2004 Greek legislative election
Parliamentary elections were held in Greece on 7 March 2004. The New Democracy Party of Kostas Karamanlis won the elections, ending eleven years of rule by the Panhellenic Socialist Movement. PASOK was led into the elections by George Papandreou, who succeeded retiring Prime Minister Costas Simitis as party leader in February. Greek politics is dynastic. Kostas Karamanlis is the nephew of Konstantinos Karamanlis, six times Prime Minister and twice President of Greece, the founder of New Democracy after the restoration of democracy in 1974. George Papandreou is the son of Andreas Papandreou, three times Prime Minister and the founder of PASOK, the grandson of Georgios Papandreou, a liberal centrist who entered national politics in the 1920s and was twice Prime Minister. Athens daily Kathimerini quoted a voter during the campaign as saying: "We Greeks like to know where our leaders come from. We feel we know these families as well as we know our own." In January New Democracy was leading PASOK in opinion polls by 7%.
But Papandreou's election to the party leadership allowed PASOK to regain ground. During February Papandreou campaigned on "the need for change" in Greece, hoping to neutralise the strong sentiment for a change of government. By late February New Democracy's lead in the opinion polls had been cut to 3%; the Athens daily Kathemerini commented: "Now, two weeks before the elections, all opinion polls show PASOK 3 to 4.5 percentage points behind ND. This raises the question of whether PASOK can snatch victory away from ND; the fact is. For example, although PASOK has little support, its leader has a good image in public opinion polls." The electoral campaign concluded on in the traditional manner, with huge televised mass rallies in the centre of Athens by each of the major parties. On the evening of 4 March Karamanlis addressed an estimated 200,000 at the ND's concluding rally. PASOK claimed that twice that number attended their rally on 6 March, but these numbers cannot be independently verified.
At the ND rally, Karamanlis said that PASOK had been in power too long and had grown lazy and corrupt. At the PASOK rally, Papandreou evoked the memory of his father but said that he would lead a government dedicated to reform and change, as well as action against corruption. Since publication of opinion polls is banned in the last two weeks of Greek election campaigns, it was not possible to predict the outcome of the election, except to say that ND appeared to have been leading when the last polls were published, that most commentators expected the result in terms of votes to be close. Greek electoral law ensures, through a complex algorithm of parliamentary seat redistribution, that a party polling a plurality of the vote is guaranteed a majority in Parliament. A "threshold" of 3% of the total popular vote is required by law for a party to be eligible for representation in Parliament; this provision kept all but the four top-polling parties from securing parliamentary seats. The result of the election was not as close as observers expected.
It appears that ND regained its earlier lead over PASOK in the two weeks after the last opinion polls, that the election of George Papandreou as PASOK leader was not sufficient to overcome the desire of the electorate for a change after a long period of PASOK rule. Https://web.archive.org/web/20120722093442/http://www.ypes.gr/el/Elections/NationalElections/Results/nationallectures2004/
An ombudsman, ombud, or public advocate is an official, charged with representing the interests of the public by investigating and addressing complaints of maladministration or a violation of rights. The ombudsman is appointed by the government or by parliament, but with a significant degree of independence. In some countries an inspector general, citizen advocate or other official may have duties similar to those of a national ombudsman, may be appointed by a legislature. Below the national level an ombudsman may be appointed by a state, local or municipal government. Unofficial ombudsmen may be appointed by, or work for, a corporation such as a utility supplier, newspaper, NGO, or professional regulatory body; the typical duties of an ombudsman are to investigate complaints and attempt to resolve them through recommendations or mediation. Ombudsmen sometimes aim to identify systematic issues leading to poor service or breaches of people's rights. At the national level, most ombudsmen have a wide mandate to deal with the entire public sector, sometimes elements of the private sector.
In some cases, there is a more restricted mandate, for example with particular sectors of society. More recent developments have included the creation of specialized Children's Ombudsman and Information Commissioner agencies. In some jurisdictions an ombudsman charged with handling concerns about national government is more formally referred to as the "Parliamentary Commissioner". In many countries where the ombudsman's responsibility includes protecting human rights, the ombudsman is recognized as the national human rights institution; the post of ombudsman had by the end of the 20th century been instituted by most governments and by some intergovernmental organizations such as the European Union. A prototype of an ombudsman may have flourished in China during the Qin Dynasty, in Korea during the Joseon Dynasty; the position of secret royal inspector, or Amhaeng-eosa was unique to the Joseon Dynasty, where an undercover official directly appointed by the king was sent to local provinces to monitor government officials and look after the populace while travelling incognito.
