Greek Debt Crisis The Greek government-debt crisis ( Greek Depression ) The Greek crisis started in late 2009 d ue to previous data on government debt levels and deficits had been undercounted by the Greek. Government had to borrow from European Central Bank . To pay this debt, t he government enacted 12 rounds of tax increases, spending cuts, and reforms from 2010 to 2016, which at times triggered local riots and nationwide protests . Instead, to become more competitive, Greek wages fell , reduced income and GDP, resulting in a severe recession , decline in tax receipts and a significant rise in the debt-to-GDP ratio and unemployment rate. Then 2015, Greece’s president asked for perspective from citizen to continue following the policy of ECB and IMF or to reject the bailout terms that will make Greece take risk to exit from the Eurozone ...