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Greece's Sovereign Debt Crisis (2009-2018): Fiscal Imbalances, Restructuring Mechanisms, Macroeconomic Effects

Greece's sovereign debt was notably one of the most important fiscal and financial crises in the history of the euro zone. The crisis emerged from a compound of inordinate public borrowing, repeatedly fiscal deficits, sluggish economic growth, and systemic inefficiencies in public management and labour markets. By 2009, public debt had surpassed €300 billion, corresponding to about 130% of GDP, while modifications to official deficit data revealed years of fiscal misrepresentation and acutely impaired investor confidence. […]