ABSTRACT
The period which began in October 2009 and is currently in progress in Greece is one of the most painful and turbulent in decades. The problem the country triggered also risks leading the eurozone down the road to dissolution. In the first months of 2011 the Greek crisis kept unfolding and spreading and uncertainty for the future started to dominate in the euro and market atmosphere. The Greek Government failed to deliver on most parts of its obligations and its reform progress was rather anemic. The revision of the Greek figures in 2004 had not sent a clear signal to Brussels. The economic play from October 2009 onwards had two interconnected dimensions: a Greek and a European one. In the first months after May 2010, the Greek Government indeed began to implement healthcare and pension reforms.
