IntroductionGreece is a democratic, high-income and developed country on the European continent, with the 44th highest GDP and the 29th highest HDI in the world. According to the International Monetary Fund, Greece's GDP for fiscal year 2012 was $266 billion. The services sector accounts for the largest share, at 78%, which includes the public sector and tourism. The industrial sector contributes 18% of Greek GDP. The Greek agricultural sector contributes only 4%, as shown in the figure below: Source: The World Fact book, www.cia.gov.in – Greece (2012) Source: The World Fact book, www .cia.gov.in – Greece (2012) The composition of the squad is also presented above. It should be noted that the agricultural sector, although it accounts for 20% of the total workforce, represents only 4% of Greek GDP, implying vast income inequalities. Greece has a history of financial difficulties with high debt, endemic corruption and tax evasion. However, things took a turn for the worse in 2008, following the global financial crisis, when the country faced a full-blown sovereign debt crisis. Causes The Greek economic crisis was caused at various levels and with varying importance by a number of factors. . The main reasons for the Greek economic crisis can be identified as follows: – Greece's entry into the Eurozone despite its inherent shortcomings; Insufficient tax base and reckless government spending associated with corruption. Greece officially adopted the euro and became part of the eurozone in 2001. To become a member of the eurozone, countries had to meet a specific criterion called the Maastricht convergence criterion. However, at the time of its admission to the Eurozone, Greece was far from reaching...... middle of paper ......an Central Bank, Press and Information Division, January 2, 2001. Web: https: //www.ecb.europa.eu/press/pr/date/2001/html/pr010102.en.html• Crisis, threats and outcomes for the Greek economy. Christodoulakis, Northern Cyprus Economic Policy Review, Vol. 4, No. 1, pp. 89-96 (2010) 1450-4561 Web - http://www.ucy.ac.cy/erc/documents/Christodoulakis_Full_Text.010.pdf• ​​Greek economy at the crossroads. IMF Survey Magazine, December 17, 2010. Web - http://www.imf.org/external/pubs/ft/survey/so/2010/int121710a.htm• Will Greece Trigger Global Collapse 2.0?. Richard Parker.• Questions/Answers: The Greek financial crisis explained. CNN, March 26, 2010. Web - http://edition.cnn.com/2010/BUSINESS/02/10/greek.debt.qanda/• How the euro benefits us all. European Communities, Economic and Financial Affairs, 2007. Web: http://ec.europa.eu/economy_finance/publications/publication9869_en.pdf