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Profile: Greece

Greece was a participant or observer in the following events:

An alliance of the countries of Serbia, Bulgaria, and Montenegro, later to include Greece, demands that the Ottomans immediately grant autonomy to Christians. Serbia then invades Kosova and crosses northern Albania to the coast, Montenegro invades the same region, and Bulgaria invades Macedonia and part of eastern Albania. According to author Paulin Kola, the war is based on a policy called Nacertanije (meaning “draft”), created in the mid-1800s by Serbian foreign minister Ilija Garasanin. Nacertanije advocates annexing Kosova and northern Albania to Greater Serbia, connecting Serbia to the Adriatic. A Serb soldier describes a speech by his commander once they reached Kosova: “‘Brothers, my children, my sons!’ His voice breaks. ‘This place on which we stand is the graveyard of our glory. We bow to the shadows of fallen ancestors and pray God for the salvation of their souls.’ His voice gives out and tears steam down his cheeks and gray beard and fall to the ground. He actually shakes from some kind on inner pain and excitement.… We are the generation which will realize the centuries-old dream of the whole nation: that we with the sword will regain the freedom that was lost with the sword.” The war results in a heavy toll among Kosovar civilians. About 25,000 Albanians are killed, and only three survive the war in the town of Ferizaj. Subsequently, an international commission established by the Carnegie Endowment will say in 1914 that the civilian toll was an intentional policy. Before the war, Serbia denied that Albanians could be independent and dehumanized them, according to Kola. Former Prime Minister Vladan Djordjevic said Albanians were thin, short, and that their Roma and Phoenician traits made him think of primates who slept hanging in trees. After occupation, there are cases of Muslims being forced to convert to Orthodox Christianity, and in one case 500 Albanians are shot for their refusal. [Kola, 2003, pp. 11-12]

Entity Tags: Vladan Djordjevic, Bulgaria, Carnegie Endowment, Greece, Ilija Garasanin, Paulin Kola, Serbia, Montenegro, Ottoman Empire

Timeline Tags: Kosovar Albanian Struggle

1913: Albanian State Created by Great Powers

At a conference of their ambassadors, the six Great Powers (Austria-Hungary, France, Germany, Italy, Russia, and the United Kingdom) decide to create an independent and neutral Albanian kingdom, with no ties to the Ottomans. Under a July 29 agreement, the Great Powers nominate the prince of Albania, run the government and budget of Albania for a renewable term of 10 years, and create an Albanian gendarmerie, under Swedish Army officers. The conference also decides Albania’s borders. In addition to demanding a commercial port on the Adriatic Sea, which the conference quickly accepts, Serbia wants its border to extend from Lake Ohri, along the Black Drin River to the White Drin River, which excludes Kosova and parts of Macedonia with an Albanian population. Montenegro wants its border to be on the Mat River, or at least the Drin River, giving it parts of northern Albania. Greece wants its border to begin at the city of Vlora and include Gjirokastra and Korca in southern Albania. The Albanian government in Vlora wants Albania to unite all Albanian populated areas, including Kosova, parts of Macedonia and Montenegro, and the Greek region of Cameria. Austria and Italy support the Albanian position, but lose to Russia, which supports Serbia. Instead of giving Shkodra to Montenegro, the conference leaves it in Albania, Montenegro keeps what it was given by the Berlin Congress in the summer of 1878, and Kosova is given to Serbia. Sir Edward Grey makes a five-part proposal to settle the border with Greece. A commission is empowered to go to the area and settle the border, and recommends that Korca and Sazan, an island near Vlora, be given to Albania. The occupation forces, especially the Greeks, hamper the commission. The Florence Protocol in December 1913 gives Cameria, which Greece calls Northern Epirus, to Greece. At the other end of Albania, a commission attempts to implement an agreement from March 22, and modified April 14. Serbia continues to occupy northern Albania, leading to an Albanian backlash there in September and October. Serbia says there is a need for its occupation forces in the region, but Austria-Hungary threatens military force if Serb forces do not leave within eight days. The commission leaves the issue there because of winter and then the start of World War I the next summer. [Kola, 2003, pp. 13-16]

Entity Tags: United Kingdom, Austria-Hungary, Albania, Edward Grey, France, Germany, Montenegro, Serbia, Russia, Macedonia, Italy, Greece

