Greece

strategic location dominating the Aegean Sea and southern approach to Turkish Straits; a peninsular country, with an archipelago of about 2,000 islands

Greece won independence from the Ottoman Empire in 1830 and became a kingdom. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. In World War II, Greece was first invaded by Italy (1940) and subsequently occupied by Germany (1941-44); fighting endured in a protracted civil war between supporters of the king and other anti-communist and communist rebels. The communists were defeated in 1949, and Greece joined NATO in 1952. In 1967, a military coup forced the king to flee the country. The ensuing military dictatorship collapsed in 1974, and Greece abolished the monarchy to become a parliamentary republic. In 1981, Greece joined the EC (now the EU); it became the 12th member of the European Economic and Monetary Union in 2001. From 2009 until 2019, Greece suffered a severe economic crisis due to nearly a decade of chronic overspending and structural rigidities. Beginning in 2010, Greece entered three bailout agreements -- the first two with the European Commission, the European Central Bank, and the IMF; and the third in 2015 with the European Stability Mechanism -- worth in total about $300 billion. The Greek Government formally exited the third bailout in 2018, and Greece's economy has since improved significantly. In 2022, the country finalized its early repayment to the IMF and graduated on schedule from the EU's enhanced surveillance framework.

parliamentary republic. Independence: 3 February 1830 (from the Ottoman Empire)

high-income EU and eurozone economy; growth above euro average, supported by private consumption and EU fund investments; structural reforms strengthening public finances and enhancing resilience within banking system; declining unemployment but low labor productivity and skill shortages