RECENT NEWS
newratings.com  16 min ago  Comment 
NICOSIA (dpa-AFX) - European Commissioner for Internal Market, Industry, Entrepreneurship and SMEs Elzbieta Bienkowska adopted the 2014-2020 cross border cooperation program between Greece and Cyprus, worth EUR54 million. Bienkowska adopted the...
Clusterstock  23 min ago  Comment 
Ex-Greek finance minister Yanis Varoufakis is being accused of treason — and his critics want to see him stand trial for causing “incalculable damage to the interests of the country.” The Greek supreme court has passed two suits against...
Reuters  24 min ago  Comment 
Greek Prime Minister Alexis Tsipras, struggling to contain a revolt in his left-wing Syriza party, said on Wednesday that his government would not implement reform measures beyond those agreed with lenders at a euro zone summit this month.
Clusterstock  1 hr ago  Comment 
ATHENS, Greece (AP) — Greece's prime minister says he does not want early elections, but rebels within his radical left Syriza party could force his hand. Alexis Tsipras said Wednesday that if he loses his parliamentary majority, which has...
guardian.co.uk  5 hrs ago  Comment 
Greece is going through difficult times. But proven economic reforms can create a Europe strong enough to meet challenges from Ukraine to Islamic State Judging by the flood of comments that followed the recent European summit on Greece, a modern...
MarketWatch  6 hrs ago  Comment 
After the Greek crisis, every country in the eurozone will want to have a Plan B to exit the euro just in case, writes Matthew Lynn.
Clusterstock  6 hrs ago  Comment 
The situation in Greece is not about Greece at all. It is about enforcing an economic framework onto all Eurozone countries. And because the policy goal is primarily about enforcing this economic framework everywhere in the eurozone, there is less...
New York Times  6 hrs ago  Comment 
Germany’s patience and brinkmanship, exploiting mistakes made by the Athens government under Prime Minister Alexis Tsipras, led the way to a Berlin consensus.
MarketWatch  Jul 28  Comment 
University of Texas economist James Galbraith, who participated in a working group coordinated by Greece’s former finance minister, says there was nothing questionable about that group’s motives for looking at ramifications of a possible...




 


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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