In early 2011, the Greek state developed a plan of austerity measures to meet its debt repayments. Due to major financial problems, it had just failed to meet the budget targets established in 2010 when it received a loan from the International Monetary Fund (IMF) and the Eurozone. The new proposal to be voted on in June 2011, called “The Medium Term Economic Program,” included the privatization of a number of industries and utilities including but not limited to power and water companies, ports, banks, and the train operator.
Greece, a country characterized by consistent economic growth, began to display signs of a serious economic downturn in 2009. Unemployment was on the rise, the budget deficit was growing, and it received the second lowest value in the European Union (EU) for Index of Economic Freedom.