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53,000+ buildings were or destroyed. More than 40 buildings collapsed, 143 deaths were reported while hundreds of injuries were from the earthquake. This was the strongest earthquake to hit Athens in nearly a century and the worst to hit Greece in nearly 20 years. Dozes of people were trapped under collapsed buildings and about 672 homes were destroyed beyond repair, while 2,217 homes were in need of repair.
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Greece has become the twelfth country to join the European single currency, ditching its own currency, the drachma.
The Greek Finance Minister, Ioannis Papandoniou, described it has an historic day that would place Greece firmly at the heart of Europe. But the president of the European Central Bank, Wim Duisenberg, warned that Greece still had a lot of work to do to improve its economy and bring inflation under control. In 1999, Greece was left out of the eurozone for failing to meet the EU's ec -
This made it easier for them to borrow money.
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Greece is still paying for the Olympics. Greece may not be able to borrow any more money to pay down the country’s debts, some of which can directly be traced to overspending on the 2004 Athens Olympics. Greece has not exhibited much discipline in spending over the years. Olympics and higher wages for government workers cause massive debt. Wages increased by 50% from 1999-2007.
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On the streets and partially in Parliament, where the new austerity measures were approved with a very small majority. For Greece, however, this late awakening by some of its congressional leaders, may be too little, too late. The new austerity package includes, the dismissal of about 25,000 government employees by the end of 2013, reduced pensions and health co-payment.
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This made it more expensive for Greece to borrow money.
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Greece's borrowing costs a staggering 10%, its budgeting deficit nudging 13%.
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The International Monetary Fund and European Union combined their money and got 860 billion Euros alltogether for countries in Europe that needed it. 110 billion Euros went directly to Greece.
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The initial bailout wasn't enough to solve the problems so EU leaders met again. They declared an additional 120 billion euros bailout for Greece.
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Greece wanted George Papandreou to resign to bring an end to the ongoing political deadlock. Greece's main political parties have agreed on early elections for their new prime minister. Antonis Samaras became the new Prime Minister of Greece. “I am ready to help the country, in case if he [Papandreou] steps down. If he does not resign, he does not allow the constitution to operate properly; if he does resign, the things will go as they have to,” Samaras had announced.
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Unemployment Rate in Greece increased to 26 percent in September of 2012 from 25.30 percent in August of 2012. In Greece, the unemployment rate measures the number of people actively looking for a job as a percentage of the labor force.
