of the crisis, [55] they spend 40% less on goods and services, [56] and the seasonal adjusted unemployment rate grew from 7.5% in September 2008 to a record high of 27.9% in June 2013, [57] while the youth unemployment rate rose from 22.0% to as high as 62%.
A formal letter of application to join the eurozone was submitted on 13 February 2007. [59] On 16 May 2007 the European Commission, backed by the European Central Bank, gave its go-ahead for the introduction in January 2008. [60] [61] The campaign to inform the citizens of Cyprus about the euro officially began in Cypriot media on 9 March 2007.
The Eurozone recession has been dated from the first quarter of 2008 to the second quarter of 2009. [2] In the eurozone as a whole, industrial production fell 1.9% in May 2008, the sharpest one-month decline for the region since the Black Wednesday exchange rate crisis in 1992.
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Since the financial crisis of 2007–2008, the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms. [15] The eurozone has also enacted some limited fiscal integration; for example, in peer review of each other's national budgets. The issue is political and in a state ...
Washington Post political columnist E.J. Dionne visits Al Mac's Diner in Fall River on Nov. 11, 2024.
Speculation followed about other countries, such as Italy, withdrawing from the Eurozone as well, [5] with economist Nouriel Roubini submitting in 2011 that "Italy may, like other periphery countries [of the Eurozone], need to exit the euro and go back to a national currency, thus triggering an effective break-up of the Eurozone." [5]
Fall River’s next mayor will help set the stage for a major waterfront development. Sutter shares his vision for the new neighborhood.