Taking office and revelations

 

The inauguration of George Papandreou as the 182nd Prime Minister of Greece took place on 6 October 2009.
Upon inauguration, Papandreou's government revealed that its finances were far worse than previous announcements, with a year deficit of 12.7% of GDP, four times more than the eurozone's limit, and a public debt of $410 billion. This announcement served only to worsen the severe crisis the Greek economy was undergoing, with an unemployment rate of 10%,and the country's debt rating being lowered to BBB+, the lowest in the eurozone. Papandreou responded by promoting austerity measures,reducing spending, increasing taxes, freezing additional taxes and hiring and introducing measures aimed at combatting rampant tax evasion and reducing the country's public sector. The announced austerity program caused a wave of nationwide strikes and has been criticised by both the EU and the eurozone nations' finance ministers as falling short of its goals.