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Investing in Greece

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Greece could earn more debt relief, says euro zone chief
The Straits Times  May 23  Comment 
May 23, 2013 10:12 PM ATHENS (AFP) - Greece could be rewarded with another cut in its debt by its international creditors if it continues to apply the terms of its economic recovery, euro zone chief Jeroen Dijsselbloem said on Thursday.     
EU may give Greece more time to meet fiscal targets-Dijsselbloem
Reuters  May 23  Comment 
The euro zone may give Greece more time to meet fiscal targets agreed under its international bailout, the chairman of the euro zone finance ministers said in an interview...
CITI: We No Longer Think Greece Will Exit The Eurozone
Clusterstock  May 22  Comment 
Last summer, Citi's chief economist, Willem Buiter, introduced a bold call: he assigned a 90% probability that Greece would exit the euro on January 1, 2013. This assertion was made before European Central Bank President Mario Draghi introduced...
Lens Blog: Angelos Tzortzinis's Photos of Growing Desperation in Greece
New York Times  May 22  Comment 
The perils of a drawn-out debt crisis are imprinted on Greece’s younger population, whose unemployment numbers are soaring, and who are selling their bodies for money and turning to a dangerous, cheap new street drug for escape.     
Gazprom drives hard bargain as sole major bidder for Greek DEPA
Reuters  May 21  Comment 
Gazprom is squeezing Athens for better terms to buy DEPA, Greece's sole retail gas distributor, a Greek official said, as the Russian gas export monopoly leverages its strength position as the only major player in the running.     
Gazprom pushes for concessions in sale of Greece's DEPA
Reuters  May 21  Comment 
Greece’s big economic recovery – for investors
The Globe and Mail  May 20  Comment 
While the improving markets mean bettors on the country’s stocks and bonds have made a killing, the real economy is still in dire straits, with the jobless the main sufferers
Greece ETF: An Emerging Markets Star
Benzinga  May 20  Comment 
Last Friday, the Global X FTSE Greece 20 ETF (NYSE: GREK) surged over five percent on volume that was nearly six times the daily average. Much of that move can be attributed to the 19.5 percent gain by National Bank of Greece (NYSE: NBG), the...
Justices Take Case on Prayer at Town Board Meetings
New York Times  May 20  Comment 
A federal appeals court found that though the prayer at meetings in Greece, N.Y., could be given by members of all faiths and atheists, in practice almost all of the chaplains were Christian.     
Council Prayers Get Top Court Review in Church-State Case
Bloomberg  May 20  Comment 
Greece plans to offload Hellenic Postbank, Proton in mid-July
Banking Business Review  May 20  Comment 
The Hellenic Financial Stability Fund (HFSF), Greece's bank rescue fund, is planning to offload two of its non-systemic small lenders namely, Hellenic Postbank and Proton Bank, in the middle of July this year.




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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
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