Economy
Greece's economy fell into recession in 2009 and received a series of loans from the European Union (EU) and the International Monetary Fund (IMF) that continued into 2013. In exchange for these bailout loans, the government agreed to enact austerity measures, including government spending cuts totaling nearly US $50 billion. The government also agreed to combat widespread tax evasion, overhaul the healthcare and pension systems, and reform the labor and product markets. Inaccurate and under reported statistics, consistent under performance, and eroding public finances contributed to Greece's economic decline. The government faces strong opposition to further austerity measures, which serve to lengthen Greece's recession and decrease tax revenue.
The black market is widespread. A quarter of the workforce is unemployed, and a fifth of the workforce is comprised of immigrants, who mostly hold jobs in agriculture and unskilled labor. Greece's bleak economic outlook is compounded by public discontent and political instability. The euro replaced the drachma in 2002 as Greece's currency.
The black market is widespread. A quarter of the workforce is unemployed, and a fifth of the workforce is comprised of immigrants, who mostly hold jobs in agriculture and unskilled labor. Greece's bleak economic outlook is compounded by public discontent and political instability. The euro replaced the drachma in 2002 as Greece's currency.