Greece - Revision history

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	[[Wikipedia:Solon\|Solon]], on taking office in [[Wikipedia:Classical Athens\|Athens]] in 594 BC, instituted a partial debasement of the currency (there is some disagreement on this matter{{Fact\|reason="Taken from Wikipedia, could not check this personally: Stanton G.R. Athenian Politics c800-500BC: A Sourcebook, Routledge, London (1990), page 61 note 4."}}). For the next four centuries the [[Wikipedia:Greek drachma\|drachma]] had an almost constant silver content (67 grains of fine silver until [[Wikipedia:Alexander the Great\|Alexander]], 65 grains after) and became the standard coin of trade in Greece and in much of Asia and Europe. Even after the Roman conquest of Greece in roughly the 2nd century BC, the drachma continued to be minted and widely used.<ref name="Britannica_money">Encyclopedia Britannica. [http://www.britannica.com/EBchecked/topic/389170/money "Money"], referenced 2010-09-25.</ref>		[[Wikipedia:Solon\|Solon]], on taking office in [[Wikipedia:Classical Athens\|Athens]] in 594 BC, instituted a partial debasement of the currency (there is some disagreement on this matter{{Fact\|reason="Taken from Wikipedia, could not check this personally: Stanton G.R. Athenian Politics c800-500BC: A Sourcebook, Routledge, London (1990), page 61 note 4."}}). For the next four centuries the [[Wikipedia:Greek drachma\|drachma]] had an almost constant silver content (67 grains of fine silver until [[Wikipedia:Alexander the Great\|Alexander]], 65 grains after) and became the standard coin of trade in Greece and in much of Asia and Europe. Even after the Roman conquest of Greece in roughly the 2nd century BC, the drachma continued to be minted and widely used.<ref name="Britannica_money">Encyclopedia Britannica. [http://www.britannica.com/EBchecked/topic/389170/money "Money"], referenced 2010-09-25.</ref>

	The Greek city-states were largely independent, though there was an awareness of Hellenic identity. Each city-state had its own coinage. There was an active trade in these currencies, and probably few laws limiting citizens of a given city-state to the use of their own money.<ref name="Edwards_Greece">James Rolph Edwards. [~~http~~://~~mises~~.org/journals/jls/~~4_1~~/~~4_1_7.pdf~~ "Monopoly and Competition in Money"] (pdf), The Journal of Libertarian Studies Vol.IV, No.1, Winter 1980. Referenced 2010-06-26.</ref> Debasement of the currency either for state profit or for the accommodation of changes in the ratio was rare in Greek history (with the notable exception of [[Wikipedia:Dionysius I of Syracuse\|Dionysius]] of Syracuse<ref name="Chodorov_Dionysius">Frank Chodorov. [https://mises.freecapitalists.org/daily/3936 "Tyranny and Finance"], from ''Mises Daily'', December 30, 2009; excerpted from chapter 9 of [~~http~~://~~mises~~.org/~~resources~~/~~3091~~ The Rise and Fall of Society]. Referenced 2010-09-19.</ref><ref name="Bullock_Dionysios">Jesse Bullock Charles. [http://www.archive.org/details/economicessays029061mbp "Economic Essays (1936)"], p. 502-519. "''Having borrowed money from citizens of Syracuse and being pressed for repayment, he ordered all the coin in the city to be brought to him, under penalty of death. After taking up the collection, he restamped the coins, giving to each drachma the value of two drachmae, so that he was enabled to pay back both the original loan and the money he had ordered brought to the mint.''" Referenced 2010-09-19.</ref>). On the contrary, there are cases of actually raising the standard of the coinage for the greater prestige which a coinage of high intrinsic value seemed to offer. In the sixth century B.C., the Euboean unit was increased in a number of cities by about five grains, in emulation of an increase introduced by [[Wikipedia:Peisistratos\|Pisistratus]] in Athens.<ref name="Groseclose_Greece">Elgin Groseclose. [~~http~~://~~mises~~.org/books/money~~.pdf~~ "Money And Man - A Survey of Monetary Experience"] (pdf), Bimetallism and the Rise of the Gold Standard, p.146-147. Referenced 2010-06-25.</ref>		The Greek city-states were largely independent, though there was an awareness of Hellenic identity. Each city-state had its own coinage. There was an active trade in these currencies, and probably few laws limiting citizens of a given city-state to the use of their own money.<ref name="Edwards_Greece">James Rolph Edwards. [https://freecapitalists.org/journals/jls/4-1-7/ "Monopoly and Competition in Money"] (pdf), The Journal of Libertarian Studies Vol.IV, No.1, Winter 1980. Referenced 2010-06-26.</ref> Debasement of the currency either for state profit or for the accommodation of changes in the ratio was rare in Greek history (with the notable exception of [[Wikipedia:Dionysius I of Syracuse\|Dionysius]] of Syracuse<ref name="Chodorov_Dionysius">Frank Chodorov. [https://mises.freecapitalists.org/daily/3936 "Tyranny and Finance"], from ''Mises Daily'', December 30, 2009; excerpted from chapter 9 of [https://freecapitalists.org/books/the-rise-and-fall-of-society/ The Rise and Fall of Society]. Referenced 2010-09-19.</ref><ref name="Bullock_Dionysios">Jesse Bullock Charles. [http://www.archive.org/details/economicessays029061mbp "Economic Essays (1936)"], p. 502-519. "''Having borrowed money from citizens of Syracuse and being pressed for repayment, he ordered all the coin in the city to be brought to him, under penalty of death. After taking up the collection, he restamped the coins, giving to each drachma the value of two drachmae, so that he was enabled to pay back both the original loan and the money he had ordered brought to the mint.''" Referenced 2010-09-19.</ref>). On the contrary, there are cases of actually raising the standard of the coinage for the greater prestige which a coinage of high intrinsic value seemed to offer. In the sixth century B.C., the Euboean unit was increased in a number of cities by about five grains, in emulation of an increase introduced by [[Wikipedia:Peisistratos\|Pisistratus]] in Athens.<ref name="Groseclose_Greece">Elgin Groseclose. [https://freecapitalists.org/books/money-and-man/ "Money And Man - A Survey of Monetary Experience"] (pdf), Bimetallism and the Rise of the Gold Standard, p.146-147. Referenced 2010-06-25.</ref>

