*Once upon a time, it was the ‘golden decade’
The 1960s and 1970s were the heyday of the Greek economy, with growth of almost 8% per year, expanding investment, and a stable fiscal regime. GDP per capita had risen from 60% to 80% of the EU average. Greece was attractive for business, with a credible monetary policy and social stability. But with the 1973 oil crisis and the fall of the military dictatorship, the economic engine began to creak.
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