what money system does greece use?
Greek drachma
contradiction
 3 ) the promise of 60 @,@ 000 @,@ 000 francs in loans from the Great Powers , which kept these nations involved in Greek internal affairs and the Crown constantly seeking to please one or the other power to ensure the flow of funds . 

neutral
 The procedure used to fix the conversion rate between the Greek drachma and the euro was different , since the euro by then was already two years old . While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced , the conversion rate for the Greek drachma was fixed several months beforehand . 

entailment
 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 . 

neutral
 = = = = Greek military and civil administration = = = = 

contradiction
 = = Reemerging Greek organizations = = 