The Roman Tribune had some similar roles, with power to veto acts. Another precursor to the ombudsman was the Turkish Diwan-al-Mazalim which appears to go back to the second caliph and the concept of Qadi al-Qudat, they were attested in Siam, the Liao dynasty and China. An indigenous Swedish and Danish term, ombudsman is etymologically rooted in the Old Norse word umboðsmaðr meaning "representative". In the Danish Law of Jutland from 1241, the term is umbozman and means a royal civil servant in a hundred. From 1552, it is used in the other Nordic languages such as the both Icelandic and Faroese umboðsmaður, the Norwegian ombudsmann/ombodsmann and the Swedish ombudsman; the Swedish-speaking minority in Finland uses the Swedish terminology. Use of the term in modern times began in Sweden, with the Swedish Parliamentary Ombudsman instituted by the Instrument of Government of 1809, to safeguard the rights of citizens by establishing a supervisory agency independent of the executive branch; the predecessor of the Swedish Parliamentary Ombudsman was the Office of Supreme Ombudsman, established by the Swedish King, Charles XII, in 1713.
Charles XII was in exile in Turkey and needed a representative in Sweden to ensure that judges and civil servants acted in accordance with the laws and with their duties. If they did not do so, the Supreme Ombudsman had the right to prosecute them for negligence. In 1719 the Swedish Office of Supreme Ombudsman became the Chancellor of Justice; the Parliamentary Ombudsman was established in 1809 by the Swedish Riksdag, as a parallel institution to the still-present Chancellor of Justice, reflecting the concept of separation of powers as developed by Montesquieu. The Parliamentary Ombudsman is the institution that the Scandinavian countries subsequently developed into its contemporary form, which subsequently has been adopted in many other parts of the world; the word ombudsman and its specific meaning have since been adopted in various languages, such as Dutch. The German language uses Ombudsmann and Ombudsleute. Notable exceptions are Finnish, which use translations instead. Modern variations of this term include "ombud," "ombuds," "ombudsperson," or "ombudswoman," and the conventional English plural is ombudsmen.
In Nigeria, the ombudsman is known as the Public Complaints Commission or the ombudsman In general, an ombudsman is a state official appointed to provide a check on government activity in the interests of the citizen, to oversee the investigation of complaints of improper government activity against the citizen. If the ombudsman finds a complaint to be substantiated, the problem may get rectified, or an ombudsman report is published making recommendations for change. Further redress depends on the laws of the country concerned, but this involves financial compensation. Ombudsmen in most countries do not have the power to initiate legal proceedings or prosecution on the grounds of a complaint; this role is sometimes referred to as a "tribunician" role, has been traditionally fulfilled by elected representatives – the term refers to the ancient Roman "tribunes of the plebeians" (tribuni ple
2010 Greek local elections
The 2010 Greek local elections were held on 7 November 2010 and 14 November 2010 to elect representatives to Greece's restructured local authorities, comprising 13 regions and 325 municipalities. Traditionally, candidates at local elections do not run under the official name of any party as the constitution only foresees the participation of electoral lists and not parties. Despite this theoretical independence and distinction, for all practical purposes most candidates run as local front organisations for political parties; the election comes at a time of increasing unrest in Greece following numerous bombs being sent to foreign embassies, as well protests against austerity measures forced by the EU and IMF in order for Greece to receive external financial support. With the economy being touted as the mandate sought in the election Prime Minister George Papandreou said he would dissolve the national parliament should the candidates of his Panhellenic Socialist Movement fail to win an unspecified threshold.
"Citizens will decide in today's election if we will hold steady on the path of salvation... or if we will go back to decay and to the Greece of bankruptcy." In the municipalities, as well as the regions, any candidate can participate in the 1st round. If the leading candidate doesn't have the required 50%+1 of the votes a second round is held between the two leading candidates of the 1st round. Source: Hellenic Ministry of the Interior Notes: † Ioannis Dimaras was elected a parliament member with Panhellenic Socialist Movement in the National Elections of 2009. § Alexios Mitropoulos is a member of the National Council of the Panhellenic Socialist Movement. ‡ Alekos Alavanos is a prominent member of the Coalition of Radical Left, although his party didn't support him some fractions such as KOE, DEA and KEDA did. Notes: † Dimitrios Giannoulakis was independent at the time of the elections, but was supported by Dora Bakoyannis and is related to her newly founded Democratic Alliance party The government saw its share of vote drop by 9% but it remained the largest party.
