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Economy of Greece

Economy of Greece
The building of the Bank of Greece in Athens
CountryGreece
Width300px
CaptionThe building of the Bank of Greece in Athens
Currency1 euro (ευρώ)=100 cents (λεπτά)
YearCalendar year
OrgansEU, WTO, OECD, BSEC
Rank27th (nominal, 2009)
34th (PPP, 2009)
Gdp$310.365 billion (nominal, 2011 est.)
$311.794 billion (PPP, 2011 est.)
Growth0.2% (Q1 2011 compared to Q4 2010)
Per Capita$27,716 (nominal, 2011 est.)
$27,844 (PPP, 2011 est.)
Sectorsagriculture: 4%; industry: 17.6%; services: 78.5% (2010 est.)
Inflation3.3% (May 2011)
Poverty20% live below the annual -6,000 threshold (2008)
Gini33 (2005)
Edbr109th (2011)
Labor5.05 million (2010 est.)
Occupationsagriculture: 12.4%; industry: 22.4%; services: 65.1% (2005 est.)
Unemployment16.2% (March 2011)
Average Gross Salary$3,137 (-2,323) monthly (2006)
Average Net Salary$1,851 (-1,371) monthly (2006)
Industriestourism; shipping; industrial products, food and tobacco processing, textiles; chemicals, metal products; mining, petroleum
Exports$69.6 billion (2010 est.)
Export-goodsfood and beverages, manufactured goods, petroleum products, chemicals, textiles
Export-partnersGermany 11.11%, Italy 11.05%, Cyprus 7.28%, Bulgaria 6.74%, US 4.95%, UK 4.4%, Turkey 4.23% (2009)
Imports$97.6 billion (2010 est.)
Import-goodsmachinery, transport equipment, fuels, chemicals
Import-partnersGermany 13.73%, Italy 12.71%, China 7.08%, France 6.1%, Netherlands 6.02%, South Korea 5.68%, Belgium 4.34%, Spain 4.08% (2009)
Gross External Debt$532.9 billion (30 June 2010)
Debt142.8% of GDP (2010 est.)
Deficit10.5% of GDP (2010 est.)
Revenue39.1% of GDP (2010 est.)
Expenses49.5% of GDP (2010 est.)
Credit*Fitch:
B+ (long-term)
B (short-term)
Outlook: Negative *Moody's:
Caa1
Outlook: Negative *Standard & Poor's:
CCC (Domestic)
CCC (Foreign)
AAA (T&C Assessment)
Outlook: Negative
ReservesUS$7.224 billion (April 2011)
Cianamegr

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The economy of Greece is the 27th largest in the world by nominal gross domestic product (GDP) and the 34th largest at purchasing power parity (PPP), according to data by the World Bank for the year 2009. Per capita, it is ranked 24th by nominal GDP and 23rd at PPP according to the 2009 data.

A developed country with the 22nd highest human development and quality of life indices in the world, Greece is a member of the European Union, the eurozone, the OECD, the World Trade Organization and the Black Sea Economic Cooperation Organization.

The public sector accounts for about 40% of GDP. The service sector contributes 78.5% of total GDP, industry 17.6% and agriculture 4%. Greece is the 31st most globalized country in the world and is classified as a high-income economy.

