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 close to the EU average. Greece failed to meet the criteria and was excluded from participating on 1 January 1999. On 1 June 1998 the European Central Bank succeeded the European Monetary Institute. However it wouldn't take on its full powers until the euro was created on 1 January 1999. The bank's first President was Wim Duisenberg, former head of the EMI and the Dutch central bank. The conversion rates between the 11 participating national currencies and the euro were then established. The rates were determined by the Council of the European Union, based on a recommendation from the European