The eurozone crisis didn’t emerge from a clear blue sky five years ago. Greece’s economic problems were well known; in 2004, it admitted fudging its deficit figures to qualify for euro membership, and a year later Athens brought in an austerity budget to, it hoped, bring down borrowing. But the left-wing Pasok government still shocked the financial markets and its EU neighbours on 18 October. Fresh from winning a general election, it announced that Greece’s budget problems were far worse than imagined; a deficit equal to 12% of national output, not the 6% forecast by the previous government. That admission triggered market panic, tumbling share prices, credit rating downgrades – setting the tone for the years ahead. It was a wild autumn, five years ago – with the ripples of financial panic reaching as far as Dubai: Dubai shares plummet as crisis continues – live But Europe was the crucible of our story. By spring 2010, the eurozone was entering full-blown crisis mode, and the Guardian was starting to live-blog every twist and turn of it. In February, the situation turned violent as riot police fired on protesters in Athens during a one-day strike. Greeks protest as government slashes public… Read full this story
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