Executive Summary Before adopting the euro as the official currency in 2001, Greece was one the

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Executive Summary
Before adopting the euro as the official currency in 2001, Greece was one the stable European economies. The early stages of the currency transition worked very well for Greece. However, the state later fell into financial crisis, which has not only affected Greece’s government, but also the entire European countries and their trading partners, such as the United States. Therefore, the Greece financial crisis has become a global concern with the United States Congress, making it a continuous concern brought about by trading partnership, United Banks exposure, and the involvement of the International Monetary Fund institutions. The Greece financial crisis could have been controlled, had it not been for the malicious acts
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Due to the strong economic and political ties between the United States and Europe, this continuing crisis has obviously been a continuous interest of the Congress. Economic analysts believe that the global economic recession that occurred in October 2008 triggered the current Greece economic crisis. Additionally, several structural weaknesses of the Greek economy alongside a decade long pre-existence of long overly high structural deficits and debt-to-GDP on public accounts.
The Period preceding the Crisis
During the 2000s, Greece had plenty of access to cheap capital that was fueled by flush capital markets and increased confidence of the investors in the economy following the adoption of the euro in 2001. During this period, the capital inflows were not used to increase the competitiveness of the economy, and European Union (EU) rules which had been designed to limit the accumulation of public debt failed to do so. The global financial crisis of 2008 – 2009 strained public finances as well as subsequent revelations about falsified data drove up Greece’s borrowing costs. Early in 2010, the Greek government made a very devastating decision to default its public debt. The European Union, the European Central Bank, and the International Monetary Fund officials have all agreed that an uncontrolled Greek default could trigger a major crisis.
Consequently, these officials consented

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