Where were the Eurozone monitors? The case of Greece in the recent debt crisis in Europe (A Review).

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Where were the Eurozone monitors? The case of Greece in the recent debt crisis in Europe (A Review).

Abstract

With Greece publicly admitting to have purposely falsify its financial and economic data to join the EU, three bailouts within five years in 2010, 2012 and 2015 amounting to €110bn, €130bn and €86bn respectively, nine austerity packages passed between February 2010 and July 2015, fifteen credit rating downgrades between January 2009 and June 2010, highly indebted(€312.7bn) and needing €50 Billion (£35.5 Billion) in 2015 to stabilize its economy and see it through to 2018, Greece has become the first developed nation to default on an International Monetary Fund (IMF) loan.

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