6 Things You Should Know Before Embarking On Greece Economic System | greece economic system

Greece is one of the remaining European countries that escaped the World War II. It is now one of the more prominent economies in Europe, along with Portugal, Ireland, Malta and Spain. As it approaches the end of the fiscal year, Greece has been discussed as possibly bringing a quick end to its prolonged recession.

DescriptionThe Greece economic system combines a vibrant and modern metropolitan city with widespread agricultural and small scale industry. Greek islands like Skopelos and Zakynthos are home to some of the most famous tourist destinations on the Greek mainland. Important ancient times include the Mycenaean period, when Athens became the first major Hellenistic city, and the Roman period, when it boasted the world's greatest aqueduct. Important influences from both cultures are visible in the country's architecture and literary culture. Athens, its main hub, still preserves many important landmarks such as the 5th century B.C. Acropolis Citadel with the famous Parthenon Temple.

The basic economic system of the country relies on agriculture, small scale industry, shipping and correspondence. Tourism is the primary driver behind the country's recovery, but the growing middle class is helping to stimulate the economy even further. The main industries in Greece are retail trading, banking, private equity, software development, real estate, chemical manufacturing and petroleum refining. Communication technology is another pillar of the Greek economy, especially the electrical and telecommunications sectors, all of which have been key to keeping the country afloat during the financial crisis.

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A bail out package for Greece was agreed upon by the European Union, the European Central Bank and the lenders of credit, including hedge funds, insurance companies, multinational corporations and the country's two main banks, which are known as the Troika. The plan was put into motion to help Greece recover from its debt burden, which reached a high of 120 billion Euros. This rescue package included some debt relief for debtors as well as structural and budgetary changes at both the governmental and personal levels. Greece is being offered extensive breathing space by the creditors so that it can gradually return to a normal state of economic activity. The country's remaining banks have already started circulating financial information and have opened the books to make public.

There is immense pressure on the Greek authorities to ensure quick and sustainable recovery of the faltered economy, which has been affected by the global recession and low global economic growth. The creditors want to see immediate action to minimize the negative effect of the bailout package. This has prompted the government to announce measures to liberalize the Greek financial system. This is expected to increase competitiveness in the domestic market as well as attract more investment and stimulate the economy further.

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A lot of money is flowing out of Greece in the form of capital flows and foreign direct investment. The main factor keeping the exchange rate unstable and unpredictable is the uncertainty surrounding the exact position of the currency basket. While the creditors agree to relax certain aspects of the bailout package, they are not in a position to lose all of their money as this would amount to a major loss for them. It is obvious that Greece needs time to get back to a fair exchange rate with the rest of the world, something that is badly needed for the Greek economy.

THE HISTORIC COLLAPSE OF THE GREEK ECONOMY by YIANNIS PATRIKAKIS - greece economic system

THE HISTORIC COLLAPSE OF THE GREEK ECONOMY by YIANNIS PATRIKAKIS – greece economic system | greece economic system

Economy of Greece - Wikipedia - greece economic system

Economy of Greece – Wikipedia – greece economic system | greece economic system

Economy of Greece - Wikipedia - greece economic system

Economy of Greece – Wikipedia – greece economic system | greece economic system

Greece - Agriculture, forestry, and fishing Britannica - greece economic system

Greece – Agriculture, forestry, and fishing Britannica – greece economic system | greece economic system

Economy of Greece - Wikipedia - greece economic system

Economy of Greece – Wikipedia – greece economic system | greece economic system

Economy of Greece - Wikipedia - greece economic system

Economy of Greece – Wikipedia – greece economic system | greece economic system