Timeline Tags: Kosovar Albanian Struggle

Bulgaria, Greece, Montenegro, Serbia, and the Ottomans sign a peace treaty to end the 1912 Balkan war, allowing the six major powers of Europe to decide Albania’s status. Proposals were discussed months earlier. In December 1912 a conference of ambassadors headed by UK Foreign Secretary Sir Edward Grey met in London. They decided to create an autonomous Albania still connected to the Ottomans, but then Macedonia was captured, cutting Albania off from the Ottoman Empire. [Kola, 2003, pp. 13]

Entity Tags: France, Albania, Edward Grey, Austria-Hungary, Germany, Bulgaria, Greece, Macedonia, United Kingdom, Italy, Serbia, Ottoman Empire, Montenegro, Russia

Timeline Tags: Kosovar Albanian Struggle

Spring 1914: Greece Invades Southern Albania

The provisional government of North Epirus, led by J Zographos, a former foreign minister of Greece, is formed in southern Albania. In response, Albania gives more rights to Albanian Greeks. Subsequently, Greece occupies the area around Berat and Korca. [Kola, 2003, pp. 16]

Entity Tags: Provisional Government of North Epirus, Albania, J Zographos, Greece

Timeline Tags: Kosovar Albanian Struggle

1915: Central Powers Invade Kosova

Bulgaria enters World War I on the side of the Central Powers and invades Kosova and Macedonia, in conjunction with Austro-Hungarian forces. Serbia’s army then loses hundreds of Albanians, many of whom join the Bulgarians. Later, a small Austro-Hungarian force leads the Bulgarian-armed Albanians in an attack on a Serb force in the Ibar Valley, in southern Serbia. The Serb military is cut off from the Entente forces in Greece and retreats through Albania to the Adriatic in early October. Much of Kosova is occupied by Austria-Hungary while Bulgaria occupies Pristina, Prizren, Kacanik, Gnjilane, and Urosevac. Austria-Hungary creates an Albanian government and schools. [Vickers, 1998, pp. 89; Kola, 2003, pp. 17]

Entity Tags: Bulgaria, Albania, Austria-Hungary, Central Powers, Greece, Entente

Timeline Tags: Kosovar Albanian Struggle

A secret treaty is signed in London between the Entente—comprising Britain, France, and Russia—and Italy, giving Italy the port of Vlora, the nearby island of Sazan (Saseno), and whatever area Italy deems necessary to hold them. If Italy captures Trentin, Istria, Trieste, Dalmatia, and some islands in the Adriatic, France, Russia, and Britain’s plan to split Albania between Greece, Montenegro, and Serbia will go ahead. The border between Greece and Serbia would be west of Lake Ohri. Part of Albania would remain, but its foreign policy would be under Italy’s control. The four signatories are the same ambassadors who signed the treaty that created the Albanian state in 1913. The treaty will be made public by the Bolsheviks in 1917. [Vickers, 1998, pp. 89; Kola, 2003, pp. 17]

Entity Tags: Italy, France, Greece, Serbia, Russia, United Kingdom, Montenegro

Timeline Tags: Kosovar Albanian Struggle

Italy decides to support Albania after all, since there is already an Albanian state under Austria-Hungary, France declares the southern city of Korca autonomous, and Greece demands that Korca be given to it. Giacinto Ferrero, commanding Italy’s forces in Albania, proclaims Italian support for an independent Albania in a document that will later become known as the Gjirokastra Proclamation. Just a few weeks later, Italian Foreign Minister Baron Sidney Sonnino will advocate this policy in the Italian parliament. On the contrary, Austria-Hungary wants to unite Kosova and Albania and give southern Albania to Greece. [Kola, 2003, pp. 17-18]

Entity Tags: Sidney Sonnino, Austria-Hungary, France, Italy, Giacinto Ferrero, Greece

Timeline Tags: Kosovar Albanian Struggle

Albania is divided up at the peace conference in Paris that follows the end of World War I. The area around Prizren is given to the new Yugoslavia (the Kingdom of Serbs, Croats, and Slovenes), southern Albanian areas are given to Greece, and Italy is made the defender of Albania’s territorial integrity. Albania is not represented at the Conference. [Kola, 2003, pp. 18]

