when did the financial crisis in greece start
Greek government-debt crisis The Greek crisis started in late 2009, triggered by the turmoil of the Great Recession, structural weaknesses in the Greek economy, and revelations that previous data on government debt levels and deficits had been underreported by the Greek government.[7][8][9]
Paris Peace Accords
Greek government-debt crisis Initially, European banks had the largest holdings of Greek debt. However, this shifted as the "troika" (ECB, IMF and a European government-sponsored fund) purchased Greek bonds. As of early 2015, the largest individual contributors to the fund were Germany, France and Italy with roughly €130bn total of the €323bn debt.[168] The IMF was owed €32bn and the ECB €20bn. As of 2015, various European countries still had a substantial amount of loans extended to Greece.[169]
Financial crisis of 2007–2008 The bursting of the US housing bubble, which peaked at the end of 2006,[23][24] caused the values of securities tied to US real estate pricing to plummet, damaging financial institutions globally.[25][26] The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for subprime borrowers; overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate; questionable trading practices on behalf of both buyers and sellers; compensation structures that prioritize short-term deal flow over long-term value creation; and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.[27][28][29][30] Questions regarding bank solvency, declines in credit availability, and damaged investor confidence affected global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[31] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts.[32] In the US, Congress passed the American Recovery and Reinvestment Act of 2009.