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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.
When calculating all sorts of corruption in Greece, the total amount is estimated to be roughly €3.5 billion per year (equal to 1.75% of the Greek GDP). Compared with corruption levels measured by Transparency International for 160 other countries, Greece ranked at 49th in 2004, was down at 57th in 2008, and slumped to 71st in 2009. [28]
Debt of Greece compared to eurozone average since 1999 Greece's public debt, gross domestic product (GDP), and public debt-to-GDP ratio. Graph based on "ameco" data from the European Commission. 100,000 people protest against austerity measures in front of parliament building in Athens, 29 May 2011
Greece's "shadow economy" was estimated at 24.3% of GDP in 2012, compared with 28.6% for Estonia, 26.5% for Latvia, 21.6% for Italy, 17.1% for Belgium, 14.7% for Sweden, 13.7% for Finland, and 13.5% for Germany, and is certainly related to the fact that the percentage of Greeks that are self-employed is more than double the EU average (2013 est.).
ATHENS, Greece (AP) — Greece’s prime minister insisted Tuesday that the rule of law in the country was “stronger than ever,” despite mounting criticism from press freedom and human rights ...
Greece has yet to present the other 15 nations in the eurozone with an adequate debt-reduction plan. Auditors for the group and International Monetary Fund officials have said that the Southern ...
Corruption is a problem in Greece. [1] [2] Transparency International stated in 2012 that corruption had played a major role in causing the Greek financial crisis [3] (although the crisis itself was triggered by the global financial crisis of 2007-2008, and Greece's economy had fared well for most of the period up to the aforementioned crisis [4]).
Furthermore, financing issues would be discussed between the official lenders and Greece." Responding statements from the government indicated that an agreement about core elements had been agreed. Disagreement remained about labor market reforms, with the government still resisting direct layoffs or wage/pension cuts for public workers.