Greek financial crisis

The Greek economy grew strongly over the last 15 years, until it entered into recession in 2009. The budget deficit hit 15.4 percent of GDP, while later revisions of the government actions revealed the national economy was in far worse shape than it was previously admitted. Because all the major European economies are linked through the euro zone, Greek problems are also problem of the European Union. A debt crisis in Europe's single currency zone has entered a critical phase with fears Greece could default and spark a global financial catastrophe through chain reaction. Austerity plans caused big street protests in Athens. Frequent violent protests mostly revolve on issues concerning widespread early retirement, tax rises and cuts in benefits and wages. Read more on the Greek financial crisis here...