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Country Analysis: Greece
Transcript of Country Analysis: Greece
Greece has been staggering under the increasing burden of debts the nation carries.
Following creation of the modern Greek state in 1829 went into default on its debts in 1843, 1860 and 1893
The series of wars after the defeat of the Ottoman Empire only worsened the state of the country.
Occupation by the Nazis prior to the civil war did not promote industrialization, leaving the nation lagging behind under the rapidly growing economies of its European neighbors.
Many of the traditional customs of the country remain, such as the culture of wealthy families dominating, also limiting the flow of international trade.
Very few multinational businesses operate in Greece, indicative of the social and economic state of the ancient country.
Located in Southern Europe, at the south end of the Balkan Peninsula, 80% of Greece is mountainous
The Pindus, a chain of mountains lies across the centre of country.
During the European science age the country was isolated from major discoveries, only furthering the growing gap between itself and other European nations.
Mountainous terrain and poor soil of the country makes for poor agriculture development, resulting in little profit generated from the industry. Only about 30 percent of the total land area in Greece can support crops (Calgary Education).
Imports and Exports
GDP Per Capita
Political Government and Its Level of Involvement
Business Structure &
Balance of Trade
Greece has many mineral deposits despite its vast infertile land
Such as marble lignite, petroleum, iron lead, zinc, salt, clay, nickel, coal, bauxite, ore, and chromate
While many of its minerals are used for the creation of monuments and statues
Agriculture stands for 5% of GDP (Gross Domestic Product) producing wheat, barley, sugar beets, potatoes, corn, olives and tomatoes along with several other fruits
Greeks are well known for their great emphasis on culture and traditions
Greek people tend to do business with those they trust, and like to conduct meetings face-to-face- rather than informally through writing or phone calls.
it is not considered polite for an individual to question another’s credibility or integrity or appear too ‘standoffish’
There are many parallels with the formality of business being conducted in Greek culture and Western society.
Because trust is a primary source for a business’s credibility, several meetings may be conducted before business is actually done in order to familiarize the two parties with each other
Moreover, Greek people highly respect age and position, which supports their traditional ways of many wealthy families dominating the country.
The works of legal scholars and legislation are the most important sources of law, with the jurisdiction in courts being limited to interpreting the law and applying them when needed.
There is a distinction between
Public law primarily governs the rules and regulations between the state and its citizens while public law administers those between citizens and institutions
Additionally, the rule of law is used as a basis for the structure of the legal system in Greece
For Canadians, this is not a new concept as there are many parallels and similarities shared between the Canadian legal system and that of the Greek.
School is compulsory for students between the ages of 6-15 years and begins with preschool at 2.5 years
Divided into 3 main levels
(with an additional post-secondary vocational training)
First two years of primary school are not graded.
Exams begin in Year 5 and grading begins in Year 3.
Primary school, or Demotika , ends in Year 6 between the ages of 11 and 12
• Secondary school is further divided into two; Gymnasio (Middle School) and Lykeion (High School)
Tertiary Education also has two cycles, university education and non-university education provided by higher education institutions
Greek exports and imports are terribly balanced, indicative of the poor economic state the country is in
Not unusual to hear news about the country receiving additional financial aid to ease their debts, the European Union being a major contributor
Primarily due to their immense amount of imports and minimal number of exports
A consistent negative balance of trade shows an average of 2371.21 EUR Million from 2001 until 2013. The following graph is illustrative of this negative trend
Mixed capitalist economic system
Entrepreneurs have a great degree of economic freedom, aim to maximize personal gains
Individual ownership is protected by the law
Economy is controlled by the producers and consumers (ex: the point of equilibrium )
The market is also influenced by competition, which is upheld by law.
Competition also influences price, supply and demand, efficiency
Athens Olympic Games
World financial crisis
Greece enters recession
First bailout loan (€ 110 billion)
First rescue package
Second bailout loan (€ 169 billion)
Second rescue package
Level of Involvement
(Gross Domestic Product): The market value of all final goods and services produced during a period of time
One of the primary indicators used to gauge the health of a country's economy.
-6.4% (2012 est.)
-7.1% (2011 est.)
-4.9 in (2010 est.)
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.
GDP per capita:
Useful when comparing one country to another because it shows the relative performance of the countries.
Many riots and protests have affected the public sector of Greece's economy
The protests were sparked by plans to cut public spending and raise taxes as austerity measures in exchange for a €110 billion bail-out
The basic physical and organizational structures needed for the operation of a society, or the services and facilities necessary for an economy to function.
Roads have been constructed and improved to provide businesses and citizens with the best possible connections
Most of the highways serve as important logistic routes
Attica Highway Ring Road connects the airport with logistic centers.
Egnatia Highway is one of the largest East-West highway
A vast number of effective airports
Primarily serve tourists and handle charter flights
The Athens International Airport is considered to be one of the best airports in Europe
Greece has a very developed infrastructure
Economic crisis has caused Greece to have a poor soft infrastructure
The cultural and recreational infrastructure are affected by riots and protests
(The workers go on strikes,revenue from tourism declines)
Economic infrastructure is severely damaged
The social infrastructure is also affected as social welfare programs are canceled
Average trade deficit: 2370.25 EUR Million from 2001 until 2013
All time high of -1280.90 EUR Million in September of 2012
All time low of -4248 EUR Million in July of 2007
Greece recorded a trade deficit of 1846.70 EUR Million in October of 2013
New Democracy is losing popularity ever since the economic crisis
The government enforced many austerity measures, which were opposed by the general population.
At the same time, the new neo-Nazi party (Golden Dawn) is steadily gaining support
Government: parliamentary republic
By: Ayan Gedleh, Violet Liu, Arbab
"Central Intelligence Agency." The World Factbook. N.p., n.d. Web. 22 Dec. 2013. <https://www.cia.gov/library/publications/the-world-factbook/fields/2116.html>.
