RECENT NEWS
New York Times  5 hrs ago  Comment 
Athens promised to go after wealthy tax evaders, but that’s the easy part. Harder is reshaping tycoons’ domination of parts of the economy.
Forbes  5 hrs ago  Comment 
The decision by eurozone finance ministers to approve Greece's proposals for economic reform has made an extension of Athens' bailout program possible. Though this agreement temporarily reduces the risk of a so-called Grexit, the Greek crisis is...
Financial Times  6 hrs ago  Comment 
Painful experience is seen to have damaged the financial institution’s credibility
New York Times  6 hrs ago  Comment 
Europe's indispensable nation, at the center of crises over Ukraine and Greece and often uncomfortable with leadership, has had a rocky month.
guardian.co.uk  9 hrs ago  Comment 
Angela Merkel is likely to win the Bundestag vote to back the four-month bailout extension – but with grudging acceptance The German parliament is expected to agree to extend the eurozone’s bailout of Greece on Friday, capping a tumultuous...
Wall Street Journal  10 hrs ago  Comment 
Chancellor Angela Merkel’s conservative parties will support the four-month extension of Greece’s bailout when the lower house of parliament votes on the bill on Friday.
The Economist  10 hrs ago  Comment 
THE row about whether to modify Greece’s bail-out has provoked claims that democracy is being ignored. The electoral mandate of the Syriza party, it is said, is being overridden by Greece’s creditors. In fact, there have always been limits on...
Reuters  Feb 26  Comment 
The global slump in demand for dry freight commodities is adding more pain to Greece's already crisis-hit banks by heaping pressure on many of their shipowner clients, particularly...
guardian.co.uk  Feb 26  Comment 
Scale of capital flight suggests newly elected Syriza government had to strike deal with eurozone partners over bailout to prevent full-blown bank run Anxious savers withdrew €12bn (£8.8bn) from Greece’s banks in January, underlining the...




 


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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