	Banking, bank fraud and even banking crises were very well known. After the revolt against [[Wikipedia:Mithridates VI of Pontus\|Mithridates]], a serious banking crisis in [[Wikipedia:Ephesus\|Ephesus]] followed. The banking industry received here its first express, historically-documented privilege, which established a ten-year deferment on the return of deposits.<ref name="De_Soto_Greece">Jesús Huerta de Soto. [~~http~~://~~mises~~.org/books/~~desoto.pdf~~ "Money, Bank Credit, and Economic Cycles"] (pdf). 2. Historical Violations of the Legal Principles Governing the Monetary Irregular-Deposit Contract, p. 41-51, referenced 2009-10-29.</ref>		Banking, bank fraud and even banking crises were very well known. After the revolt against [[Wikipedia:Mithridates VI of Pontus\|Mithridates]], a serious banking crisis in [[Wikipedia:Ephesus\|Ephesus]] followed. The banking industry received here its first express, historically-documented privilege, which established a ten-year deferment on the return of deposits.<ref name="De_Soto_Greece">Jesús Huerta de Soto. [https://freecapitalists.org/books/money-bank-credit-and-economic-cycles/ "Money, Bank Credit, and Economic Cycles"] (pdf). 2. Historical Violations of the Legal Principles Governing the Monetary Irregular-Deposit Contract, p. 41-51, referenced 2009-10-29.</ref>

	==Modern Greece==		==Modern Greece==

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Repoint 3 dead mises.org links to the archived original (automated; see Austrian Economics Wiki:Link repointing)

Pestergaines: /* Links */ +res

2013-11-07T22:11:54Z

Links: +res

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	* [http://biz.thestar.com.my/news/story.asp?file=/2012/12/25/business/20121225083042&sec=business Greece not doing enough against rich tax dodgers, say EU/IMF], ''The Star Online'', December 2012		* [http://biz.thestar.com.my/news/story.asp?file=/2012/12/25/business/20121225083042&sec=business Greece not doing enough against rich tax dodgers, say EU/IMF], ''The Star Online'', December 2012
	* [http://www.bbc.co.uk/news/magazine-20874650 Greeks fight back against corruption] by Andrew Bomford, January 2013		* [http://www.bbc.co.uk/news/magazine-20874650 Greeks fight back against corruption] by Andrew Bomford, January 2013
			* [http://www.nytimes.com/2013/10/29/world/europe/greeces-aggressive-pursuit-of-tax-evaders-appears-to-collect-more-anger-than-money.html Greece’s Aggressive Pursuit of Tax Evaders Appears to Collect More Anger Than Money] by Suzanne Daley, October 2013

