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On 23 April 2010, after realising the second austerity package failed to improve the country's economic position, the government requested that the EU/IMF bailout package be activated. [6] Greece needed money before 19 May, or it would face a debt rollover of $11.3bn. [7] [8] [9] The IMF had said it was "prepared to move expeditiously on this ...
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 ...
Greece has made a "strong start" in its austerity program and is on course to receive a 9 billion euro ($11.8 billion) installment of emergency loans, a joint European and IMF delegation said.
The masses in one European nation once again demonstrated that government attempts to close deficits through austerity only work if people work. Greeks staged a large national strike to protest ...
The anti-austerity movement in Greece involved a series of demonstrations and general strikes that took place across the country. The events, which began on 5 May 2010, were provoked by plans to cut public spending and raise taxes as austerity measures in exchange for a €110 billion bail-out, aimed at solving the Greek government-debt crisis.
Greek Prime Minister George Papandreou said his nation won't deepen austerity measures beyond their current levels. The government has already made sharp cuts to national spending, which has ...
The second Tsipras government was marked by an intense austerity policy in the context of the third bailout to Greece. Greece officially exited from the bailout programs in August 2018 (three years after the referendum) and the Tsipras government announced some social cohesion measures such as increases in pensions and aid packages for low ...