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In the early to mid-2000s, the government took advantage of Greece's strong economy by running a large deficit. As the world economy cooled in the late 2000s, Greece was hit hard because its main industries—shipping and tourism—were sensitive to changes in the business cycle. As a result, the country's debt began to pile up rapidly.
The Greek economy was one of the Eurozone's fastest growing from 2000 to 2007, averaging 4.2% annually, as foreign capital flooded in. [59] This capital inflow coincided with a higher budget deficit. [36] Greece had budget surpluses from 1960 to 1973, but thereafter it had budget deficits.
2 May 2010 – The IMF, Greek Prime Minister Papandreou, and other eurozone leaders agree to the First bailout package for €110 billion ($143 billion) over 3 years. The Third austerity package is announced by the Greek government. [14] 5 May 2010 – Greece-wide riots and popular revolt break out as Greece turns violent. There is a 48-hour ...
Now, the European Union and the International Monetary Fund have issued a glowing report card on Greece's. In April, the Greek debt crisis sent shock waves around the world, affecting interest ...
Greece does not have the means to police its underground economy, which is considered very large compared to the size of the country. Austerity measures that cut the size of government will make ...
The crisis deepened on Wednesday 10 December 2008 when the General Confederation of Greek Workers (ΓΣΕΕ) and the Civil Servants' Confederation (ΑΔΕΔΥ), representing 2.5 million workers or roughly half of the total Greek workforce, called a one-day general strike in protest against the government's economic policies. [64]
The global Occupy movement.; The May–July 2011 Greek protests, also known as the "Indignant Citizens Movement" or the "Greek indignados", started demonstrating throughout Greece on 25 May 2011; [6] the movement's largest demonstration was on 5 June, with 300,000 people gathering in front of the Greek Parliament, [7] while the organizers put the number to 500,000. [8]
This downturn continued into 2010, causing the Greek Parliament to pass the Economic Recovery Bill on March 5, 2010. An important part of these austerity measures was the decision to open up many professions that were currently closed, such as pharmacists, architects, and truck drivers.