The world economy is in a tricky situation. There are warnings for the future of world economy now showing recovery after the economic crisis started from the U.S. that resulted in the bankruptcy of thirteen banks including Lehman Brothers.
  Next to Japan, Greece showed the highest rate of economic growth for the 20 years after their civil war in 1949. This made Greece enter into a coalition of 23 developed countries. With the continued growth, the economy of Greece exceeded the average level of the 25 members of the EU in 1996. Also, in 2004, Greece hosted the Olympic Games and achieved the highest rate of economic growth. At that time, the economy of Greece was at its best.
  However, it was only a success in a superficial way. The economy of Greece is currently in a state of collapse. The situation of Greece became a trigger of an economic crisis in Europe and a failure case of  European economies.
The biggest reason for the economic recession was immoderate introduction of foreign loans. In 2001, Greece joined the eurozone, using a single currency, the euro. Thanks to this, Greece blindly borrowed the foreign loans at low interest rates for past 10 years.
  Lax expenditure of finances was another cause. During the last 10 years, public sector salaries were increased more than double and tax evasion of the middle class was a common practice for a long. Particularly, their pension plan was the most generous one in the world.
  Chronic social conflict and political insecurity were also serious problems. In Greece, which has suffered an intense civil war, conflicts between various interest groups and political organizations were routinized and large scale walkouts often occurred.
  To escape from this crisis, having a possibility of spreading to the whole world, Greece requested a support funds from EU and IMF(International Monetary Fund) and announced retrenchment policies. However the financial condition of Greece is hardly recovering because her crisis was the result of 10 years of many bad policies.