IntroductionGreece is a democratic, high-income and developed country on the European continent with the 44th highest GDP and 29th highest HDI in the world. According to the International Monetary Fund, Greece's GDP for fiscal year 2012 was $266 billion. The service sector represents the largest share, equal to 78%, which includes the public sector and the tourism sector. The industrial sector contributes 18% to Greece's GDP. The Greek agricultural sector contributes only 4%, as shown in the following figure: 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 workforce is also shown above. It should be emphasized that the agricultural sector, despite representing a significant 20% of the entire workforce, represents only 4% of Greek GDP, implying large income inequalities. Greece has a history of financial problems with high debt, endemic corruption and tax evasion. However, things took a turn for the worse in 2008 in the aftermath of the global financial crisis, when the country faced a full-blown sovereign debt crisis. Causes The economic crisis in Greece was caused in various parts and with different importance by a series of factors. The main reasons for the Greek economic crisis can be identified as: – Greece's entry into the Eurozone despite its intrinsic inadequacies; insufficient tax base and reckless public spending combined with corruption. Greece officially adopted the euro and became part of the Eurozone in 2001. Becoming a member of the Eurozone required countries to meet specific criteria called the Maastricht convergence criteria. However, at the time of its admission to the Eurozone, Greece was nowhere near reaching the...... middle of paper ......a Central Bank, Press and Information Division, 2 January 2001. Web: https: //www.ecb.europa.eu/press/pr/date/2001/html/pr010102.en.html• Crisis, threats and ways out for the Greek economy. Christodoulakis, N. 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• ​​​​The Greek economy at a crossroads. IMF Survey Magazine, 17 December 2010. Web - http://www.imf.org/external/pubs/ft/survey/so/2010/int121710a.htm• Will Greece trigger Global Meltdown 2.0?. Richard Parker.• Questions and Answers: Explaining Greece's Financial Crisis. CNN, 26 March 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