	[[Category:Countries]]		[[Category:Countries]]

Pestergaines: /* Links */ +res

2013-01-15T15:18:51Z

Links: +res

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	* [https://www.nytimes.com/2012/11/18/business/privatizing-greece-slowly-but-not-surely.html Privatizing Greece, Slowly but Not Surely] by Liz Alderman, November 2012		* [https://www.nytimes.com/2012/11/18/business/privatizing-greece-slowly-but-not-surely.html Privatizing Greece, Slowly but Not Surely] by Liz Alderman, November 2012
	* [http://biz.thestar.com.my/news/story.asp?file=/2012/12/25/business/20121225083042&sec=business Greece not doing enough against rich tax dodgers, say EU/IMF], ''The Star Online'', December 2012		* [http://biz.thestar.com.my/news/story.asp?file=/2012/12/25/business/20121225083042&sec=business Greece not doing enough against rich tax dodgers, say EU/IMF], ''The Star Online'', December 2012
			* [http://www.bbc.co.uk/news/magazine-20874650 Greeks fight back against corruption] by Andrew Bomford, January 2013

	[[Category:Countries]]		[[Category:Countries]]

Pestergaines: /* Links */ +res

2013-01-14T14:44:28Z

Links: +res

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	* [http://www.nytimes.com/2011/06/20/business/global/20growth.html Struggling to Stoke Economic Growth in Greece] by Liz Alderman, June 2011		* [http://www.nytimes.com/2011/06/20/business/global/20growth.html Struggling to Stoke Economic Growth in Greece] by Liz Alderman, June 2011
	* [https://www.nytimes.com/2012/11/18/business/privatizing-greece-slowly-but-not-surely.html Privatizing Greece, Slowly but Not Surely] by Liz Alderman, November 2012		* [https://www.nytimes.com/2012/11/18/business/privatizing-greece-slowly-but-not-surely.html Privatizing Greece, Slowly but Not Surely] by Liz Alderman, November 2012
			* [http://biz.thestar.com.my/news/story.asp?file=/2012/12/25/business/20121225083042&sec=business Greece not doing enough against rich tax dodgers, say EU/IMF], ''The Star Online'', December 2012

	[[Category:Countries]]		[[Category:Countries]]

Pestergaines: /* Links */ +res

2012-11-26T17:56:17Z

Links: +res

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	* [http://online.wsj.com/article/SB10001424052702304520804576343291048973296.html Greek CDS Deals Come Under Scrutiny] by Mark Brown, May 2011		* [http://online.wsj.com/article/SB10001424052702304520804576343291048973296.html Greek CDS Deals Come Under Scrutiny] by Mark Brown, May 2011
	* [http://www.nytimes.com/2011/06/20/business/global/20growth.html Struggling to Stoke Economic Growth in Greece] by Liz Alderman, June 2011		* [http://www.nytimes.com/2011/06/20/business/global/20growth.html Struggling to Stoke Economic Growth in Greece] by Liz Alderman, June 2011
			* [https://www.nytimes.com/2012/11/18/business/privatizing-greece-slowly-but-not-surely.html Privatizing Greece, Slowly but Not Surely] by Liz Alderman, November 2012
	[[Category:Countries]]		[[Category:Countries]]

Pestergaines: /* Financial crisis */ A possible exit...

2012-05-15T07:38:56Z

Financial crisis: A possible exit...

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	Together with the International Monetary Fund, the EU member states have already pledged €110 billion ($159.5 billion) in aid to Athens -- half of which has already been paid out. Should the country become insolvent, euro-zone countries would have to renounce a portion of their claims.<ref name="Reiermann_Exit">Christian Reiermann. [http://www.spiegel.de/international/europe/0,1518,761201,00.html "Greece Considers Exit from Euro Zone"], ''Der Spiegel'', 05/06/2011. Referenced 2011-05-09.</ref>		Together with the International Monetary Fund, the EU member states have already pledged €110 billion ($159.5 billion) in aid to Athens -- half of which has already been paid out. Should the country become insolvent, euro-zone countries would have to renounce a portion of their claims.<ref name="Reiermann_Exit">Christian Reiermann. [http://www.spiegel.de/international/europe/0,1518,761201,00.html "Greece Considers Exit from Euro Zone"], ''Der Spiegel'', 05/06/2011. Referenced 2011-05-09.</ref>

