Greek Economy

1. Greek Economy The Greek Financial Crisis

2. Overview of Greek Economy Greek economy is the 27th largest economy in the world based on Gross Domestic Product (GDP) Per capita, it is ranked 24th In human development�and�quality of life�indices it is 22nd�in the world Greece is a member of the eurozone, the�OECD (Organisation for Economic Co-operation and Development, the�World Trade Organization�and the�Black Sea Economic Cooperation Organization.

5. Overview of Greek Economy �40% of GDP => Public Sector 78.5% of GDP=>Service Sector 17.6% of GDP=>Industry 4% of GDP=>Agriculture

6. Overview of Greek Economy The Greek Economic Miracle Marshall plan Devaluation of Drachma Development of Tourism Urban development

7. Greek Economic Miracle The term is referring to the impressive rate of economic and social development in Greece from the early 1950s to the mid-1970s. Between 1950 and 1973, Greece had an average rate of economic growth of 7%, second in the World only to Japan�s during the same period. In 2005 Greeks enjoyed an Income per capita which was 81% that of Germany (World Bank, GNI per capita 2005, data released on July 1, 2006). Income per Capita Greece and France Comparison 65% that of France in 1850, 56% in 1890, 62% in 1938, 75% in 1980 86% in 2006, (Paul Bairoch, Europe's GNP 1800-1975, J. of European Economic History, 5, pp. 273-340 (1976) Greek Economy Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP at least 75% of the leading euro-zone economies. Tourism provides 15% of GDP Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs.

8. Greek Tourism Greece receives 16 million tourists a year In 2005, 6,088,287 tourists visited only the city of Athens, the capital city. According to a survey conducted in China in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination. In November 2006, Austria, like China, announced that Greece was the favorite destination for tourism

10. Athens International Airport � Eleutherios Venizelos It began operation on 29 March 2001. In 2005 and 2006, the Airport was awarded the Skytrax award for best airport in Southern Europe. In 2004 it was awarded the European Airport of the Year The airport is equipped with two robotic systems (robots "Hercules" and "Ulysses") capable of handling suspect devices.

11. Attiki Odos Private-owned toll highway Construction of the project began in 1996. The motorway was opened along with the Eleftherios Venizelos International Airport to which it connects. Attiki Odos is considered one of the safest motorways in Europe. It was designed under strict safety-related technical specifications, including updated hard shoulders in either direction and high quality skid-resistant asphalt pavement, dense lighting and fencing. Attiki Odos features hundreds of CCTV cameras connected to the Traffic Management Centre (TMC), which detects any incidents occurring on the motorway and informs the intervention and maintenance patrol units to provide assistance.

12. Rio-Antirio bridge A cable-stayed bridge crossing the Gulf of Corinth near Patra, linking the town of Rio on the Peloponnese to Antirio on mainland Greece. The 2,880�meters (9,449�ft) long bridge dramatically improves access to and from the Peloponnese, which could previously be reached only by ferry or via the isthmus of Corinth at its extreme east end. Its width is 28 m � it has two vehicle lanes per direction, an emergency lane and a pedestrian walkway.

13. Greek Economy and European Union Greece has been a net beneficiary of the EU budget. Net payments to Greece totaled $4.9 billion in 1998, representing 4.2% of GDP. Net inflows were estimated at about $5 billion in 1998. Greece received substantial support from the EU through the Delors II package. In July 1994, the Greek government and the EU agreed on a final plan which provided Greece 16.6 billion ECU for the period, of which 14 billion ECU was from the Community Support Framework and 2.6 billion ECU was from the Cohesion Fund. That level of assistance continued in 1999 financing major public works and economic development projects, competitiveness and human resources programs, the improvement of living conditions and also addressed disparities between poorer and more developed regions of the country. Greece is set to receive 20.1 billion euros of funds from the EU's budget, or approximately 1,8% of GDP. Cost of Living in Athens Athens, in terms of the relative cost of living, ranked 47 between 131 cities included in a survey of Economist Intelligence Unit (EIU). According to a survey by the Economist, the cost of living in Athens is close to 90% of the costs in New York

14. Athens Olympic Stadium � Spyros Louis The stadium was originally designed in 1979 and built in 1980-1982. The Olympic Stadium has been used at various times as a home ground by the three major football clubs of Athens, Olympiacos Piraeus, Panathinaikos and AEK Athens. It was extensively renovated in time for the Olympics

15. Overview of Greek Economy In 2004,�Eurostat, after an audit performed by the New Democracy government, revealed that the budgetary statistics on the basis of which Greece joined the European monetary union had been under-reported by the previous Greek government According to certain economists, even with the revised data, Greece met the criteria for monetary union

16. The Greek Debt Crisis Explained in Four Minutes http://www.youtube.com/watch?v=mEVqeaFHsHE&feature=fvwrel

17. The Recent Financial Crisis - Causes In 2009, the government of�PASOK (George Papandreou)�revised its deficit from an estimated 6% to 12.7% Overmanning of civil services (clientism) Tax evasion (over�$20 billion�per year) Public sector jobs, pensions, social benefits. After 1974 the Greek government wanted to bring left leaning portions of the population into the economic mainstream 2004 Olympics

18. The Recent Financial Crisis In 2009 Ratings agency Fitch cuts Greece's long-term debt to BBB+, from A-. This is the first time in a decade that Greece does not have an A-rating, and pushes up the cost of borrowing. In 2010 Goldman Sachs is accused of helping to cause the crisis by using derivatives contracts to disguise how much Greece was borrowing. The eurozone agrees a �30bn bailout �The�International Monetary Fund, pushes the bailout up to �45bn.