Since then, the country has had a second bailout and other member states such as Portugal also going in similar directions, the countries outcome is not clear.
The news from the US shocked the EU recently and sent further jobs tumbling as the new from US Stock Futures was not great.
Although the EU jobs market is bleak and the US jobs crisis translating across the pond, Greece does has its own set of unique characteristics which set it apart from the rest.
Greece is a country full of thinkers, scholars and growers. Sunshine rains down on Greece throughout the year with temperatures in the high 40s (Celsius). No wonder foods such as Fetta (cheese) and olives are traditionally grown in Greece.
Because Greece is part of the EU, Greek speaking jobs and Greek jobs are in high demand throughout Europe.
Greece is another language which is not taught in schools as a mandatory requisite so it's traditionally native Greek language speakers that get the jobs. As also the Greek alphabet is unique, it puts further limitations on foreign nationals trying to pick up the language.
The Greek crisis may be tougher than we thought and because member states are connected it may have more of an impact on the other member states of the EU than we originally thought.
With the Greek financial crisis the majority of Greek workers are lucky to make 600 Euros per month. Because there is no money available to the country there are no bank loans, no forms of credit for businesses or individuals. We do not realise how heavily we rely on credit to gain an initial push which is required for any business.
Greek speaking jobs are moving further west. Over the last couple of years a generation of workers have fled from Greece and moved to other EU member states that can afford to employ skilled workers.
Counties such as UK, France, German, Spain and The Netherlands have seen immigration of Greek nationals coming to the country seeking Greek speaking and Greek jobs in these countries.
Two EU member states have now fallen fowl to the economic downturn over the last couple of years. With strain on the EMF already and other countries looking as though they may need a bailout, what is the EMF and the EU to? If they continue to print money the value will decrease and we could end up like Zimbabwe where money has no value.