RECENT NEWS
Wall Street Journal  2 hrs ago  Comment 
Greece has met the deadline for paying the third part of its loan to the International Monetary Fund for March, further draining the country’s cash reserves.
New York Times  4 hrs ago  Comment 
Greece is trapped between creditors who don’t trust it and hard-line Syriza members who insist on rolling back earlier measures — even at the cost of exiting the eurozone.
Reuters  4 hrs ago  Comment 
Greece needs to implement structural reforms, International Monetary Fund Managing Director Christine Lagarde said on Monday, echoing other international creditors who have urged Athens to implement reforms to secure urgently needed funds.
The Hindu Business Line  7 hrs ago  Comment 
Greece will not accept any return to austerity, leftist Prime Minister Alexis Tsipras said on Monday, adding that he was convinced he would strike a deal with international partners to keep financ...
Clusterstock  7 hrs ago  Comment 
Yanis Varoufakis, Greece's rockstar finance minister, is in hot water. The anti-austerity economics professor who is now running Greece's finance ministry said this weekend that he regretted the photo shoot he did for Paris Match. Pictures of...
guardian.co.uk  7 hrs ago  Comment 
Rolling economic and financial news, as Athens stumps up another €580m in loan repayments to the IMF and the German stock market hits a record high. Lunchtime summary: Greece clears another debt hurdle Varoufakis denies giving Germany the...
The Hindu Business Line  10 hrs ago  Comment 
HSBC has raised India equity markets weightage by 4 basis points.HSBC rates India at “overweight’’. It has cut Greece to “neutral’’ from “overweight’’.It says Greece downgrade is driv...
Wall Street Journal  Mar 16  Comment 
Europe File: The European Central Bank faces an acute test of its credibility in the shape of the latest Greek crisis, says Simon Nixon.
Yahoo  Mar 15  Comment 
Greece's liquidity problems are "insignificant", the country's finance minister said on German television on Sunday, pledging that the Greek government would take all steps necessary to repay its debts. "We want a successful Europe, a successful...




 


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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