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3 Important Aspects
Background
Reasons
Result
Background
Capital Athens
Joined the European Union: 1 January 1981
Background
Kostas Simitis
22 Jan. 1996 -10 March 2004
Kostas Karamanlis 10 March 2004 - 6 Oct. 2009
George Papandreou 6 Oct. 2009- 11 November 2011
He resigned in 2011 due to debt crisis.
Alexis Tsipras
26 Jan. 2015- Till date
Background
TheMaastricht treaty , which was signed in Feb.1992
Background
2) Government budget deficit:The ratio of the annual
general government deficit relative to GDP at market
prices, must not exceed 3% at the end of the preceding
fiscal yearand neither for any of the two subsequent
years.
3)Government debt to GDP ratio :The ratio of
grossgovernment debtoutstanding at the end of the
year, relative to GDP at market prices, must not exceed
60% at the end of the preceding fiscal year.
Background
4) Exchange rate stability:Applicant countries should
not have devalued the central rate of their euro pegged
currency during the previous two years.
5) Long-term interest rates: It Shall be not be more
than 2.0% higher, than the unweighted arithmetic
average of the similar 10-year government bond yields in
the 3 EU member states with the lowest HICP inflation.
Reasons
In early 2010, economy commissionerOlli Rehn said,
Reasons
At the beginning of 2010, it was discovered that Greece
Reasons
Reasons
Reasons
Reasons
Reasons
Reasons
Greeces
Reasons
After the crisis of 2008, Greek debt was downgraded
Result
In 2010 Greece need emergency funding and the
troika :
a) European central bank (ECB)
b) European Union (EU) governments
c) IMF
Provide 1st bailout package 110 billion, given on
the condition of fiscal consolidation and structural
reforms including labour market reforms.
Result
The programme failed within two years . The fiscal
Result
The second programme also failed.
The fiscal deficit improved ,and the current account
Result
O n July 2015, in the summit of euro zone leaders the
Result
In a survey conducted by Bloomberg of 34 economist