	By January, 2012, Greece's government warned that the debt-crippled country will have to ditch the euro if it fails to finalize the details of its second, €130 billion ($169 billion) international bailout and that more austerity measures may need to be implemented.<ref name="Paphitis_bailout">Nicholas Paphitis. [http://news.yahoo.com/greece-no-second-bailout-no-euro-141331121.html "Greece: No second bailout, no euro"], Associated Press, Jan 3, 2012. Referenced 2012-01-22.</ref>		By January, 2012, Greece's government warned that the debt-crippled country will have to ditch the euro if it fails to finalize the details of its second, €130 billion ($169 billion) international bailout and that more austerity measures may need to be implemented.<ref name="Paphitis_bailout">Nicholas Paphitis. [http://news.yahoo.com/greece-no-second-bailout-no-euro-141331121.html "Greece: No second bailout, no euro"], Associated Press, Jan 3, 2012. Referenced 2012-01-22.</ref> After the government failed in elections in May, 2012, Greece's exit from eurozone was considered even by EU officials.<ref name="Donahue_Exit">Patrick Donahue. [http://www.bloomberg.com/news/2012-05-13/euro-officials-begin-to-weigh-greek-exit-from-common-currency.html "Euro Officials Begin to Weigh Greek Exit as Euro Weakens"], ''Bloomberg'', May 14 2012. Referenced 2012-05-15.</ref>

	==Economical characteristics==		==Economical characteristics==

Pestergaines: Refs in two columns.

2012-01-22T12:52:30Z

Refs in two columns.

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	==References==		==References==
	<small>Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.</small>		<small>Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.</small>
	{{Reflist}}		{{Reflist\|2}}

	==Links==		==Links==

Pestergaines: /* Financial crisis */ More recent developments; moved links.

2012-01-22T12:40:32Z

Financial crisis: More recent developments; moved links.

← Older revision		Revision as of 12:40, 22 January 2012
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	===Financial crisis===		===Financial crisis===
			{{See also\|The Great Recession}}
			{{See also\|2010 European sovereign debt crisis}}
	For years, the Greek government has demonstrated rather thriftless spending behavior. This was exacerbated when Greece started to pay lower interest rates on government bonds by virtue of having entered the [[Economic and Monetary Union of the European Union\|European Economic and Monetary Union]].		For years, the Greek government has demonstrated rather thriftless spending behavior. This was exacerbated when Greece started to pay lower interest rates on government bonds by virtue of having entered the [[Economic and Monetary Union of the European Union\|European Economic and Monetary Union]].

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	Together with the International Monetary Fund, the EU member states have already pledged €110 billion ($159.5 billion) in aid to Athens -- half of which has already been paid out. Should the country become insolvent, euro-zone countries would have to renounce a portion of their claims.<ref name="Reiermann_Exit">Christian Reiermann. [http://www.spiegel.de/international/europe/0,1518,761201,00.html "Greece Considers Exit from Euro Zone"], ''Der Spiegel'', 05/06/2011. Referenced 2011-05-09.</ref>		Together with the International Monetary Fund, the EU member states have already pledged €110 billion ($159.5 billion) in aid to Athens -- half of which has already been paid out. Should the country become insolvent, euro-zone countries would have to renounce a portion of their claims.<ref name="Reiermann_Exit">Christian Reiermann. [http://www.spiegel.de/international/europe/0,1518,761201,00.html "Greece Considers Exit from Euro Zone"], ''Der Spiegel'', 05/06/2011. Referenced 2011-05-09.</ref>

			By January, 2012, Greece's government warned that the debt-crippled country will have to ditch the euro if it fails to finalize the details of its second, €130 billion ($169 billion) international bailout and that more austerity measures may need to be implemented.<ref name="Paphitis_bailout">Nicholas Paphitis. [http://news.yahoo.com/greece-no-second-bailout-no-euro-141331121.html "Greece: No second bailout, no euro"], Associated Press, Jan 3, 2012. Referenced 2012-01-22.</ref>
	~~{{See also\|The Great Recession}}~~
	~~{{See also\|2010 European sovereign~~ debt ~~crisis}}~~

	==Economical characteristics==		==Economical characteristics==

Pestergaines: /* Modern Greece */ Polish; on bounced checks.

2011-08-31T09:21:26Z

Modern Greece: Polish; on bounced checks.

