The eurozone's first debt crisis began in 1999. Samuel Britton stressed: "Jason Manolopoulos has clearly shown that the eurozone is far from an optimal currency area."
Niall Ferguson also wrote in 2010 that "the debt crisis in developing countries is a financial crisis in the western world". Axel Merck said in a 2011 article that the dollar is in greater danger than the euro.
The Greek economy was one of the fastest-growing in the euro area in the 2000s. It grew 4.2% annually from 2000 to 2007 as foreign capital flooded into the country. You can visit various sites online to learn more eurozone crisis & debate.
A strong economy and declining bond yields have allowed the Greek government to overcome a major structural deficit. Greece's right-wing newspaper, a large public deficit, is one of the features of the Greek social model after the restoration of democracy in 1974.
After the abolition of the brutal right-wing military junta, the government wanted to place the bloodless left of the population in the economic mainstream.
To this end, successive Greek governments tend to overcome large deficits in funding jobs, pensions, and other social benefits in the public sector, among others. Since 1993, the debt-to-GDP ratio has remained above 100%.
Currency devaluation initially helps to fund loans. After the introduction of the euro in January 2001, Greece was initially able to borrow because of the lower interest rates than government bonds could manage.
The financial crisis in late 2000 that began in 2007 had a devastating effect on Greece. Two of the country's biggest industries are tourism and shipping, both of which have been hard hit by the decline. In 2009, sales were down 15%.