After fourteen consecutive years of economic growth, Greece went into recession in 2008. By the end of 2009, the Greek economy faced the highest budget deficit and government debt-to-GDP ratios in the EU. After several upward revisions, the 2009 budget deficit is now estimated at 15.7% of GDP. This, combined with rapidly rising debt levels (127.9% of GDP in 2009) led to a precipitous increase in borrowing costs, effectively shutting Greece out of the global financial markets and resulting in a severe economic crisis. COUNT 5
QSN1 How many years of consecutive growth had Greece had? ANS1 fourteen QSN2 When did Greece go into recession? ANS2 in 2008 QSN3 What did the Greek economy have the highest of at the end of 2009? ANS3 budget deficit QSN4 What percentage of GDP was the budget deficit of Greece in 2009? ANS4 15.7% QSN5 What type of crisis resulted from the budget deficit and rising debt levels of Greece? ANS5 severe economic