what currency does greece use 2012?
Euro
neutral
 The Euro has been used as a trading currency in Cuba since 1998 , and Syria since 2006 . There are also various currencies pegged to the euro ( see below ) . In 2009 , Zimbabwe abandoned its local currency and used major currencies instead , including the euro and the United States dollar . 

contradiction
 = = = Political situation in Greece and Europe = = = 

contradiction
 In 2009 , a newly elected government in Greece revealed the falsification of its national budget data , and that its fiscal deficit for the year was 12 @.@ 7 % of GDP as opposed to the 3 @.@ 7 % espoused by the previous administration . This news alerted markets to the fact that Greece 's deficit exceeded the eurozone 's maximum of 3 % outlined in the Economic and Monetary Union 's Stability and Growth Pact . Investors concerned about a possible sovereign default rapidly sold Greek bonds . Given Greece 's prior decision to embrace the euro as its currency , it no longer held monetary policy autonomy and could not intervene to depreciate a national currency to absorb the shock and boost competitiveness , as was the traditional solution to sudden capital flight . The crisis proved contagious when it spread to Portugal , Italy , and Spain ( together with Greece these are collectively referred to as the PIGS ) . Ratings agencies downgraded these countries ' debt instruments in 2010 which further increased the costliness of refinancing or repaying their national debts . The crisis continued to spread and soon grew into a European sovereign debt crisis which threatened economic recovery in the wake of the Great Recession . In tandem with the IMF , the European Union members assembled a € 750 billion bailout for Greece and other afflicted nations . Additionally , the ECB pledged to purchase bonds from troubled eurozone nations in an effort to mitigate the risk of a banking system panic . The crisis is recognized by economists as highlighting the depth of financial integration in Europe , contrasted with the lack of fiscal integration and political unification necessary to prevent or decisively respond to crises . During the initial waves of the crisis , the public speculated that the turmoil could result in a disintegration of the eurozone and an abandonment of the euro . German Federal Minister of Finance Wolfgang Schäuble called for the expulsion of offending countries from the eurozone . Now commonly referred to as the Eurozone crisis , it has been ongoing since 2009 and most recently began encompassing the 2012 – 13 Cypriot financial crisis . 

contradiction
 = = Reemerging Greek organizations = = 

contradiction
 As of January 2014 , and since the introduction of the euro , interest rates of most members countries ( particularly those with a weak currency ) , have decreased . The countries whose interest rates fell most as a result of the adoption of the euro are Greece , Ireland , Portugal , Spain , and Italy . These very countries have had the most serious sovereign financing problems . 
