Skip to content →

The Greek Economy In Today’s World

Greece is a wonderful country, the cradle of Western civilization, the place where democracy was. Greece is rich in history, the arts, sciences, philosophy and mythology, a magical place where you always feel good, relax and enjoy the wonders of nature. It is a special place, a showcase of the best values of humanity.

Greece is a country with a civilized and developed capitalist economy, tourism is an important source of income. He is a member of the European Union, which exerts great influence in the world in all areas and sectors. It also has a high standard of living.

The Greek economy grew strongly until 2007 but from 2009, entered into recession because of budget deficits and debt that the government has done. Until 2008, Greece had one of the highest rates in the eurozone gross national product, be considered a country with an advanced economy with high incomes. Unfortunately, since 2009, the global financial crisis affected not only Greece and the European Union, but also all other countries, including developed countries.

In 2009, Greece and the economy facing biggest budget deficits and debts of all European countries. Inflation, unemployment, debt and budget deficits is considered higher than the EU average in 2010. The government, constrained by the current economic crisis, the European Union and partners in the international market, has adopted an austerity program, one of the toughest in Europe.

The austerity program has led to protests and riots, but also led to a slight decrease in the budget deficit in 2010. The austerity program includes reforms, particularly in the health system and pensions in the public sector which included a reduction in the size, buy stocks, structural reforms in labor and reform of industry and product markets.

In 2010, Greece has received considerable assistance from the European Union and the International Monetary Fund, which lends to short-term loans to medium term to help the country pay debts and reduce the deficit. These loans and other measures such as credits or investing in gold, for example, in times of financial crisis are the solutions that can reduce the deficit.

In 2011, the Greek government has made significant structural reforms, but the Greek National Bank remains bleak forecast, the rate of economic growth that is considered negative.

Published in Financial Information Investments


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.