Greece : Background, Debt, & Cyprus Issues

The Greek city-state of Athens is believed to have developed the first known democracy around 500 B.C. Modern Greece has been a democracy since the toppling of a military junta in 1974. Since then, the New Democracy (ND) party and the Pan Hellenic Socialist Movement (PASOK) have alternated leadership of the government. ND ruled from March 2004 until October 2009, when PASOK won national elections and a clear majority of the seats in parliament. PASOK''s victory has been attributed to anti-ND public sentiment caused by the economic recession, corruption scandals, and law-and-order issues. On taking power, PASOK inherited a severe financial crisis; economic growth has contracted for three consecutive quarters in 2009, and the budget deficit is projected to be 12.7% of GDP and debt to be 125% of GDP in 2010. This book focuses on Greece''s foreign policy; debit crisis, reunifying Cyprus; and relations with the U.S.