From 1950 and afterwards the Greek economy began to recover rapidly. Afterwards the big depreciation of 1953 which took place for developmental reasons, the Greek Prime Minister undertook liberal economic policies releasing somehow the international trade while, because of the economic stability ,the Greeks began to entrust the drachma and to save up in drachmas instead of gold that was up to then the general rule. That increased the saving levels and at the same time contributed to the reduction of inflation. The Greek economy was in an unprecedented growth period and that lead to the Greek miracle.
The destroyed Greece of 1948 began the decade of 1950 and 1960 to be developed with a growth rate that nowadays we can see only in China, that is to say growth rate around 10% each year. Greece had the most rapid growth rate (with Japan) in the all world. Greece signed customs union with the European Community of November 1962. Greece in 1960 knew a scary growth, new buildings, new streets, new factories, cheap workforce, big increase of productivity, big domestic investments from the savings that had begun from 1953. The paradise of each businessman and enterprises.
At the period of dictatorship (1967-1974) the inflation was increased, the public debt was tripled, the growth was stopped abruptly and the corruptness of the government put barrier in European ambitions of Greece.
2)The postwar period 1974-1990
The change of regime found the Greek economy in stagnation and the international economy to be deplored. The liberal government followed tight economic policy without benefits, decreased little the inflation and Greece entries the growth period with the national product to be increased by 3%-4% per year. Moreover, the decade 1970 was the first petrol crisis and the Keynesian model starts to rock internationally. Greece had still enough margins of growth but this international conditions did not allow. Nevertheless Greece became member of the European Economic Community and the Greek economy late but regularly faces the international difficulties. That period the public debt was in the levels of the 28% of GDP. The next roughly 10 years the country will be sunk in a economic swamp and will come in front of enormous economic dead ends.
The government changed in 1981 (-1989) and the socialistic government is in the wheel of the Greek economy. The big economic crises finished in 1982 but at the same time the inflation reached the 20% of the GDP, the public debt jumped in 1989-1990 to the 100% of the GDP while the government expenditures do not have any developmental vision and the deficits reached also the 20% of the GDP.
The debt of 680 billion of drachmas in 1980 became 11 trillion of drachmas in 1990.In order to transfer this number in euros we could say that the 11 trillion that we owed in 1990 is the same like we say today 32 billions of Euros. That is to say the debt from 1990 up to today is 10 times higher in absolute numbers. Therefore from 1980 until today the debt has increased at 200 times reaching today the roughly 300-320 billion of Euros.(责任编辑：BUG)