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	==Modern Greece==		==Modern Greece==
	===Corruption===		===Corruption===
	Greece is notorious for its high corruption. It is one of the most problematic [[~~Wikipedia:~~Organisation for Economic Co-operation and Development\|OECD]] countries.<ref name="">Stavros Katsios, Ionian University. [http://www.asecu.gr/Seeje/issue06/katsios.pdf "The Shadow Economy and Corruption in Greece"] (pdf), ''South-Eastern Europe Journal of Economics'' 1 (2006). "''According to these estimates two southern European countries, Greece and [[Italy]], have an underground economy almost one third as large as the officially measured GNP, followed by Spain, Portugal and Belgium, with a shadow economy between 20-24 % of official GNP. The Scandinavian countries also have an unofficial economy between 18-20% of GNP, which is attributed mainly to the high fiscal burden. "Central" European countries like Ireland, the Netherlands, France, Germany and Great Britain have a smaller underground economy (between 13-16% of GNP) probably due to a lower fiscal burden and moderate regulatory restrictions. The lower underground economies are estimated to exist in countries with relatively low public sectors (Japan, the United States and Switzerland), and comparatively high tax morale (United States, Switzerland).''" Referenced 2010-09-24.</ref>		Greece is notorious for its high [[corruption]]. It is one of the most problematic [[Organisation for Economic Co-operation and Development\|OECD]] countries.<ref name="">Stavros Katsios, Ionian University. [http://www.asecu.gr/Seeje/issue06/katsios.pdf "The Shadow Economy and Corruption in Greece"] (pdf), ''South-Eastern Europe Journal of Economics'' 1 (2006). "''According to these estimates two southern European countries, Greece and [[Italy]], have an underground economy almost one third as large as the officially measured GNP, followed by Spain, Portugal and Belgium, with a shadow economy between 20-24 % of official GNP. The Scandinavian countries also have an unofficial economy between 18-20% of GNP, which is attributed mainly to the high fiscal burden. "Central" European countries like Ireland, the Netherlands, France, Germany and Great Britain have a smaller underground economy (between 13-16% of GNP) probably due to a lower fiscal burden and moderate regulatory restrictions. The lower underground economies are estimated to exist in countries with relatively low public sectors (Japan, the United States and Switzerland), and comparatively high tax morale (United States, Switzerland).''" Referenced 2010-09-24.</ref>

	According to [[~~Wikipedia:Transparency International\|~~Transparency International]], in 2008, more than 13% of Greeks resorted to giving "fakelakia" (or little envelopes), paying an estimated €750 million in bribes to public and private officials, €110 million more than the previous year. The amount equated to an average of 1,450 euros [US $1,850] in bribes per family. The majority of bribes, 60 percent of the total, are "related to doctor's fees, tax evasion and building permits."<ref name="Transparency_corruption">Lydie Gerboin, Transparency International. [http://www.transparency.org/publications/newsletter/2009/february_2009/anti_corruption_work/bribes_in_greece "Bribes in Greece"], ''Transparency Watch'', February 2009. Referenced 2010-09-24.</ref>		According to [[Transparency International]], in 2008, more than 13% of Greeks resorted to giving "fakelakia" (or little envelopes), paying an estimated €750 million in bribes to public and private officials, €110 million more than the previous year. The amount equated to an average of 1,450 euros [US $1,850] in bribes per family. The majority of bribes, 60 percent of the total, are "related to doctor's fees, tax evasion and building permits."<ref name="Transparency_corruption">Lydie Gerboin, Transparency International. [http://www.transparency.org/publications/newsletter/2009/february_2009/anti_corruption_work/bribes_in_greece "Bribes in Greece"], ''Transparency Watch'', February 2009. Referenced 2010-09-24.</ref>

			The debt crisis has brought up an explosion of what a local English-language newspaper calls "rubber checks". In the first seven months of 2011, there was a 43 per cent increase in the value of bounced cheques to €1.38 billion. A survey of Greek small businesses shows that nearly half the companies that accept cheques are in possession of duds.<ref name="Randall_corruption">Jeff Randall. [http://www.telegraph.co.uk/news/worldnews/europe/greece/8714615/Greece-Its-the-corruption-stupid.html "Greece: It’s the corruption, stupid!"], ''The Telegraph'', 21 August 2011. Referenced 2011-08-31.</ref>

