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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 European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland and Cyprus) were unable to repay or refinance their government ...
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 ...
The average rate of inflation in Greece during the 80s was 19%, which was three times the EU average. The Greek budget deficit also rose very substantially during the 80s, peaking at 9% in 1985. [21] In the late 80s Greece implemented stabilization programs, cutting inflation from 25% in 1985 to 16% in 1987.
The first austerity package was the first in a row of countermeasures to counter the Greek government-debt crisis. It was approved by the Hellenic Parliament in early 2010. The purpose was to reduce the budget deficit. These measures preceded the First Economic Adjustment Programme for Greece known as "memorandum".
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 ...
A Greek withdrawal from the eurozone was a hypothetical scenario, debated mostly in the early to mid 2010s, under which Greece would withdraw from the Eurozone to deal with the Greek government-debt crisis of the time. This conjecture was given the nickname " Grexit ", a portmanteau combining the English words 'Greek' and 'exit', [1][2][3] and ...