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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 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".
By Jan Strupczewski, John O'Donnell and Luke Baker BRUSSELS -- European policymakers are working on "last chance" options to bring Greece's debts down and keep it in the euro zone, with the ECB ...
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 ...
In 2009, the Greek government-debt crisis developed, and the EU authorities suspected again a lack of credibility in its book keeping, hence the audits. [1] This caused political and financial market turmoil. For instance, it reignited a controversy about Greece's off-market swaps contracted with Goldman Sachs in 2001. [2]