	===Financial crisis===		===Financial crisis===

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	[[Wikipedia:Solon\|Solon]], on taking office in [[Wikipedia:Classical Athens\|Athens]] in 594 BC, instituted a partial debasement of the currency (there is some disagreement on this matter{{Fact\|reason="Taken from Wikipedia, could not check this personally: Stanton G.R. Athenian Politics c800-500BC: A Sourcebook, Routledge, London (1990), page 61 note 4."}}). For the next four centuries the [[Wikipedia:Greek drachma\|drachma]] had an almost constant silver content (67 grains of fine silver until [[Wikipedia:Alexander the Great\|Alexander]], 65 grains after) and became the standard coin of trade in Greece and in much of Asia and Europe. Even after the Roman conquest of Greece in roughly the 2nd century BC, the drachma continued to be minted and widely used.<ref name="Britannica_money">Encyclopedia Britannica. [http://www.britannica.com/EBchecked/topic/389170/money "Money"], referenced 2010-09-25.</ref>		[[Wikipedia:Solon\|Solon]], on taking office in [[Wikipedia:Classical Athens\|Athens]] in 594 BC, instituted a partial debasement of the currency (there is some disagreement on this matter{{Fact\|reason="Taken from Wikipedia, could not check this personally: Stanton G.R. Athenian Politics c800-500BC: A Sourcebook, Routledge, London (1990), page 61 note 4."}}). For the next four centuries the [[Wikipedia:Greek drachma\|drachma]] had an almost constant silver content (67 grains of fine silver until [[Wikipedia:Alexander the Great\|Alexander]], 65 grains after) and became the standard coin of trade in Greece and in much of Asia and Europe. Even after the Roman conquest of Greece in roughly the 2nd century BC, the drachma continued to be minted and widely used.<ref name="Britannica_money">Encyclopedia Britannica. [http://www.britannica.com/EBchecked/topic/389170/money "Money"], referenced 2010-09-25.</ref>

	The Greek city-states were largely independent, though there was an awareness of Hellenic identity. Each city-state had its own coinage. There was an active trade in these currencies, and probably few laws limiting citizens of a given city-state to the use of their own money.<ref name="Edwards_Greece">James Rolph Edwards. [http://mises.org/journals/jls/4_1/4_1_7.pdf "Monopoly and Competition in Money"] (pdf), The Journal of Libertarian Studies Vol.IV, No.1, Winter 1980. Referenced 2010-06-26.</ref> Debasement of the currency either for state profit or for the accommodation of changes in the ratio was rare in Greek history (with the notable exception of [[Wikipedia:Dionysius I of Syracuse\|Dionysius]] of Syracuse<ref name="Chodorov_Dionysius">Frank Chodorov. [~~http~~://mises.org/daily/3936 "Tyranny and Finance"], from ''Mises Daily'', December 30, 2009; excerpted from chapter 9 of [http://mises.org/resources/3091 The Rise and Fall of Society]. Referenced 2010-09-19.</ref><ref name="Bullock_Dionysios">Jesse Bullock Charles. [http://www.archive.org/details/economicessays029061mbp "Economic Essays (1936)"], p. 502-519. "''Having borrowed money from citizens of Syracuse and being pressed for repayment, he ordered all the coin in the city to be brought to him, under penalty of death. After taking up the collection, he restamped the coins, giving to each drachma the value of two drachmae, so that he was enabled to pay back both the original loan and the money he had ordered brought to the mint.''" Referenced 2010-09-19.</ref>). On the contrary, there are cases of actually raising the standard of the coinage for the greater prestige which a coinage of high intrinsic value seemed to offer. In the sixth century B.C., the Euboean unit was increased in a number of cities by about five grains, in emulation of an increase introduced by [[Wikipedia:Peisistratos\|Pisistratus]] in Athens.<ref name="Groseclose_Greece">Elgin Groseclose. [http://mises.org/books/money.pdf "Money And Man - A Survey of Monetary Experience"] (pdf), Bimetallism and the Rise of the Gold Standard, p.146-147. Referenced 2010-06-25.</ref>		The Greek city-states were largely independent, though there was an awareness of Hellenic identity. Each city-state had its own coinage. There was an active trade in these currencies, and probably few laws limiting citizens of a given city-state to the use of their own money.<ref name="Edwards_Greece">James Rolph Edwards. [http://mises.org/journals/jls/4_1/4_1_7.pdf "Monopoly and Competition in Money"] (pdf), The Journal of Libertarian Studies Vol.IV, No.1, Winter 1980. Referenced 2010-06-26.</ref> Debasement of the currency either for state profit or for the accommodation of changes in the ratio was rare in Greek history (with the notable exception of [[Wikipedia:Dionysius I of Syracuse\|Dionysius]] of Syracuse<ref name="Chodorov_Dionysius">Frank Chodorov. [https://mises.freecapitalists.org/daily/3936 "Tyranny and Finance"], from ''Mises Daily'', December 30, 2009; excerpted from chapter 9 of [http://mises.org/resources/3091 The Rise and Fall of Society]. Referenced 2010-09-19.</ref><ref name="Bullock_Dionysios">Jesse Bullock Charles. [http://www.archive.org/details/economicessays029061mbp "Economic Essays (1936)"], p. 502-519. "''Having borrowed money from citizens of Syracuse and being pressed for repayment, he ordered all the coin in the city to be brought to him, under penalty of death. After taking up the collection, he restamped the coins, giving to each drachma the value of two drachmae, so that he was enabled to pay back both the original loan and the money he had ordered brought to the mint.''" Referenced 2010-09-19.</ref>). On the contrary, there are cases of actually raising the standard of the coinage for the greater prestige which a coinage of high intrinsic value seemed to offer. In the sixth century B.C., the Euboean unit was increased in a number of cities by about five grains, in emulation of an increase introduced by [[Wikipedia:Peisistratos\|Pisistratus]] in Athens.<ref name="Groseclose_Greece">Elgin Groseclose. [http://mises.org/books/money.pdf "Money And Man - A Survey of Monetary Experience"] (pdf), Bimetallism and the Rise of the Gold Standard, p.146-147. Referenced 2010-06-25.</ref>

