History of modern Greece force Greece to abandon the euro and bring back its former currency, the drachma. In April 2014, Greece returned to the global bond market as it successfully sold €3 billion worth of five-year government bonds at a yield of 4.95%. According to the IMF, Greece will have real GDP growth of 0.6% in 2014 after 5 years of decline. Following the May 2012 legislative election where the New Democracy party became the largest party in the Hellenic Parliament, Samaras, leader of ND, was asked by Greek President Karolos Papoulias to try to form a government. However, after a day of
History of the euro the banks in June. Indeed, the euro came to be seen as a safe haven, as countries outside it such as Iceland fared worse than those with the euro. Iceland subsequently applied to the EU to get the benefit of using a larger currency with the support of the ECB. However, with the risk of a default in Greece and other members in late 2009–10, eurozone leaders agreed to agree provisions for bailing out member states who could not raise funds (triggered for Greece in April 2010). This was a u-turn on the EU treaties which rule out any bail