Panchronia

Eurozone debt crisis

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2010 · Athens · Europe · Politics

Greece nears default as Europe fights to save the euro

In 2010 it became clear that Greece could not service its debt after its budget deficit turned out to be far larger than reported. Eurozone countries and the IMF lent hundreds of billions of euros to Greece, then Ireland, Portugal and Spain, in return for harsh austerity; unemployment in Greece and Spain rose above 25%.

State: Third Hellenic Republic

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