Entity Tags: Albania, Yugoslavia, Italy, Greece

Timeline Tags: Kosovar Albanian Struggle

April 7, 1939: Italy Invades Albania

Italy occupies Albania, with 50,000 soldiers, 173 ships, and 600 bombers, facing some Albanian civilian volunteers and regular soldiers. The ruling family escapes to Greece and then the UK, though King Zog I does not abdicate. Early on the Italians face resistance from 15,000 Albanians along the coast at Durres, Vlora, Saranda, and Shengjin, as well as inland. Later, 3,000 guerillas seek refugee in the mountains and political resistance begins. Under Italian control, the Constituent Assembly soon proclaims the union of Albania with Italy and invites Italian King Emmanuel III to rule Albania. [Hoxha, 1974, pp. 593-595; Kola, 2003, pp. 22]

Entity Tags: Ahmet Zog I, Albania, Italy, United Kingdom, Greece, Victor Emmanuel III

Timeline Tags: Kosovar Albanian Struggle

The Kingdom of Yugoslavia and Greece sign an agreement to coordinate their foreign policy, defense, and economies after World War II. Britain supports the plan, and Foreign Secretary Anthony Eden advocates including Albania and Bulgaria. Britain will oppose the plan by late 1944, because of the success of communist-led partisan armies in the region. [Kola, 2003, pp. 83-84]

Entity Tags: Yugoslavia, Albania, Anthony Eden, United Kingdom, Greece, Bulgaria

Timeline Tags: Kosovar Albanian Struggle

Following the liberation of Yugoslavia, the Community Party of Yugoslavia resumes support for a Balkan federation, excluding Greece, which is in Britain’s sphere of influence. The Soviet Union pushes Yugoslav-Bulgarian coordination as the first step, which some see as an attempt to increase Soviet influence over Yugoslavia through more pro-Soviet Bulgaria. Yugoslavia sends Eduard Kardelj to Bulgaria in November, but Velimir Stoinic also brings up unification at the Second Plenum of the Central Committee of the Communist Party of Albania this month in the southern Albanian town of Berat. [Kola, 2003, pp. 84]

Entity Tags: Yugoslavia, Bulgaria, Eduard Kardelj, Greece, Union of Soviet Socialist Republics, Velimir Stoinic, Party of Labor of Albania, League of Communists of Yugoslavia

Timeline Tags: Kosovar Albanian Struggle

Albania is allowed to participate in the Paris Peace Conference, regarding the post-war settlements between the Allies and Italy, Bulgaria, Romania, Hungary, and Finland, but is not a full participant, instead being classed with Austria. The Albanian government argues that it was a full member of the Allied effort, fielding 70,000 Albanian Partisans, including 6,000 women, against around 100,000 Italians and 70,000 Germans. It says Italy and Germany suffered 53,639 casualties and prisoners and lost 100 armored vehicles, 1,334 artillery pieces, 1,934 trucks, and 2,855 machine guns destroyed or taken in Albania. Out of its population of one million, Albania says 28,000 were killed, 12,600 wounded, 10,000 were political prisoners, and 35,000 were made to do forced labor. Albania says 850 out of 2,500 of its communities were destroyed by the war.
Disputed by Greece - To oppose Albania’s demands, Greece argues that Albania is at war with it. Greece also claims Gjirokastra and Korca, south of the Shkumbin River, and there is some fighting along the border. By 11 votes to seven, with two abstentions, the conference votes to discuss Greece’s territorial claims. Italian King Victor Emmanuel III blames Albania for the invasion of Greece, and Greece points to a declaration of war by the Albanian occupation government after Daut Hoxha was found murdered at the border in summer 1940.
Hoxha's Address - Enver Hoxha addresses the conference. He points to hundreds of Albanians conscripted by Italy who deserted or joined the Greeks, who then treated them as POWs. Many were later sent to Crete and joined British forces who landed there. Others joined the Albanian Partisans or were captured by Italy, court-martialed for “high treason,” and imprisoned in the Shijak concentration camp. There are other cases of attacks on Italian forces by Albanian soldiers. Hoxha also mentions attacks on Albania by Greeks, such as the over 50 homes in Konispol burned by German soldiers guided by a captain under Greek collaborationist General Napoleon Zervas on September 8, 1943. His forces also joined German forces in their winter 1943-44 Albanian offensive. They invaded and burned again in June 1944. Hoxha refutes Greek claims that Albania is treading on the rights of the Greek minority, which Albania numbers at 35,000. There are 79 schools using Greek, one secondary school, autonomous Greek local government, and Greeks in the government and military. Between 1913 and 1923, Hoxha claims there were 60,000 Albanians in Greece, 35,000 of whom were classified as Turks and deported to Turkey in exchange for Turkish Greeks. In June 1944 and March 1945 Zervas’ forces attacked Greek Albanians, and at least 20,000 fled to Albania. Hoxha will later say that what Albania terms the “monarcho-fascist” Greek government commits 683 military provocations against Albania from its founding to October 15, 1948. Hoxha claims the Greek prime minister tells a Yugoslav official at the Peace Conference that he is open to dividing Albania with Yugoslavia, but Yugoslavia refuses. Hoxha tells the conference, “We solemnly declare that within our present borders there is not one square inch of foreign soil, and we will never permit anyone to encroach upon them, for to us they are sacred.” Italy is accused of harboring Albanian and Italian war criminals, including “fascists” who assassinated an Albanian sergeant at the Allied Mediterranean High Command in Bari in March. The Italian politicians are accused of threatening Albania during recent elections. In conclusion, Hoxha asks that the Peace Conference further limit Italy’s post-war military, claims Italy committed 3,544,232,626 gold francs worth of damage in Albania, and Albania wants to be classified as an “associated power.”
US, British Opposition - These requests are opposed by the UK and US. Albania afterward considers its share of the reparations to be too low. The UK and US will later oppose Albanian participation in the Moscow conference on peace with Germany, held in March-April 1947. An American delegate will say: “We are of the opinion that, first, Albania is not a neighbor of Germany, and second, it did not take part in the war against Germany. Only some individual Albanians, perhaps, took part in this war, but apart from this there were also Albanians who fought side by side with the Germans.” [PLA, 1971, pp. 258; Hoxha, 1974, pp. 539-542, 593-614; Hoxha, 1975, pp. 90-91, 99]

