RECENT NEWS
Wall Street Journal  4 hrs ago  Comment 
The looming prospect that Athens won’t be able to meet IMF debts due in mid-June is spurring dire scenarios—but little progress at the table.
SeekingAlpha  9 hrs ago  Comment 
Financial Times  11 hrs ago  Comment 
Europe’s weak support for Ukraine is a strange form of economics, says John Dizard
Clusterstock  May 22  Comment 
Christine Lagarde became the fifth senior figure among Greece's creditors to throw cold water over the troubled country's chances of a speedy bailout deal on Friday. The International Monetary Fund (IMF) managing director said on a visit to...
TheStreet.com  May 22  Comment 
NEW YORK ( TheStreet) -- Greek Prime Minister Alexis Tsipras was urged by German Chancellor Angela Merkel and French President Francois Hollande to complete its current bailout at talks in the Latvian capital Riga. The danger that Greece will...
MarketWatch  May 22  Comment 
German Finance Minister Wolfgang Schaeuble discussed the possibility Greece may need a parallel currency alongside the euro if talks with creditors fail, Bloomberg News reported, citing unnamed people familiar with his views. According to the...
Clusterstock  May 22  Comment 
Greece may have to bring in a "parallel currency" if progress stalls in negotiations with the country's European creditors, according to Wolfgang Schaeuble, the outspoken German finance minister. Bloomberg reports that during a private meeting...
Yahoo  May 22  Comment 
Cash-strapped Greece will cut the pay of bank bailout fund executives by 40 percent because their salaries are a "provocation" during a time of austerity cuts elsewhere, the finance ministry said on Friday. The Hellenic Financial Stability Fund...
Clusterstock  May 22  Comment 
There is a theory running through financial circles that claims to offer Greece a get-out-of-jail-free card to its current problems and avoid the country being forced out of the single currency. The idea is fairly simple: Greece needs to launch a...




 


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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