RECENT NEWS
Forbes  Aug 26  Comment 
Last weekend, Twitter suspended Diplotwoops, an account run by the Open State Foundation dedicated to preserving a record of deleted tweets from diplomats. In May, a companion account, Politwoops, was suspended for providing a similar service,...
Forbes  Aug 26  Comment 
A new Mycenaean-era palace found near the later site of Sparta has revealed examples of the earliest known Greek writing, preserved in clay hardened by a fire.
Yahoo  Aug 26  Comment 
Greece is under growing pressure to take care of banks' problem loans so they are free to lend again, but the depth and complexity of its crisis will make it tough to replicate the comprehensive "bad bank" models set up in Ireland and Spain....
Clusterstock  Aug 26  Comment 
By Huw Jones LONDON (Reuters) - European Union rules to shield taxpayers from having to rescue ailing banks should be applied flexibly because of broader economic imperatives highlighted by the latest Greek rescue package, analysts and lawyers...
Reuters  Aug 26  Comment 
Azerbaijan's state-owned oil company SOCAR had confirmed its interest in acquiring a stake in Greek gas grid operator DESFA, with a deal possible by the end of the year,...
The Economic Times  Aug 26  Comment 
Maybe after two months, we will come to know how big is the global problem shaping up. India is not a small thing. India is not Greece
Wall Street Journal  Aug 25  Comment 
Just a few weeks ago, the Greek debt crisis put the future of the euro in doubt. Now, it has become a go-to currency for investors in times of stress.
newratings.com  Aug 25  Comment 
ANKARA (dpa-AFX) - Three people have died after a boat carrying 73 migrants capsized near the northwestern coast of Turkey on Monday, reports quoting the Turkish coast guard said. The group, composed of Afghans and Syrians, were sailing from the...
Forbes  Aug 25  Comment 
The reason why the Greek debt had such a widespread impact on the Greek economy is that government-controlled banks and pension funds were the creditors of the general government and governmentally-owned corporations. And the haircut shifted...
New York Times  Aug 25  Comment 
However, the new party’s chances of averting Greece’s third national election this year by doing so are seen as virtually zero.




 


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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