Entity Tags: Turkey, Greece, Germany, Enver Hoxha, Daut Hoxha, Albanian Partisans, Albania, Italy, Napoleon Zervas, Victor Emmanuel III, Union of Soviet Socialist Republics, Yugoslavia, United States of America, United Kingdom

Timeline Tags: Kosovar Albanian Struggle

Yugoslavia’s General Staff says Greece plans to attack Albania and therefore requests a base in the Korca region for an air force fighter division and an anti-aircraft missile division. An Albanian envoy will be sent to Belgrade regarding the request. Yugoslav communist leader Josip Broz Tito will then send a high-ranking military envoy in early 1948 to deliver a letter reiterating the request to Albanian communist leader Enver Hoxha. [Kola, 2003, pp. 87]

Entity Tags: Yugoslavia, Albania, Enver Hoxha, Greece, Josip Broz Tito

Timeline Tags: Kosovar Albanian Struggle

Through Soviet influence, an Albanian delegation headed by Prime Minister Enver Hoxha, and including Interior Minister Koci Xoxe, Hysni Kapo, and Kristo Themelko is invited to Bulgaria. Hoxha later recounts that the Yugoslavs do not know about the invitation until he informs the Yugoslav ambassador. The delegation stops in Belgrade on December 12 and meets with Yugoslav leader Josip Broz Tito. Xoxe and Themelko also meet with Yugoslav Interior Minister Alexsandr Rankovic, which Hoxha will later say was probably at Rankovic’s request. The first night in Bulgaria, Hoxha says Xoxe and Themelko tell him he should have praised Tito more in the meetings with the Bulgarians. Later Xoxe says the Treaty of Friendship, Collaboration and Mutual Aid with Bulgaria should be in agreement with the Yugoslavs, and his amendment is added. According to the official PLA history, Xoxe tries to make the treaty dependent on Yugoslav approval, but Hoxha prevents this. According to academic Paulin Kola, Bulgarian leader Georgii Dimitrov says an eastern European federation, including Greece, is inevitable, an idea quickly rejected subsequently in an issue of the Soviet newspaper Pravda. Hoxha’s account says the Albanians do not reveal their tensions with Yugoslavia to the Bulgarian leadership. The delegation again stops in Belgrade on the way back, but Hoxha says they are received by lower ranking leaders than before, with a colder reception, and are told Tito is in Romania. [PLA, 1971, pp. 313; Hoxha, 1982, pp. 391-418; Kola, 2003, pp. 91-92]

Entity Tags: Union of Soviet Socialist Republics, Greece, Georgi Dimitrov, Enver Hoxha, Bulgaria, Alexander Rankovic, Albania, Hysni Kapo, Josip Broz Tito, Koci Xoxe, Kristo Themelko, Yugoslavia, Romania, Soviet Communist Party, Paulin Kola, Party of Labor of Albania, Pravda

