RECENT NEWS
Channel News Asia  9 hrs ago  Comment 
Greece welcomed on Friday a deal on new bailout loans as a decisive step to exiting its debt crisis and markets took heart by lowering Greek borrowing costs, even though Spanish and German officials raised last-minute objections.
MarketWatch  Jun 16  Comment 
A new book traces the roots of our runaway self-obsession to ancient Greece.
SeekingAlpha  Jun 16  Comment 
guardian.co.uk  Jun 16  Comment 
Greece agrees deal to unlock €8.5bn in emergency funds European markets rise after Greece finally clinches deal Eurozone inflation slows to 1.4% in May 2.13pm BST That’s it for today folks. Thank you for your comments and have a...
New York Times  Jun 16  Comment 
Here’s what you need to know to start your day.
The Hindu Business Line  Jun 16  Comment 
The deal averts a repeat of the summer of 2015 when Greece spectacularly defaulted on an IMF loan
guardian.co.uk  Jun 16  Comment 
EU and IMF thrash out deal following months of disagreements, with funds to be released in July once European parliaments ratify the deal For the best part of a decade, Greece has wanted to become a “normal” country, and late on Thursday it...
Channel News Asia  Jun 15  Comment 
The IMF has again departed from its usual procedures to support Athens, exposing itself to accusations of giving the country special treatment.
Wall Street Journal  Jun 15  Comment 
Crisis-era measures have allowed the country to stabilize banks and even rein in tax evasion, but the effect on Greece’s battered economy has been rather benign.
guardian.co.uk  Jun 15  Comment 
Eurozone finance ministers agree to lend Greece €8.5bn under its bailout programme, with a commitment to debt relief in the future Greek deal announced tonight But debt relief must wait until 2018 IMF come on board, but no money...




 


Greece ranked 42nd in the list of countries by GDP per capita, with $339.2 billion GDP in 2009 estimates. Its economy is dominated by the public sector, which accounts for approximately 40% of its GDP, followed by the tourism industry that accounts for 15% of GDP. Other important sectors include food processing, tobacco, textiles, chemicals (including refineries), pharmaceuticals, cement, glass, telecommunication and transport equipment.[1] Ever since Greece joined the EU, it became a major beneficiary of EU aid. On top of that, the replacement of drachma to the Euro currency gives Greece the access to competitive loan rates and also to low rates of the Eurobond market. This improved consumer spending dramatically, boosting economic growth to approximately 4% per year between 2003 and 2007.[2]

Greece's sovereign debt crisis Greece was not spared from the international financial crisis. In 2010, a burgeoning government deficit (12.7% of GDP) and mounting public debt (113% of GDP in 2009) led to concerns about Greece defaulting.

References

  1. TDS - Greece, Europe
  2. CIA World Fact Book 2010

Companies in the Investing in Greece Industry (303)

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