Greece appeals to the bailout mechanisms of the European Union and the IMF to rescue Greek economy

Greece, after a period of prosperity in the 1990s and 2000s, was forced to declare an emergency situation regarding the economy. Prime Minister Gorgios Papandreou chose to announce Greece’s appeal to the bailout mechanisms of the EU and the IMF from the island of Kastelorizo. Olli Rehn, Commissioner of the EU at the time, did not sugarcoat his words: “Greeks, show courage.” It was, without doubt, the bitter reality.