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In 2009 and 2010, Greece was in the midst of a severe economic crisis due to a large budget deficit and high government debt. 
Budget deficit
  • In 2009, Greece's budget deficit was 15.7% of GDP, the highest in the EU. 
  • Greece's budget deficit was consistently higher than the 3% limit recommended by the Eurozone. 
Government debt
  • In 2009, Greece's government debt was 127.9% of GDP, the second highest in the EU. 
  • 75% of Greece's debt was held by foreigners. 
Economic impact 
  • Greece's economic crisis led to a 28% decline in GDP from 2007, making it one of the worst economic downturns in a developed economy since World War II.
  • Greece's economic crisis led to a dramatic increase in borrowing costs, making it difficult for the government to pay its debt.
  • Greece required three bailout loans from the IMF, the European Commission, and the European Central Bank.
Causes 
  • Greece's economic crisis was caused by a combination of factors, including a large budget deficit, high government debt, and a lack of credibility in Greece's official statistics.

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