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The 2007-2008 financial crisis hit countries around the world hard. But, Greece’s economy really faltered. At the peak of Greece’s crisis, unemployment hit 28 per cent, a figure higher than unemployment during the U.S.’ Great Depression. Greece required three hefty bailouts from the European Central Bank, the European Commission and the International Monetary Fund which totalled almost €300-billion. The Greek population suffered under strict austerity measures which cut salaries and closed hospitals.
Fast forward to today and the economy is showing remarkable signs of a bounceback. Eric Reguly is The Globe’s European bureau chief. He’s on the show to explain what went wrong in Greece, how they’re turning things around and what other countries can learn from Europe’s surprising comeback kid.
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