Prime Minister George Papandreou said that he would continue with tough austerity measures to alleviate Greece's debt burden following a narrow victory in the election
The Hellenic Parliament is the parliament of Greece, located in the Old Royal Palace, overlooking Syntagma Square in Athens. The Parliament is the supreme democratic institution that represents the citizens through an elected body of Members of Parliament, it is a unicameral legislature of 300 members, elected for a four-year term. During 1844–63 and 1927–35 the parliament was bicameral with an upper house, the Senate, a lower house, the Chamber of Deputies, which retained the name Vouli. Several important Greek statesmen have served as Speakers of the Hellenic Parliament; the first national parliament of the independent Greek state was established in 1843, after the September 3rd Revolution, which forced King Otto to grant a constitution. The Constitution of 1844 established a constitutional monarchy under the decisive power of the monarch, who exercised legislative power jointly with the elected House of Representatives and the appointed Senate, it established the Ministers' accountability vis-à-vis the acts of the monarch, appointing and suspending them.
In October 1862 a rising wave of discontent led the people and the military to rebel again against King Otto and oust him along with the Wittelsbach dynasty. The revolt marked the end of constitutional monarchy and the beginning of a crowned democracy with George Christian Wilhelm of the Schleswig-Holstein-Sønderburg-Glücksburg dynasty as monarch; the Constitution of 1864 created a single-chamber Parliament, elected for a four-year term, abolished the Senate. Moreover, the King preserved the right to convoke ordinary and extraordinary parliamentary sessions, dissolve Parliament at his discretion, as long as the Cabinet signed and endorsed the dissolution decree. With the revisions of 1911 and 1952 it lasted more than a century, with one of its most important elements being the restoration of the principle of popular sovereignty. In 1911, a revision of the constitution resulted in stronger human rights, the reinforcement of the Rule of Law and the modernization of institutions, among them the Parliament.
With regard to the protection of individual rights the most noteworthy amendments to the Constitution of 1864 were a more effective protection of individual security, equality in taxation, the right to assemble and the inviolability of the domicile. Furthermore, the Constitution facilitated expropriation so that land be allocated to poor farmers, while at the same time guaranteeing judicial protection of property rights, it was the first time that the Constitution made provision for mandatory and free education for all, while the process of Constitutional revision was simplified. The Constitution of 1927 made provisions for a head of state that the Parliament and the Senate would elect to serve a five-year term; this "President of the Republic" would be held unaccountable from a political point of view. It recognized the status of political parties as organic elements of the polity and established their proportional representation in the composition of parliamentary committees; this reform of the Constitution is a part of the Second Hellenic Republic, in reference to the Greek State using a republican democracy as a form of governance.
This constitutional change was initiated in January 1924 and initiated on April 13th, 1924 by the Fourth National Assembly. Following World War II, the development of parliamentary institutions resumed in 1948 and in the beginning of the 1950s; the Constitution of 1952 consisted of 114 articles and to a large extent was attached to the Constitutions of 1864 and 1911. Its central innovations were the explicit institutionalization of parliamentarianism and the consolidation for the first time of the voting rights of women, as well as of their right to stand as candidates for parliamentary office. In February 1963 the government of Konstantinos Karamanlis submitted a proposal for an extensive revision of the Constitution, yet the proposal was never put into practice because only a few months after its submission, the government resigned and Parliament dissolved. After seven years of military dictatorship, on 8 December 1974, a referendum was conducted to decide the nature of the form of government.
By a majority of 69.18%, the Greeks decided against a constitutional monarchy and for a parliamentary republic. The Constitution of 1975 was drafted using those of 1952 and 1927, as well as the draft Constitutional revision proposals of 1963, while numerous clauses were based on the West German Constitution of 1949 and the French Constitution of 1958, it included various clauses on individual and social rights, in line with developments at that time, introduced a presidential/parliamentary democracy, wherein the head of state maintained the right to interfere in politics. Greece's current Constitution has been revised three times, with the first one taking place in 1986, when the responsibilities of the President of the Republic were curtailed. In 2001, a extensive revision took place as a total of 79 articles were amended; the new, revised Constitution introduced new individual rights, such as the protection of genetic data and identity or the protection of personal data from electronic processing, new rules of transparency in politics.
