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That situation in Southern Europe began because we entered the union in the first place. For example, my country, Greece, went from having a debt of 13% to its GDP in 1981 to 181% in 2017 (now it's at 150% but still it's too much). And before we joined the Eurozone, our inflation rates were at 2% at most before 1981 and they skyrocketed to 25% in just 15 years. Our currency was grossly undervalued. Plus if we add the fact our industry and agriculture were diminished, with the industrial sector representing 17% of our GDP from almost 60% 40 years before, and that had our trade balances go negative in the 1980s onward for the first time since the 1910s.
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