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Greece is in a financial crisis because government was spending more than it was earning from taxes for decades. However, government figures did not reflect this profligacy. Government then had to borrow massively to cover for the deficit leading to a huge debt burden for the nation.

The Troika are the three major institutions that provided the bailout funds to cover the Greek deficit in 2010. They are the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Union (EU). These institutions bore the risk of a Greek default. Thus, their representatives met regularly with the Greek government to ensure economic reforms.

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Austerity measures have not done much to stem the economic slide. Government spending still takes up about 48% of GDP while bailouts contribute 3%. 20% of the nation’s GDP comes from its tourist sector. Banks are reluctant to give loans and citizens have emigrated in droves. The outlook for the Greek economy is a slow path to recovery.