It modernized parliamentary functions, propped up decentralization, elevated the status of fundamental Independent Authorities into Constitutional institutions, adopted its provisions on MPs' disqualifications and incompatibilities to current reality a
2007 Greek legislative election
Parliamentary elections were held in Greece on Sunday, September 16, 2007, to elect the 300 members of the Hellenic Parliament. The leading party for a second term was New Democracy under the leadership of Kostas Karamanlis with 41.83%, followed by George Papandreou and Panhellenic Socialist Movement with 38.10%. New Democracy managed to secure an narrow majority of 152 out of 300 parliament seats; the populist Popular Orthodox Rally entered the parliament for the first time with 10 seats, while the parties of the left, the Communist Party of Greece and the Coalition of the Radical Left, enjoyed a significant increase in their votes. KKE got 8.15% of the votes and secured 22 parliament seats and SYRIZA got 5.04% of the votes and 14 seats. The difference of nearly four percentage points between the first two parties resulted in George Papandreou announcing that he would seek reaffirmation of his party leadership, with Evangelos Venizelos and Kostas Skandalidis declaring candidacy for the post.
There were concerns that the election could return a hung parliament due to the revised Greek electoral law. Although it preserved the 3% threshold necessary for a party to enter parliament, it decreased the number of seats automatically awarded to the leading party. Parliamentary majority was considered more difficult after the early projection that five parties would cross this threshold for the first time after the metapolitefsi. According to the electoral law, the first-past-the post party was automatically awarded a bonus of 40 parliamentary seats; the remaining 260 seats were divided among all parties that achieved a minimum 3% nationwide vote tally in proportion to their polling returns. Since a majority of 151 seats was required, the leading party should secure at least 111 seats in order to be able to form a government. Karamanlis had stated that in the event that no party should manage to achieve a majority, he would seek a new election. Papandreou had vaguely indicated that he may have pursued an alliance with the left, however the SYRIZA and KKE parties had categorically dismissed any possibility of participating in a coalition with any of the major parties.
No opinion polls were allowed to be published after September 1. The polls publicized prior to the election had concluded that: The next Parliament would be a five-party Parliament. New Democracy would hold a smaller lead over PASOK at around 2%; the goal of a workable parliamentary majority hung in the brink, with some pollsters projecting 147-149 and some 151-153 seats for the leading party. The law traditionally requires that voting begins at "sunrise" and ends at "sunset". In practice this is rounded up to the nearest top of the hour. Voting began at 7 am and concluded at 7 pm. 7 pm was the time when media outlets publicized their exit polls and issued their predictions. According to SingularLogic, the information technology contractor of the Ministry of the Interior, initial returns would not reach statistical significance before 11 pm and firm estimates might not emerge until after midnight. Voting took place in 20,623 polling stations - schools - throughout the country, each of which catered to 400-500 voters on average.
A collection of opinion polls taken before the elections is listed below. According to a law, voted by the Greek parliament, publication of opinion polls is forbidden in the fortnight prior to the election date. Therefore, the last day when opinion polls were published was September 1, 2007, all opinion polling firms published their final public reports on August 31, 2007, in time for the evening news. Public Issue/VPRC noted that their report was a prediction based on the time-series of opinion polls they had conducted. August 22, 2007: The Democratic Social Movement announced its electoral alliance with the Coalition of the Radical Left. August 29, 2007: Opinion pollers MRB came under criticism from PASOK. Mathematical inconsistencies were alleged, such as response tallies summing up to more than 100%. MRB denied the allegations. MRB's parent company, Spot-Thompson Greece, are New Democracy's advertisers. August 30, 2007: MRB came under more fire as it cancelled publication of its regular biannual "Trends" survey, citing extreme difficulty in obtaining accurate information in the fire-stricken areas.