Timeline Tags: Kosovar Albanian Struggle

In a letter dated January 26, 1948, and delivered by Yugoslav General Milan Kupresanin, Tito tells Albanian leader Enver Hoxha that Greece, aided by the British and Americans, is about to invade Albania, so Yugoslavia wants to quietly station a division and supporting soldiers in the Korca region. Academic Paulin Kola will later claim that Albania proposes that the Albanian and Yugoslav soldiers should be under a unified command, as a step towards military unification. In his memoir, The Titoites, Hoxha will say that he tells Kupresanin that the request has to be discussed by the leadership and that he personally is against it. Kristo Themelko and Chief of the Albanian General Staff Beqir Balluku, who replaced Hoxha ally Mehmet Shehu, previously met with Tito and said Albania would accept the military assistance. Kupresanin comes with a team to survey the area. Hoxha replies that Albania can defend itself, the Greek government forces are wrapped up in an offensive against the Greek Democratic Army, the plan should not be hidden from the Albanian public, and that hosting the division would destabilize the region. Hoxha says to Kupresanin that “the worst thing would be if, from such a precipitate action, enemies or friends were to accuse us that Albania has been occupied by the Yugoslav troops!” and says Kupresanin briefly blanched. Xoci Xoxe is also at the meeting and supports the Yugoslav request, and says action should be taken quickly. Kupresanin is insulted when Hoxha says Yugoslavia should reinforce its own border with Greece if war is so imminent. Privately, Hoxha believes that “the urgent dispatch of Yugoslav to our territory would serve as an open blackmail to ensure that matters in the [Eighth] Plenum would go in the way that suited the Yugoslavs.” In a report to the Tirana party organization on October 4, 1948, Hoxha will say Yugoslavia was seeking to create “a phobia of imminent war” and divide Albania from the Soviets by “the stationing of a Yugoslav division in Korca and the dispatch of other divisions.” Since he cannot stop the Plenum from being held in February, he tries to stop the division from being approved, by requesting advice from the Soviets. The Soviet government subsequently says it does not expect a Greek invasion and that it agrees with Hoxha. In With Stalin, Hoxha will say that Stalin will tell him in spring 1949 that the USSR was not aware of the situation, though Yugoslavia claimed to be acting with Soviet approval.
Yugoslav Accounts - Subsequent memoirs by Yugoslav leaders Milovan Djilas, Edvard Kardelj, and Vladimir Dedjier will say that Albania was already hosting a Yugoslav air force regiment, and that Yugoslavia wanted to station two army divisions, at Albania’s request. Dedjier says that Stalin wanted Hoxha to make the request, and Jon Holliday will later outline several interpretations, based on the various possibly inaccurate accounts.
The Yugoslav Reaction - According to Hoxha’s report to the Tirana party organization, after Albania rejects the division, the Yugoslav envoy, presumably Kupresanin, calls for reorganization of the Albanian military, new roads and bridges to accommodate Yugoslav tanks, stringing new telegraph wires, and the mobilization of 10,000 soldiers and mules for transport, over two to three months. The Yugoslav also says Albania should tell the Soviets that it wants the Yugoslav division and ask why the Soviets oppose it. He asserts that Albania would only be able to defend itself for 10 days, while it would take 15 days for Yugoslav forces to reach southern Albania, and the UN would get involved, preventing Yugoslav intervention, which would be Hoxha’s fault. Albania agrees to make improvements and mobilize the soldiers and mules, on Yugoslav credits. Hoxha says the Yugoslavs are working through Kristo Themelko, who two or three times tells the Political Bureau that Albania needs to unify with Yugoslavia to carry out these measures. After March 30, Yugoslavia will reduce its involvement with Albania after a critical letter from the Central Committee of the CPSU(B) to the Central Committee of the Communist Party of Yugoslavia. [Hoxha, 1974, pp. 763 - 767; Hoxha, 1979, pp. 92-93; Hoxha, 1982, pp. 439-446; Halliday and Hoxha, 1986, pp. 106-108; Kola, 2003, pp. 93]