	Banking, bank fraud and even banking crises were very well known. After the revolt against [[Wikipedia:Mithridates VI of Pontus\|Mithridates]], a serious banking crisis in [[Wikipedia:Ephesus\|Ephesus]] followed. The banking industry received here its first express, historically-documented privilege, which established a ten-year deferment on the return of deposits.<ref name="De_Soto_Greece">Jesús Huerta de Soto. [http://mises.org/books/desoto.pdf "Money, Bank Credit, and Economic Cycles"] (pdf). 2. Historical Violations of the Legal Principles Governing the Monetary Irregular-Deposit Contract, p. 41-51, referenced 2009-10-29.</ref>		Banking, bank fraud and even banking crises were very well known. After the revolt against [[Wikipedia:Mithridates VI of Pontus\|Mithridates]], a serious banking crisis in [[Wikipedia:Ephesus\|Ephesus]] followed. The banking industry received here its first express, historically-documented privilege, which established a ten-year deferment on the return of deposits.<ref name="De_Soto_Greece">Jesús Huerta de Soto. [http://mises.org/books/desoto.pdf "Money, Bank Credit, and Economic Cycles"] (pdf). 2. Historical Violations of the Legal Principles Governing the Monetary Irregular-Deposit Contract, p. 41-51, referenced 2009-10-29.</ref>
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	Greece's interest rates were subsidized due to an implicit guarantee from the strong members of the eurozone, who were expected to support weaker members in times of trouble. During the first years of the euro, interest rates on Greek bonds were thus reduced; they approached German bond yields. Greece spent wildly but paid interest rates like a much more conservative country. Meanwhile, the Greek economy and voting public adapted to government spending subsidized by low interest rates.		Greece's interest rates were subsidized due to an implicit guarantee from the strong members of the eurozone, who were expected to support weaker members in times of trouble. During the first years of the euro, interest rates on Greek bonds were thus reduced; they approached German bond yields. Greece spent wildly but paid interest rates like a much more conservative country. Meanwhile, the Greek economy and voting public adapted to government spending subsidized by low interest rates.

	When the [[The Great Recession\|global financial crisis]] broke out, deficits of both strong and weak eurozone countries widened. Stronger countries had their own problems and people started to doubt that they would support the weaker countries in an emergency. Furthermore, the difference between the interest rate that Greece had to pay on its bonds and the rate Germany had to pay increased.<ref name="Bagus_Bailout">Philipp Bagus. [~~http~~://mises.org/daily/4091 "The Bailout of Greece and the End of the Euro"], ''Mises Daily'', February 11, 2010. Referenced 2010-09-26.</ref>		When the [[The Great Recession\|global financial crisis]] broke out, deficits of both strong and weak eurozone countries widened. Stronger countries had their own problems and people started to doubt that they would support the weaker countries in an emergency. Furthermore, the difference between the interest rate that Greece had to pay on its bonds and the rate Germany had to pay increased.<ref name="Bagus_Bailout">Philipp Bagus. [https://mises.freecapitalists.org/daily/4091 "The Bailout of Greece and the End of the Euro"], ''Mises Daily'', February 11, 2010. Referenced 2010-09-26.</ref>