Critics said that this admission automatically rendered previous voting behavior MRB estimates from these areas unreliable. September 1, 2007: The Areios Pagos refused to certify Fofi Gennimata as a candidate for the PASOK nationwide list, citing non-eligibility because Mrs. Gennimata is elected the superprefect of Athens and Piraeus; this was criticised angrily by PASOK as an attempt to politicise the courts. September 2, 2007: The Areios Pagos: refused to include the title of DIKKI in the electoral alliance of SYRIZA claiming that the internal procedures followed by DIKKI were flawed; this was criticised furiously by SYRIZA and DIKKI as inappropriate interference in party political activity on behalf of the courts. Refused to allow the New Fascism party contest the election because of its provocative name. Refused to allow the New Salvation Party - Christian Democracy to use the Cross as its logo on the grounds that it is a religious symbol. Excluded seven other parties from the elections for failure to pay the required electoral deposit.
September 6, 2007: NET state television, in simulcast with the major private TV stations, broadcast the debate among the leaders of N
New Democracy (Greece)
The New Democracy referred to as ND by its initials, is a liberal-conservative political party in Greece. In modern Greek politics, New Democracy has been the main centre-right political party and one of the two major parties along with its historic rival, the Panhellenic Socialist Movement. Having spent two and a half years in government under the presidency of Antonis Samaras, New Democracy lost its majority in the Hellenic Parliament and became the major opposition party after the January 2015 legislative election; the party was founded in 1974 by Konstantinos Karamanlis and in the same year it formed the first cabinet of the Third Hellenic Republic. New Democracy is a member of the European People's Party, the Centrist Democrat International and the International Democrat Union. New Democracy was founded on 4 October 1974 by Konstantinos Karamanlis, in the beginning of the metapolitefsi era following the fall of the Greek military junta. Karamanlis, who had served as Prime Minister of Greece from 1955 to 1963, was sworn in as the first Prime Minister of the Third Hellenic Republic in a national unity government on 24 July 1974, until the first free elections of the new era.
He intended New Democracy to be a more modern and progressive political party than the right-wing parties that ruled Greece before the 1967 Greek coup d'état, including his own National Radical Union. The party's ideology was defined as "radical liberalism", a term defined as "the prevalence of free market rules with the decisive intervention of the state in favour of social justice." The party was formed out of dissident members the pre-Junta Centre Union and National Radical Union, both of former Monarchists and Venizelists. In the 1974 legislative election, New Democracy obtained a massive parliamentary majority of 220 seats with a record 54.37% of the vote, a result attributed to the personal appeal of Karamanlis to the electorate. Karamanlis was elected as Prime Minister and soon decided to hold a referendum on 8 December 1974 for the issue of the form of government; the next major issue for the New Democracy cabinet was the creation of the Constitution of Greece, which entered into force in 1975 and established Greece as a parliamentary republic.
On 12 June 1975, Greece applied to join the European Communities, of which it was an associate member since 1961, while it had been readmitted to the Council of Europe on 28 November 1974. In the 1977 election, New Democracy won again a large parliamentary majority of 171 seats, albeit with a reduced percentage of popular vote. Under Karamanlis, Greece redefined its relations with NATO and tried to resolve the Cyprus dispute following the Turkish invasion of the island. In 1979, the first conference of the party was held in Chalkidiki, where its ideological principles defined under the term "radical liberalism" were unanimously approved, as well as its statute and the operating regulations of its organizations, it was the first conference of any Greek political party whose delegates were elected by the members. Karamanlis' vision concerning the accession of Greece into the European Communities, despite the resolute opposition of the Panhellenic Socialist Movement and the Communist Party of Greece, led to the signing of the Treaty of Accession on 28 May 1979 in Athens.
Karamanlis was criticised by opposing parties for not holding a referendum though Greece's accession into the European Communities had been in the forefront of New Democracy's political platform, under which the party had been elected to power. Meanwhile, Karamanlis relinquished the premiership in 1980 and was elected as President of Greece by the parliament, serving until 1985. Georgios Rallis was elected as the new leader of New Democracy and succeeded Karamanlis in premiership. Under the leadership of Georgios Rallis, New Democracy was defeated in the 1981 legislative elections by Andreas Papandreou's PASOK which ran on a left-wing populist platform, was placed in opposition for a first time with 35.87% share of the vote and 115 seats. In the same day, on 18 October 1981, New Democracy was defeated in the first Greek election to the European Parliament. In the following December, the party's parliamentary group elected Evangelos Averoff, former Minister for National Defence, as president of New Democracy, but he resigned in 1984 due to health problems.
