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Greece : Economy
Tuesday, 24 November 2009 21:35
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Greece adopted the euro as its new common currency in January 2002. The adoption of the euro provided Greece (formerly a high inflation risk country under the drachma) with access to competitive loan rates and also to low rates of the Eurobond market. This led to a dramatic increase in consumer spending, which has given a significant boost to economic growth.
The Greek War of Independence began in 1821 and concluded in 1830 when England, France, and Russia forced the Ottoman Empire to grant Greece its independence under a European monarch, Bavarian prince Otto. He was deposed 30 years later, and the Great Powers chose a prince of the Danish House of Glucksberg as his successor. He became George I, King of the Hellenes.
Greece is located in southeastern Europe on the southern tip of the Balkan Peninsula. The Greek mainland is bounded on the north by Bulgaria, The Former Yugoslav Republic of Macedonia, and Albania; on the east by the Aegean Sea and Turkey; and on the west and south by the Ionian and Mediterranean Seas.
Greece was inhabited as early as the Paleolithic period and by 3000 BC had become home, in the Cycladic Islands, to a culture whose art remains among the most evocative in world history. In the second millennium BC, the island of Crete nurtured the maritime empire of the Minoans, whose trade reached from Egypt to Sicily.
- A visa to enter Greece is not required for citizens of the United States, Canada, and the European Union. - Citizens of all other countries should contact the nearest Greek consulate.