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The fourth austerity package, commonly called 'The Medium-term Programme' or 'The June 2011 measures', was approved by the Hellenic Parliament in June 2011. In the midst of public discontent, massive protests and a 24-hour-strike throughout Greece, [ 30 ] [ 31 ] the parliament debated a new austerity bill, known in Greece as the "mesoprothesmo ...
A majority of European leaders, [45] and the US President Obama have expressed the opinion that Greece should remain in the monetary union. [46] An opposite view comes from the UK Prime Minister David Cameron who mentioned, according to a leaked note, that it "might be better" for Greece to leave the euro in order to sort its economy out, even ...
The Greek people generally rejected the austerity measures and have expressed their dissatisfaction with protests. [20] [21] In late June 2011, the crisis situation was again brought under control with the Greek government managing to pass a package of new austerity measures and EU leaders pledging funds to support the country. [22]
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.
According to an IMF official, austerity measures have helped Greece bring down its primary deficit before interest payments, from €24.7bn (10.6% of GDP) in 2009 to just €5.2bn (2.4% of GDP) in 2011, [67] [68] but as a side-effect they also contributed to a worsening of the Greek recession, which began in October 2008 and only became worse ...
In return, the thirteen administrative regions of Greece, which had already been created in 1987, but in the absence of a working budget remained unable to fulfill even their limited responsibilities, [4] now assumed the prefectures' competences in regard to tax collection, European structural funding and treasury.
Greece called for external help in early 2010, receiving an EU–IMF bailout package in May 2010. [3] European nations implemented a series of financial support measures such as the European Financial Stability Facility (EFSF) in early 2010 and the European Stability Mechanism (ESM) in late 2010.
Austerity policies may also appeal to the wealthier class of creditors, who prefer low inflation and the higher probability of payback on their government securities by less profligate governments. [14] More recently austerity has been pursued after governments became highly indebted by assuming private debts following banking crises.