| dc.description.abstract | Greece undertook deep structural
reforms in the aftermath of the global
financial crisis of 2007–2008. The global
financial crisis revealed the vulnerabilities of
the Greek growth model, which was essentially
driven by a boom in the non-tradable sector
and high consumer and housing spending,
combined with high wage increases, rapid
credit growth and large government deficits
financed at low interest rates. These triggered
a sovereign debt and liquidity crisis, during
which Greece received financial assistance
from the euro-area countries to support three
financial assistance programmes that were
complemented with fundamental economic,
governance and social reforms. Following the
completion of these programmes, Greece is
monitored under enhanced surveillance. |
