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Greek government-debt crisis

Greece faced a sovereign debt crisis in the aftermath of the 2008 financial crisis. Widely known in the country as The Crisis, it forced the government to carry out a series of sudden reforms and austerity measures, concurrently with loss of income and property. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date and became the first developed country whose stock market was downgraded to that of an emerging market in 2013, only starting to be reclassified back as a developed market by FTSE Russell in October 2025, followed by other index/market classification providers. As a result, the Greek political system was upended, social exclusion increased, and hundreds of thousands of well-educated Greeks left the country, although the majority of those who left had returned as of 2024.

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