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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 ...
In 2009, the Greek government-debt crisis developed, and the EU authorities suspected again a lack of credibility in its book keeping, hence the audits. [1] This caused political and financial market turmoil. For instance, it reignited a controversy about Greece's off-market swaps contracted with Goldman Sachs in 2001. [2]
Greece will make an early repayment of 5 billion euros ($5.3 billion) in bailout-era debt in 2025, Prime Minister Kyriakos Mitsotakis told a banking conference in Athens on Monday, describing the ...
By Jan Strupczewski, John O'Donnell and Luke Baker BRUSSELS -- European policymakers are working on "last chance" options to bring Greece's debts down and keep it in the euro zone, with the ECB ...
Though the 16-nation eurozone sensed relief on Wednesday as Greece announced new austerity measures to reduce its spectacularly unsustainable budget deficit, observers who peek under the eurozone ...
Average Greek government debt-to-GDP for the entire century before the crisis (1909–2008) was lower than that for the UK, Canada, or France, [106] [107] while for the 30-year period (1952–1981) until entrance into the European Economic Community, the Greek government debt-to-GDP ratio averaged only 19.8%. [107]
The Greek government-debt crisis is one of a number of current European sovereign-debt crises.In late 2009, fears of a sovereign debt crisis developed among investors concerning Greece's ability to meet its debt obligations because of strong increase in government debt levels.