Changes

==Economy==

==Economy==

Greece adopted the euro as its new common currency in January 2002. The adoption of the euro provided Greece (formerly a high [[inflation]] risk country under the drachma) with access to competitive loan rates and also to low rates of the Eurobond market. This led to a dramatic increase in consumer spending which gave a significant boost to economic growth. This credit also led to a more relaxed fiscal policy starting in 2002, which, combined with expenditures associated with the preparation of the Athens 2004 Olympics, resulted in higher than intended deficits and debt in 2003 and 2004. The government deficit in 2004 is now estimated by the Greek government to have reached 6.6% of GDP. As a result of lower post-Olympic spending, the government deficit in 2005 is estimated to have been lowered to 4.3% of GDP, with a debt to GDP ratio of 107.9%. The administration pledged to reduce the government debt to 2.6% of GDP in 2006 and to tighten fiscal finances, under an EC excessive deficit surveillance program.  

Greece adopted the euro as its new common currency in January 2002. The adoption of the euro provided Greece (formerly a high [[inflation]] risk country under the drachma) with access to competitive loan rates and also to low rates of the Eurobond market. This led to a dramatic increase in consumer spending which gave a significant boost to economic growth. This credit also led to a more relaxed fiscal policy starting in 2002, which, combined with expenditures associated with the preparation of the Athens 2004 Olympics, resulted in higher than intended deficits and debt in 2003 and 2004. The government deficit in 2004 is now estimated by the Greek government to have reached 6.6% of GDP. As a result of lower post-Olympic spending, the government deficit in 2005 is estimated to have been lowered to 4.3% of GDP, with a debt to GDP ratio of 107.9%. The administration pledged to reduce the government debt to 2.6% of GDP in 2006 and to tighten fiscal finances, under an EC excessive deficit surveillance program.  

*GDP: $314.4 billion.  

*GDP: $314.4 billion.  

Greece has been a major net beneficiary of the EU budget; in 2004, EU transfers accounted for 3.6% of GDP and are estimated to have been approximately 3.2% of GDP in 2005. From 1994-99, about $20 billion in EU structural funds and Greek national financing were spent on projects to modernize Greece's transportation network in time for the Olympics in 2004. The centerpiece was the construction of the new international airport near Athens, which opened in March 2001 soon after the launch of the new Athens subway system.  

Greece has been a major net beneficiary of the EU budget; in 2004, EU transfers accounted for 3.6% of GDP and are estimated to have been approximately 3.2% of GDP in 2005. From 1994-99, about $20 billion in EU structural funds and Greek national financing were spent on projects to modernize Greece's transportation network in time for the Olympics in 2004. The centerpiece was the construction of the new international airport near Athens, which opened in March 2001 soon after the launch of the new Athens subway system.  

EU transfers to Greece continued with approximately $24 billion in structural funds for the period 2000-2006. Bureaucratic obstacles have led to significant delays in Greece's absorbing these funds which means that Greece may forfeit a portion of that. The same level of EU funding, $24 billion, has been allocated for Greece for 2007-2013. EU funds will continue to finance major public works and economic development projects, upgrade competitiveness and human resources, improve living conditions, and address disparities between poorer and more developed regions of the country.  

EU transfers to Greece continued with approximately $24 billion in structural funds for the period 2000-2006. Bureaucratic obstacles have led to significant delays in Greece's absorbing these funds which means that Greece may forfeit a portion of that. The same level of EU funding, $24 billion, has been allocated for Greece for 2007-2013. EU funds will continue to finance major public works and economic development projects, upgrade competitiveness and human resources, improve living conditions, and address disparities between poorer and more developed regions of the country.

==History==

==History==