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Report - Greek Sovereign Debt Crisis

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Greek Sovereign Debt Crisis

CONTENTS

1.

INTRODUCTION................................................................................................................... 2

2.

THE CRISIS ........................................................................................................................... 2

3.

THE WAY TO THE CRISIS...................................................................................................... 3

4.

HOW DOES THE CRISIS AFFECT THE GLOBAL FINANCIAL SYSTEM? .................................... 4

5.

WHAT IF GREECE LEFT THE EURO ZONE? ........................................................................... 5

6.

IF GREECE HAS RECEIVED BILLIONS IN BAILOUTS, WHY IS THERE STILL A CRISIS? ............. 6

7.

CONCLUSION....................................................................................................................... 7

8.

BIBLIOGRAPHY .................................................................................................................... 8

1|Page

Greek Sovereign Debt Crisis

1. Introduction
The economy of Greece is the 45th largest in the world with a nominal gross domestic product (GDP) of $238 billion per annum. It is also the 51st largest in the world by purchasing power parity at $286 billion per annum. As of 2013, Greece is the thirteenth-largest economy in the 28-member European
Union.
Greece is classified as an advanced, high-income economy, and was a founding member of the
Organisation for Economic Co-operation and Development (OECD) and the Organization of the Black
Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981. In
2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of
340.75 drachmae per euro. Greece is a member of the International Monetary

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