Greece: How Did It Get Into This Mess?

At first, the most ambitious attempt ever to create a new multinational currency all seemed to go so well. The predicted problems with banks and vending machines never materialized. The euro surpassed the dollar in value. The launch was hailed as a success.

And yet for Greece, it seems now to have all fallen flat. How did it happen? . . .

2001: Greece became the 12th — and last — country to join the eurozone before the launch of the euro at the beginning of 2002 . . .

But even then, warnings were sounded. The president of the European Central Bank, Wim Duisenberg, warned that Greece had much to do in terms of improving its economy and controlling inflation . . .

2010: In 2009, international investors, understandably spooked by the revelation that Greece’s previously announced debt and deficit figures were inaccurate, became worried about the country’s ability to pay its debts. (Read more from “Greece: How Did It Get Into This Mess?” HERE)

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