The EU's perennial reject has seen impressive growth—but there are warning signs for the future.
Jul 18, 2012
What a difference ten years makes. In 2001, Greece adopted the euro as its national currency. Its borrowing costs, which plummeted in expectation of this momentous event, were almost as low as Germany’s. Its growth rate for the year climbed to 4.1 percent and inflation hovered around 4 percent—a sharp decline from the double digits of the ’80s and ’90s. It was a country on the way up. On the other hand, Turkey, its neighbor and geopolitical arch-rival, was mired in a major financial crisis. Its currency was collapsing, its banking system was broken and unemployment was skyrocketing.