	In October 2009, the Greek government deficit for 2008 was revised from 5.0% of GDP (the ratio reported by Greece, and published and validated by [[Eurostat]] in April 2009) to 7.7% of GDP. At the same time, the Greek authorities also revised the planned deficit ratio for 2009 from 3.7% of GDP (the figure reported in spring) to 12.5% of GDP, reflecting a number of factors (the impact of the economic crisis, budgetary slippages in an electoral year and accounting decisions).<ref name="EC_Greek_Statistics">European Comission. [http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/COM_2010_REPORT_GREEK/EN/COM_2010_REPORT_GREEK-EN.PDF Report on Greek Government Deficit and Debt Statistics] (pdf), ''European Comission'', January 2010. Referenced 2010-09-24.</ref> The deficit was later revised to 13.6%, with a possible revision of up to 14%.<ref name="Eurostat_deficit">Eurostat Press Office. [http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-22042010-BP/EN/2-22042010-BP-EN.PDF "Euro area and EU27 government deficit at 6.3% and 6.8% of GDP respectively"] (pdf), Provision of deficit and debt data for 2009 - first notification, 55/2010 - 22 April 2010. Referenced 2010-09-26.</ref>		In October 2009, the Greek government deficit for 2008 was revised from 5.0% of GDP (the ratio reported by Greece, and published and validated by [[Eurostat]] in April 2009) to 7.7% of GDP. At the same time, the Greek authorities also revised the planned deficit ratio for 2009 from 3.7% of GDP (the figure reported in spring) to 12.5% of GDP, reflecting a number of factors (the impact of the economic crisis, budgetary slippages in an electoral year and accounting decisions).<ref name="EC_Greek_Statistics">European Comission. [http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/COM_2010_REPORT_GREEK/EN/COM_2010_REPORT_GREEK-EN.PDF Report on Greek Government Deficit and Debt Statistics] (pdf), ''European Comission'', January 2010. Referenced 2010-09-24.</ref> The deficit was later revised to 13.6%, with a possible revision of up to 14%.<ref name="Eurostat_deficit">Eurostat Press Office. [http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-22042010-BP/EN/2-22042010-BP-EN.PDF "Euro area and EU27 government deficit at 6.3% and 6.8% of GDP respectively"] (pdf), Provision of deficit and debt data for 2009 - first notification, 55/2010 - 22 April 2010. Referenced 2010-09-26.</ref>
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	* BBC [http://news.bbc.co.uk/1/hi/world/europe/country_profiles/1009249.stm country profile]		* BBC [http://news.bbc.co.uk/1/hi/world/europe/country_profiles/1009249.stm country profile]
	* [http://www.nytimes.com/interactive/2010/05/02/weekinreview/02marsh.html Europe's Web of Debt] by Bill Marsh, May 2010		* [http://www.nytimes.com/interactive/2010/05/02/weekinreview/02marsh.html Europe's Web of Debt] by Bill Marsh, May 2010
	* [~~http~~://mises.org/daily/4707 Economic Thought in Ancient Greece] by Jesus Huerta de Soto, September 2010		* [https://mises.freecapitalists.org/daily/4707 Economic Thought in Ancient Greece] by Jesus Huerta de Soto, September 2010
	* [http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6804156/Greece-defies-Europe-as-EMU-crisis-turns-deadly-serious.html Greece defies Europe as EMU crisis turns deadly serious] by Ambrose Evans-Pritchard, December 2009		* [http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6804156/Greece-defies-Europe-as-EMU-crisis-turns-deadly-serious.html Greece defies Europe as EMU crisis turns deadly serious] by Ambrose Evans-Pritchard, December 2009
	* [http://www.washingtontimes.com//news/2010/feb/26/our-own-greek-tragedy/print/ STEYN: Our own Greek tragedy] by Mark Steyn, February 2010, comparing the economic situation in the [[US]] and Greece		* [http://www.washingtontimes.com//news/2010/feb/26/our-own-greek-tragedy/print/ STEYN: Our own Greek tragedy] by Mark Steyn, February 2010, comparing the economic situation in the [[US]] and Greece