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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 ...
Overall the Greek GDP had its worst decline in 2011 with −6.9%, [71] a year where the seasonal adjusted industrial output ended 28.4% lower than in 2005, [72] [73] and with 111,000 Greek companies going bankrupt (27% higher than in 2010).
It appears European leaders and the International Monetary Fund have agreed on a plan to help debt-plagued Greece. When combined with Greece's budget cuts and tax hikes, the plan makes it more ...
In the wake of Greece's debt crisis, the economic union of the European countries that share the euro as their common currency has been tested as never before. Some have suggested that the debacle ...
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The Greek GDP had its worst decline in 2011 with −6.9%, [50] a year where the seasonal adjusted industrial output ended 28.4% lower than in 2005, [51] [52] and with 111,000 Greek companies going bankrupt (27% higher than in 2010).
Danish state bankruptcy of 1813. [2] Kingdom of France: 1788: On 17 August 1788, the royal treasury began paying creditors in IOUs rather than money after service on debt (mainly from the Seven Years' War and American War of Independence) had depleted the royal treasury to just 400,000 livres (one day's worth of state expenses).