On 1 September 1984, Konstantinos Mitsotakis succeeded him in the party's presidency and he managed to increase its percentage in the 1985 elections to 40.85%, although it was defeated again and remained in opposition. Mitsotakis led New Democracy to a clear win in the June 1989 legislative elections registering 44.28% of the vote but, due to the modification of the electoral law by the outbound PASOK government, New Democracy obtained only 145 seats which were not enough to form a government on its own. The aftermath was the formation of a coalition government under Tzannis Tzannetakis, consisted of New Democracy and Coalition of the Left and Progress, with the latter including at the time the Communist Party of Greece. In the subsequent elections of November 1989, New Democracy took one more comfortable win, increasing its share to 46.19% of the vote and 148 seats but, under the same electoral law, they were still short of forming a government and this led to a national unity government along with PASOK and Synaspismos, under Xenophon Zolotas.
In the 1990 election Mitsotakis' New Democracy defeated once again Papandre
Greek government-debt crisis
The Greek government-debt crisis is the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. Known in the country as The Crisis, it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced capitalist economy to date, overtaking the US Great Depression; as a result, the Greek political system has been upended, social exclusion increased, hundreds of thousands of well-educated Greeks have left the country. The Greek crisis started in late 2009, triggered by the turmoil of the world-wide Great Recession, structural weaknesses in the Greek economy, lack of monetary policy flexibility as a member of the Eurozone,and revelations that previous data on government debt levels and deficits had been underreported by the Greek government; this led to a crisis of confidence, indicated by a widening of bond yield spreads and rising cost of risk insurance on credit default swaps compared to the other Eurozone countries Germany.
The government enacted 12 rounds of tax increases, spending cuts, reforms from 2010 to 2016, which at times triggered local riots and nationwide protests. Despite these efforts, the country required bailout loans in 2010, 2012, 2015 from the International Monetary Fund and European Central Bank, negotiated a 50% "haircut" on debt owed to private banks in 2011, which amounted to a €100bn debt relief. After a popular referendum which rejected further austerity measures required for the third bailout, after closure of banks across the country, on June 30, 2015, Greece became the first developed country to fail to make an IMF loan repayment on time. At that time, debt levels had reached some € 30,000 per capita. Between 2009 and 2017 the Greek government debt rose from €300 bn to €318 bn, i.e. by only about 6%. Greece, like other European nations, had faced debt crises in the 19th century, as well as a similar crisis in 1932 during the Great Depression. In general, during the 20th century it enjoyed one of the highest GDP growth rates in the world.
Average Greek government debt-to-GDP for the entire century before the crisis was lower than that for the UK, Canada or France, while for the 30-year period until its entrance into the European Economic Community, the Greek government debt-to-GDP ratio averaged only 19.8%. Between 1981 and 1993 it rose, surpassing the average of what is today the Eurozone in the mid-1980s. For the next 15 years, from 1993 to 2007, Greece's government debt-to-GDP ratio remained unchanged, averaging 102% – a value lower than that for Italy and Belgium during the same 15-year period, comparable to that for the U. S. or the OECD average in 2017. During the latter period, the country's annual budget deficit exceeded 3% of GDP, but its effect on the debt-to GDP ratio was counterbalanced by high GDP growth rates; the debt-to GDP values for 2006 and 2007 were established after audits resulted in corrections according to Eurostat methodology, of up to 10 percentage points for the particular years. These corrections, although altering the debt level by a maximum of about 10%, resulted in a popular notion that "Greece was hiding its debt".
The 2001 introduction of the euro reduced trade costs between Eurozone countries, increasing overall trade volume. Labour costs increased more in peripheral countries such as Greece relative to core countries such as Germany without compensating rise in productivity, eroding Greece's competitive edge; as a result, Greece's current account deficit rose significantly. A trade deficit means that a country is consuming more than it produces, which requires borrowing/direct investment from other countries. Both the Greek trade deficit and budget deficit rose from below 5% of GDP in 1999 to peak around 15% of GDP in the 2008–2009 periods. One driver of the investment inflow was Greece's membership in the Eurozone. Greece was perceived as a higher credit risk alone than it was as a member of the Eurozone, which implied that investors felt the EU would bring discipline to its finances and support Greece in the event of problems; as the Great Recession spread to Europe, the amount of funds lent from the European core countries to the peripheral countries such as Greece began to decline.
Reports in 2009 of Greek fiscal mismanagement and deception increased borrowing costs. A country facing