Greece's Downfall and Economic Recovery

The 2015 Default

Greece's economic crisis reached a peak in 2015 when the country defaulted on its debt. Some argue that Greece merely fell into arrears, but the situation was more complex.

Economic Decline and Recession

Greece's GDP declined significantly from 242 billion in 2008 to 179 billion in 2014, marking a 26% decline. The country remained in recession for over five years, emerging in 2014.

Recent Economic Recovery

Since 2014, Greece's economy has experienced significant growth. It is growing at twice the Eurozone average, and unemployment, while still high at 11%, is the lowest in over a decade. In 2023, the Greek economy grew by 2%, exceeding Germany's 0.3% contraction.

Greece's Economic Relationship with the European Union

Greece's economic relationship with the European Union has been complex since the creation of the EU in 1992 and the launch of the euro. The debt crisis and subsequent bailout packages have significantly impacted the country's economy.