"Economic Crisis Hits Small Businesses Hard." European Working Conditions Observatory. N.p., n.d. Web. 27 Dec. 2013. <http://www.eurofound.europa.eu/ewco/2012/11/GR1211019I.htm>.
"Greece - Language, Culture and Doing Business Etiquette." Kwintessential. N.p., n.d. Web. 22 Dec. 2013. <http://www.kwintessential.co.uk/resources/global-etiquette/greece-country-profile.html>.
"Greece GDP." TRADING ECONOMICS. N.p., n.d. Web. 20 Dec. 2013. <http://www.tradingeconomics.com/greece/gdp>.
"Greece - Economy." Infoplease. N.p., n.d. Web. 31 Dec. 2013.
"Greece - Language, Culture and Doing Business Etiquette." The Translation Agency for a Complete Professional Translation Service. N.p., n.d. Web. 12 Dec. 2013.
"Greece, A History of Ancient Greece, Economy And Society In Classical Greece." Greece, A History of Ancient Greece, Economy And Society In Classical Greece. N.p., n.d. Web. 21 Dec. 2013.
"Greece Economic Policy after 1974 - Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System." Greece Economic Policy after 1974 - Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System. N.p., n.d. Web. 18 Dec. 2013.
"Greece: Rising from the Ashes of Public Debt ." Thomas White International. N.p., n.d. Web. 18 Dec. 2013.
"Greek Economics: Drachmas, Debt and Dionysius." History Today. N.p., n.d. Web. 17 Dec. 2013.
Guardian News and Media, n.d. Web. 27 Dec. 2013. <http://www.theguardian.com/world/golden-dawn>.
"Poor Infrastructure Undercuts Greek Tourism." Greek Reporter Com. N.p., n.d. Web. 27 Dec. 2013. <http://greece.greekreporter.com/2013/03/22/poor-infrastructure-undercuts-greek-tourism/>.
Taborda, Joana. "Greece Balance of Trade." TRADING ECONOMICS. N.p., 24 Dec. 2013. Web. 27 Dec. 2013. <http://www.tradingeconomics.com/greece/balance-of-trade>.
"The Historical Roots of Greece’s Debt Crisis ." The Globalist. N.p., n.d. Web. 19 Dec. 2013.
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"Modern Greek Society, Economy and Polity." Modern Greek Society, Economy and Polity. N.p., n.d. Web. 11 Dec. 2013.
"What Is GDP and Why Is It so Important?" Investopedia. N.p., n.d. Web. 21 Dec. 2013. <http://www.investopedia.com/ask/answers/199.asp>.
New Democracy (ND)
The government is not actively involved in economic activities
A capitalist economy is not planned or controlled by the government, instead it is regulated by price mechanisms in the market
Producers and sellers have a great degree of economic freedom
During the first part of 2012, approximately 78,000 people lost their jobs
Unemployment rate of people from the age of15-24:
53.4% of the enterprises surveyed are having difficulty paying wages on time
The Greek economy has always been characterized by small, family based businesses and self-employment
Most businesses are strictly hierarchical, with an extremely centralized decision-making approach
The mindset of local employees could lean towards a hierarchical structure which might not seem to exist on paper.
Major Trading Partners
Germany - 14%
Italy - 13%
China - 8%
France - 6%
Italy - 10%
Germany - 10%
Turkey - 7%
Bulgaria - 6%
$24,900 (2012 est.)
$26,400 (2011 est.)
$28,500 (2010 est.)
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Social & political unrest
Lack of economic growth
A large service sector supports a small manufacturing base
Main industries :
Public sector (40% of GDP)
Tourism (15% )
Vehicles for transportation
Food and beverages
Money and Foreign Exchange
: The entry that gives the dollar value for the stock of all financial assets that are available to the central monetary authority for use in meeting a country’s balance of payments
The Foreign Exchange Reserve
Foreign assets controlled and reported by the Greek central bank
Composed of gold and the legal tender of Greece
Legal tender of Greece: Euro
1 Euro = 1.44 Canadian dollar
1 Euro = 1.36 US dollar
The Foreign Exchange Reserves has declined from 4537 EUR Million in October, 2013 to 4319 EUR Million in November, 2013
International Economic Relations
Greece uses the economic diplomacy as a driving force.
Greece enterprises are more outward looking in order to improve their international competitiveness
Greece has a big market of 340 million people, showing that there are a lot of businesses opportunity in Greece
Greece is focusing on big openings, some of which already have been completed
In near future Greece is planning on
(1) the Balkans
(2) the countries of the Black Sea and the Caspian region
(3) Turkey and
(4) the Mediterranean, the Middle East and the Arabic World for other big opening.
-Greece has been a part of the World Trade Organization since January first 1995
-You can only trade things that are legal in Greece
-The product does have to go through customs
International Marketing of Products & Services
-Greece uses Euro as currency, Euro is worth $1.36 U.S dollar for one euro
-Greece mostly does marketing by showing its historic background and talking about mythical Greek gods like Zeus and such
-Greece also does marketing by relating their products with there historic background “Ex Zeus AA battery as strong as Zeus”
-Greece mostly use their historic background to sell their products and attract tourist, because that’s something a lot of countries don’t have or if they do it isn’t as exiting as Greece
Other Relevant Facts About Greece
With an area of 50,949 square miles (131,958 square kilometers),Greece is roughly the size of Alabama.
No one in Greece can choose to not vote. Voting is required by law for every citizen who is 18 or older
Greece has more than 2,000 islands, of which approximately 170 are populated.
Zeus was the god of the sky and ruler of the Olympian gods. (Greek mythology)