Greece the European Communities and the single market was signed, and the process was completed in 1982. Greece was accepted into the Economic and Monetary Union of the European Union on 19 June 2000, and in January 2001 adopted the Euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachma to the Euro. Greece is also a member of the International Monetary Fund and the World Trade Organization, and is ranked 24th on the KOF Globalization Index for 2013. By late 2009, as a result of a combination of international and local factors, the Greek economy
History of the euro on 9 December 2011 by the European Council. The participants are the eurozone member states and all other EU members without the United Kingdom and the Czech Republic. The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date and on 1 April 2014 entered into force for all 25 signatories. Despite speculation that the crisis in Greece could spread and that the euro might fail, some newer EU states from the 2004 enlargement joined the currency during the recession. Slovenia, Malta and Cyprus all acceded within the first two years