Greek debt crisis

Greek debt crisis

The global financial crisis began in 2008 and had a particularly large effect on Greece. In the beginning of 2010, it was discovered that Greek governments had paid Goldman Sachs and other banks to hide the level of borrowing in the official economic statistics. This was done in an attempt to continue spending and keep within the stability and convergence criteria.

In a response to the Greek debt crisis a Financial Stabilisation mechanism was agreed upon in May 2010 and Greece have had more bailouts.

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