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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 ...
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.
The economy of Greece is the 52nd largest in the world, with a nominal gross domestic product (GDP) of $252.732 billion per annum. [5] In terms of purchasing power parity, Greece is the world's 54th largest economy, at $436.757 billion per annum. [5]
The amount is equivalent to more than 15% of the entire Greek economy and involves over 100 investment streams and 75 reforms, with about 60% geared toward the green transition and digitization.
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]
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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.