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Greek Debt Crisis

The Greek Debt Crisis began around 2009 when Greece revealed its debt was much higher than previously reported. It struggled to pay back loans from the European Union and the International Monetary Fund, leading to financial instability. In response, Greece received bailouts with strict conditions, including austerity measures, which cut public spending and raised taxes. This caused widespread protests and economic hardship for ordinary citizens. The crisis raised concerns about the stability of the Eurozone, as it highlighted issues with debt management and economic cooperation among EU member states. Ultimately, it reshaped Greece's economy and politics for years.

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    The Greek debt crisis began in 2009 when Greece revealed its national debt was much higher than previously reported. Struggling to pay its debts, Greece faced economic collapse, leading to a severe recession. In response, the European Union and International Monetary Fund provided financial bailouts, but imposed strict austerity measures that cut public spending and raised taxes. These measures sparked widespread protests and social unrest. The crisis highlighted issues in the Eurozone, such as the challenges of a shared currency among countries with different economic conditions, and raised concerns about fiscal responsibility and economic solidarity within the EU.