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In May 1994, the Bank of Greece successfully managed a currency crisis triggered by the lifting of currency restrictions on short-term capital movements. The bank contained speculative attacks on the drachma by tightening its monetary policy and raising interest rates dramatically: For a few days, interest rates pushed as high as 180%. In less than 2 months, with speculation on the drachma no longer a threat, interest rates returned to normal levels. A similar wave of speculation was beaten back in the fall of 1997, following the Asian financial crisis.

Major challenges remaining include the reduction of unemployment and further restructuring of the economy, including privatising several state enterprises, undertaking social security reforms, overhauling the tax system, and minimising bureaucratic inefficiencies. Forecasts predicted economic growth of 4 - 4.5 % in 2004. Reducing the government deficit also remains a major challenge, as it is currently running at nearly twice the Eurozone target (of 3% of GDP). The new conservative government revealed to Eurostat that the previous figures supplied, on which was the basis of Greek entry into the Eurozone, were incorrect.

The number of Greek students studying at European institutions is increasing along with EU support for educational exchange. In addition, nearly 5,000 Greeks are studying in the United States, about half of whom are in graduate school. Greek per capita student representation in the U.S. is the highest of any European country.

The population of Modern Greece includes small minorities of Muslims, Roman Catholics, Protestants, and Jews. A minute number of Greeks are practitioners of Hellênismos, which is a modern attempt to reconstruct the pagan religion of ancient Greece.

It is perhaps misleading to speak of "Greek religion" as a unified system of dogma or ritual; perhaps the most conspicuous aspect of the religions practised in the Greek city states is their variety. Different cities worshipped different deities; Athens had Athena; Sparta, Artemis; Corinth was a center for the worship of Aphrodite; Delphi and Delos had Apollo; Olympia had Zeus, and so on down to the smaller cities and towns. Identity of names was not even a guarantee of a similar cultus; the Greeks themselves were well aware that the Artemis worshipped at Sparta, the virgin huntress, was a very different deity from the Artemis who was a many-breasted fertility goddess at Ephesus. When literary works such as the Iliad had conflicts among the gods because their followers were at war on earth, these conflicts were a celestial reflection of the earthly pattern of local deities. Eventually, the worship of major deities spread from one locality to another, and most larger cities boasted temples to several major gods; the identification of different gods with different places remained strong to the end.

Greece is divided into 51 prefectures, each headed by a prefect (nomarch), who is elected by direct popular vote. There are also thirteen regional administrative districts (peripheries), each including a number of prefectures and headed by a regional governor (periferiarch), appointed by the Minister of the Interior. In northern Greece and in greater Athens, three areas have an additional administrative position between the nomarch and periferiarch. This official, known as the president of the prefectural local authorities or "super nomarch," is elected by direct popular vote. Although municipalities and villages have elected officials, they do not have an adequate independent tax base and must depend on the central government for a large part of their financial needs. Consequently they are subject to numerous central government controls. This also leads to extremely low municipal taxes (usually around 0.2% or less).

In this period statuary was put to wider uses. The great public buildings of the Classical era, such as the Parthenon in Athens, created the need for decorative statuary, particularly to fill the triangular fields of the pediments: a difficult aesthetic and technical challenge that did much to stimulate sculptural innovation. Unfortunately such sculptures survive only in fragments, the most famous of which are the Parthenon Marbles, now mostly in the British Museum.

The standard format of Greek public buildings is well known from surviving examples such as the Parthenon, and even more so from Roman buildings built partly on the Greek model, such as the Pantheon in Rome. The building was usually either a cube or a rectangle made from limestone, of which Greece has an abundance, and which was cut into large blocks and dressed. Marble was an expensive building material in Greece: high quality marble came only from Mt Pentelus in Attica and from a few islands such as Paros, and its transportation in large blocks was difficult. It was used mainly for sculptural decoration, not structurally, except in the very grandest buildings of the Classical period such as the Parthenon.

The low pitch of Greek rooves produced a flat triangular shape at each end of the building, the pediment, which was usually filled with sculptural decoration. Along the sides of the building, between the tops of the columns and the roof, was a row of blocks now known as the entablature, whose outward-facing surfaces also provided a space for sculptures, known as friezes, which consisted of alternating metopes and triglyphs. No surviving Greek building preserves these sculptures intact, but they can be seen on some modern imitations of Greek buildings, such as the Greek National Academy building in Athens.

The 1975 constitution, which describes Greece as a "presidential parliamentary republic," includes extensive specific guarantees of civil liberties and vests the powers of the head of state in a president elected by parliament and advised by the Council of the Republic. The Greek governmental structure is similar to that found in many Western democracies, and has been described as a compromise between the French and German models. The prime minister and cabinet play the central role in the political process, while the president performs some governmental functions in addition to ceremonial duties.

Greece is located in southeastern Europe on the southern tip of the Balkan peninsula. The Greek mainland is bounded on the north by Bulgaria, the Former Yugoslav Republic of Macedonia, and Albania; on the east by the Aegean Sea and Turkey; and on the west and south by the Ionian and Mediterranean Seas. The country consists of a large mainland; the Peloponnesos, a peninsula connected to the mainland by the Isthmus of Corinth; and more than 1,400 islands, including Crete, Rhodes, Corfu, and the Dodecanese and Cycladic groups. Greece has more than 14,880 kilometers (9,300 mi.) of coastline and a land boundary of 1,160 kilometers (726 mi.).

Seals, sea turtles and other rare marine life live in Greek seas, while Greece's forests provide a home to Western Europe's last brown bears and lynx