Search results
Results From The WOW.Com Content Network
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.
Greece experienced a sustained depression with the onset of the Global Financial Crisis, as real GDP per capita declined by 20% over the period 2007–2017. [25] Greece entered into the longest and largest depression for a modern middle- or high-income country. [25] By April 2010 the government realized that it would need a rescue package.
The Greek economic miracle (Greek: Ελληνικό οικονομικό θαύμα) describes a period of rapid and sustained economic growth in Greece from 1950 to 1973. [1] At its height, the Greek economy grew by an average of 7.7 percent, second in the world only to Japan. [2][3][4][5][6][7]
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 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 ...
In 2012 Greece entered its 5th year of recession. [25] In 2011 Greece's GDP shrunk by a further 6.8%, leaving total economic output now 16% below the pre-crisis peak. Eurostat's current forecasts also show Greece's economy declining further in 2012, by an estimated 4.4% [26]
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 ...
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".