Entity Tags: Milovan Djilas, Paulin Kola, Greece, Milan Kupresanin, Mehmet Shehu, League of Communists of Yugoslavia, Soviet Communist Party, Josip Broz Tito, Kristo Themelko, Union of Soviet Socialist Republics, United Kingdom, United Nations, Albania, Beqir Balluku, Eduard Kardelj, Enver Hoxha, Yugoslavia, Jon Halliday, United States of America, Vladimir Dedijer, Greek Democratic Army

Timeline Tags: Kosovar Albanian Struggle

Greek forces enter Albania before being pushed back across the border. The Albanian government views the invasion as an attempt to claim southern Albania. A few days afterward the UN special committee on the Greek civil war will excuse the action, saying that Greece cannot allow a neighbor to try to overthrow its government. Previously, the committee had accused Albania of giving the most aid to the Greek communist army of any country bordering Greece. [Kola, 2003, pp. 97-98]

Entity Tags: United Nations, Albania, Greece

Timeline Tags: Kosovar Albanian Struggle

A press conference in Paris announces the formation of a National Unity Committee, which includes the Balli Kombetar (National Front), represented by Mit’hat Frasheri, the Legaliteti (Legality), represented by Abaz Kupi, and former King Zog. There is more counter-revolutionary guerilla activity in Yugoslavia than in Albania, which the Yugoslavs attribute to Ballists. After Albania’s break with Yugoslavia the year before, the British and American governments decide to focus on Albania in their plans to use nationalism to end Soviet influence in eastern Europe. They want to do this without revealing their involvement and avoiding another Greek invasion of Albania. Therefore they deny involvement in the formation of the National Unity Committee and the US government says the National Unity Committee is a subcommittee of the Committee for Free Europe. [Kola, 2003, pp. 97-99]

Entity Tags: Committee for Free Europe, Abaz Kupi, Balli Kombetar, Greece, Ahmet Zog I, Legaliteti, National Unity Committee, Yugoslavia, Mit’hat Frasheri, United States of America, Union of Soviet Socialist Republics, United Kingdom

Timeline Tags: Kosovar Albanian Struggle

Greece admits it joined the euro single currency in 2001 on the basis of figures that showed its budget deficit to be much lower than it really was. Eurozone states are expected to have deficits below 3 percent of gross domestic product, but revised data show Greece has exceeded that limit since 1999. Greek press reports suggest the country’s budget deficit in 1999 was 3.38 percent. The problem was discovered by Eurostat, the EU’s statistics agency, when it visited Athens last week to examine Greece’s current budget figures. Greece had already said that its public deficit breached the European Union cap between 2000 and 2003, as the cost of hosting the 2004 summer Olympics reached €7bn. But Greece’s finance ministry had claimed that the country’s 1999 deficit, on the basis of which Greece was allowed to join the euro in 2001, was below the limit. “It has been proven that Greece’s budget deficit never fell below 3 percent since 1999,” finance minister George Alogoskoufis now admits. Katinka Barysch, chief economist at the Centre for European Reform, says the announcement will not be a surprise for Brussels insiders. “Quite a few member states did something similar because of the political imperative to join the euro as soon as possible. Greece has just gone a bit further,” she says. [BBC, 11/15/2004]

Entity Tags: Eurostat, Centre for European Reform, Greece, Katinka Barysch, Giorgos Alogoskoufis

Timeline Tags: Global Economic Crises

Instead of releasing €12 billion ($17.2 billion) to help the Greek government’s worsening economic and political crises, EU leaders assembling in Luxembourg for seven hours, from Sunday night into Monday morning, place more pressure on the Greek government after the International Monetary Fund (IMF) required Europe to guarantee Greece’s finances for the next 12 months. Rather than act with a sense of urgency, EU finance ministers expect the Greek Parliament and President George Papandreou to pass an austerity bill. Greece’s crises threaten to topple the euro and EU financial markets. [New York Times, 6/20/2011]

Entity Tags: European Union, International Monetary Fund, Greece, Georgios Papandreou

Timeline Tags: Global Economic Crises

Eurozone policymakers fail to reach an agreement over the weekend on financial aid to bail out Greece, resulting in a sharp market drop on Monday morning as disappointed traders react to the leaders’ failure to guarantee the next €12 billion installment of Greece’s original bailout. Widespread speculation is that a disorganized Greek default will send Eurozone single-currency nations, as well as nations around the globe, into another panic. [Guardian, 6/20/2011]

Entity Tags: European Union, International Monetary Fund, Greece, Eurozone

Timeline Tags: Global Economic Crises

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