Greek debt crisis and its impact on EU

Greece joined EU in 1981 and became a member of the European Monetary Union in 2001. With its budget deficit and government debt, which do not comply with the Maastricht criteria for a long time, Greece belongs to the weakest members of EU. The impact of the global financial crisis, combined with structural weaknesses of the national economy, which significantly reduces its competitiveness, occurred in Greece in 2009. At this time pressure on international financial markets, the Greek government bonds, and the common European currency, was intensified. Greek bond rating has gradually dropped to the junk level and the interest rate of bonds has exceeded the acceptable limit. Concerns about possible default followed