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Germany and Greece

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Phillip Leytes

on 27 October 2013

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Transcript of Germany and Greece

Germany and Greece
Three Economic Issues
Germany's Current Economy
Economic Freedom Score: 72.8
improved 1.8 points since last year
Maintains a strong economy despite economic problems in Europe
#19 in economic freedom
#10 in region
Early Labor Reforms that raised worker hour flexibility have tremendously helped Germany's economy
Unemployment: 5.5%
Inflation: 2.5%
Germany: General Information
81.8 million population
Government
Parliamentary democracy
President is head of state - has little influence
5 year terms
Chancellor is head of country
Use Euro for currency



Germany's History
Germany has rarely been completely united
Early 1900s, Germany is trying to expand
Defeated by Great Britain, United States, and France, the German Empire fell apart
WWII
Germany's Chancellor is Hitler
tries to take over world
kills millions of innocent people
Defeated by allies
Post WWII - Germany Divided (East and West)
Germany had a huge debt to pay





Greece
Financing Greece
A lot of its money goes directly to Greece
This is an issue for Germany because both countries are part of the European Union
Germany's GDP
Changes in GDP by year
2001 2002 2003 2004 2005 2006 2007 2008
1.2% 0% -0.2% 1.2% 0.8% 3.4% 2.7% 0.8%
2009 2010 2011 2012*
-5.1% 3.6% 3.1% 0.6%
Nominal GDP (3,401,000 millions for 2012)
ranked 4 in the world after US, China, and Japan in nominal GDP rankings)
GDP per capita: $38,696 International Dollars



Germany's GDP (Graph)
Analysis of Germany's GDP
2009, Germany's GDP went down significantly primarily because of serious issues with the Euro
Greece's horrible financial situation has only negatively impacted Germany
Since Germany has the biggest economy in Europe, it is responsible to finance and help Greece out of its problems
The high GDP per capita shows that Germany overall is doing very well and it is very wealthy
Greece's Current Economy
Economic Freedom Score: 55.4
Same score as last year
Seriously struggling with declines in property rights and financial freedoms
5th consecutive year in a recession
#40 in region
Unemployment: 24.4%
Unemployment continues to rise
Inflation: 3.1%
Greece: General Information
Population: 11.2 million
Government
Parliamentary Republic
President
Five year terms
Greece Government models other western democracies including Germany
The Greek Orthodox Church is the most common religion in the country
Greece's History
One of the oldest countries in world
Balkan Wars (1912-1913): Greece fought over unclaimed land
WWI: Greece supported allies
WWII
Greece was neutral
invaded by Italy
Germany put Greece into complete poverty
communist and monarchical groups were also fighting at the same time
Greece: Three Issues
Corruption in Politics
Politicians blame each other for problems
Are never able resolve outstanding issues
Unemployment
almost a 25% unemployment
many people are struggling to survive
poverty rate is increasing as a result
Illegal Immigration
Everyday, people illegal cross Greece borders
These illegal immigrants take the few jobs from Greek citizens, causing further problems
Greece's GDP
2001 2002 2003 2004 2005 2006 2007 2008
4.2% 3.4% 5.9% 4.6% 2.2% 4.5% 4.5% -0.1%
2009 2010 2011 2012*
-3.3% -3.5% -6.9% -4.7%
GDP per capita : 22,082.89 USD (2012)
Nominal GDP : US$ 271.112 billion (2010)
Greece's GDP (Graph)
Analysis of Greece's GDP
The last five years have not had any growth
Since a quarter of the country is unemployed, the gross domestic product has only been decreasing
Income is also decreasing because of the Euro problem - prices are going up while salaries are going down
Greece's only real profit comes from tourism, all other businesses and manufacturers are struggling
The relatively low (compared to Germany) GDP per capita shows that the country is not wealthy
Problem Neighborhoods
Certain areas have Germany where drop out rate from high school is extremely high
These students are very likely not to go to college
results in less professional workers for the Germany
abuse of alcohol and drugs is common
Aging Population
Germany expected to lose over 5 million workers in the next fifteen years
could result in a decrease in GDP as there will be less workers
Bibliography
http://www.theguardian.com/world/2011/mar/17/new-europe-germany-retirement-pensions-exports
http://www.heritage.org/index/country/germany
http://www.heritage.org/index/country/greece
http://www.gfmag.com/gdp-data-country-reports/266-greece-gdp-country-report.html#axzz2ivkaSP6r
http://www.gfmag.com/gdp-data-country-reports/266-germany-gdp-country-report.html#axzz2ivkaSP6r
http://www.cnbc.com/id/101049907
http://online.wsj.com/news/articles/SB10000872396390444506004577617383132000476
http://www.nytimes.com/2012/05/03/world/europe/akis-tsochatzopouloss-corruption-case-hits-hard-in-greece.html?_r=0
Full transcript