week 2 article - Something I find very intriguing about...

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Something I find very intriguing about Greece’s default situation is the fact that it has all happened after the nation hosted the 2004 summer Olympic Games. Megan McCardle’s article entitled “Did the Olympics Break the Greek Government? Touches on this topic providing interesting point of view. According to the author for Greece to join the euro currency zone, its government was forced to adopt austerity measures that reduced deficits from slightly over 9% of GDP in 1994 to just 3.1% of GDP in 1999, before joining the euro in 2001. From that point on Government deficits rose every year after 1999, peaking at 7.5% of GDP in 2004, the year of the Olympics noting that the cost of the two weeklong events hit the 9 billion euro mark which equaled roughly 5% of the annual GDP of the country. The article also reports that a year after the Olympic Games Greece’s gross national product dropped to its lowest level in 10 years. As a sports fan I have always enjoyed the Olympic Games every four years but the 2004 always
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This note was uploaded on 04/06/2012 for the course FINANCE 410 taught by Professor N/a during the Spring '09 term at AIU Online.

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week 2 article - Something I find very intriguing about...

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