1 Jan 1981 Jahr - Greece join

Beschreibung:

Following the first wave in 1973, Greece decided to apply in 1975 for the European Communities - which received a mixed bag of reactions.

The commission noted that Greeces accession would “pose serious problems for both Greece and the community”. Many founding countries were also worried about the effects of the Greeks joining could have.

Germany worried about cheap migrant labour, France worried about the impact on farmers if Greece joined and the EC feared to get involved in the Greece-Turkey dispute.

Greece was nevertheless accepted into the EC, as it ensured to keep stability in the south. Greece was the foundation for Portugal and Spain joining in 1986 however there was still a high level of sceptiscism surrounding their financial situation. Taxes weren't being dealt with, corruption was high and this would have an effect on Greece for decades to come.

Greece joined the Eurozone as the last of the then 13 members, not without more controversy though. Their budget deficit numbers were portrayed as much lower to what they actually were which made it easier for them to be accepted.

All of this piled up and led to the Greek financial crisis starting in the late 2000s with the Great Recession. Greeces fiscal policies that included too much spending on top of their already weak-economic structure, couldn't handle the crisis thus rapidly sinking into billions of debt.

In late 2019 it was calculated that Greece was still 413 billion$ in debt.

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