Abstract:
This paper examines Greece's economic history from World War II through the 2010s, with a particular focus on the late twentieth and the first decade and a half of the twenty-first centuries. It explores the country's long-standing financial instability, its approach to EU membership, and the broader implications of its economic crises for the European Union. The paper first outlines Greece's historical economic weaknesses and the policies that led to rapid but shortlived economic growth. It then analyses Greece's accession process from 1961 to 1981 and argues that its years as a member were marked by widespread economic mismanagement and corruption, which the country systematically concealed from the EU to maximize the benefits of Eurozone membership. The sovereign debt crisis of 2008-2009 ultimately exposed Greece's financial vulnerabilities and deceptive accounting practices, forcing the EU and IMF to issue multiple bailouts. These interventions led to harsh austerity measures, sparking widespread social and political instability. Greece's financial collapse compelled the EU to reassess its Eurozone policies, implement stricter financial oversight mechanisms, and reopen discussions about the possibility of removing economically unstable members from the Eurozone.