Economy of Greece Video

This time Max Keiser and co-host Stacy Herbert look at the scandals of Ben Bernanke's zero reserve requirements proposal; the game of IMF chicken between Greece and Germany; the sinister German hedge fund spy plan; and Max Keiser for President of Greece?! Keiser also talks to Business Insider's Gregory White about deflation, inflation and moving to Asia!
1.32 min. | 4.86 user rating		 For the many migrants who live in the centre of Athens, nightfall brings fear of violence. More immigrants are coming all the time, even as the Greek economy gets worse. With the government seemingly powerless, the jarring clash of cultures is easy for extremists to exploit. In last month's local elections, a far-right party won a seat on the city council in Athens for the first time. And as Al Jazeera's Barnaby Phillips reports, tension has been building ever since.
2.45 min. | 3.55 user rating		 A musical parody of the Paul Simon song "The 59th Street Bridge Song (Feelin' Groovy)," about financial market turbulence and its ripple effects: from Fed Chairman Bernanke to Wall Street to Main Street. Parody Lyrics: MARCY SHAFFER Music Director: GREG HILFMAN Lead vocal: GARY STOCKDALE Background vocals: GARY STOCKDALE For "DEPRESSING" and many more great political musical parodies, visit VERSUS -- where politics and culture do their time in rhyme -- at versusplus.com.
2.65 min. | 4.06 user rating		 This week Max Keiser and co-host Stacy Herbert look at the scandals of Ben Bernanke's zero reserve requirements proposal; the game of IMF chicken between Greece and Germany; the sinister German hedge fund spy plan; and Max Keiser for President of Greece?! Keiser also talks to Business Insider's Gregory White about deflation, inflation and moving to Asia!
26.88 min. | 4.89 user rating		 Link from: www.newzzcafe.com This is what happens when the truth about the Federal Reserve Note heading to 'Zero" is told on CNBC. Above is the video of Chris Whalen of Institutional Risk Analytics, Nouriel Roubini and Ian Bremmer of the Eurasia Group giving their assessment of the financial system and the overall economy. The group was on CNBC earlier this week talking about the impact of the financial reform bill on the financial sector and the overall economy. It was mostly Whalen making calls during this video. It was interesting to see Chris Whalen doing macro because he comes at this from a banking perspective. He sees a double dip because of a lack of good earning assets for bankers to lend against and continued balance sheet pressure at lending institutions. His view is that the reform bill and its increased capital requirements will be negative for credit growth going forward. He also thinks that bringing all of the shadow banks under the fed's regulatory umbrella will also be negative for credit growth because of shadow banks' inexperience in dealing with regulators. He uses GE as an example. Whalen notes that a senior Fed official told him there have been very few quarters over the past 15 years when the financial sector hasn't benefitted from extraordinary fiscal stimulus or extraordinary actions by the central bank. We are in one of those quarters right now -- and Whalen believes this bodes ill for economic growth in the real economy. More than that, Whalen <b>...</b>
10.58 min. | 4.87 user rating
Be first to receive videos about economic policy. Subscribe at www.bankruptingamerica.org ------------------------- The repercussions from Greece's fiscal crisis are starting to ripple around the world. But are lessons being learned? Thousands of Greeks have violently rioted against their government because the game is up. For years, the Greek government made spending promises to its people that it could never keep (much like a Bernie Madoff-style Ponzi scheme). When taxes couldn't cover the cost of spending, the Greek government took out loans. Loans quickly turned to a debt so large it's 115% the size of Greece's economy. Unfortunately, the US is doing the exact same thing. Watch the video to find out more and, if you approve of the video's message, please pass it along to others. It's too late for Greece. But it's not too late for us. We can still cut spending and save our economy from crisis. ------------------------- Want to stay informed and take action with others? Sign up at http
2.43 min. | 4.77 user rating		 The anatomy of a breakdown. Please support these videos by rating, commenting, favouriting and subscribing. BULLIONBOURSE.COM is a proud sponsor of this Channel www.bullionbourse.com BUY Gold online I have dealt with Ben from BullionBourse.com on many occasions and highly recommend their fast service, quality metals and low spreads. stellaconcepts, anatomy of a breakdown, us collapse, gold silver, stock market collapse, investing, us economy collapse, lyndon larouche, peak oil, greece default, europe collapse
9.33 min. | 4.90 user rating		 Carl Sagan - Cosmos www.youtube.com The 'journey' begins at 7min Remember to rate/comment, etc. before going going too far on the links LOL Did you notice ANY of this while you were watching a plane crash? US senate releases second half of $700bn financial bailout: www.telegraph.co.uk Senate Votes To Release Bailout Funds To Obama: www.washingtonpost.com Financial crisis: Bank of America given $138bn rescue package: www.guardian.co.uk South China Morning News - Tsang delays consultation on poll reform: www.scmp.com Andreas Whittam Smith: This is not the Great Depression: www.independent.co.uk His big point is that When Roosevelt was sworn in at the beginning of March, 32 states had closed all their banks. Most started in the middle of February 1933. Unemployment was at 30% on March 4, 1933. According to www.shadowstats.com, "real" unemployment is just under 18% and spiking sharply higher. It may not make it to 30% by the end of February, but it is looking more likely it will get close. IBM and Microsoft are expected to announce huge job before the end of January. Motorola announced yesterday they are laying off 4000 employees in the US mobile phone divisions. Expect the official monthly numbers of new claimants to approach 2000000 in January. Get 2 Million unemployed in a month. And that's the 'seasonally adjusted' numbers, real numbers will be higher I predict a riot. Where? You're guess is as good as mine... However, this week there were continuing riots in Greece, with <b>...</b>
10.22 min. | 4.90 user rating		 The GOP is deathly afraid that the United States could soon be facing a problem like the one in Greece, where the country is teetering on the brink of bankruptcy. They're actually correct - only because nothing has been done to reign in banks like Goldman Sachs who actually caused the meltdown in Greece. Mike Papantonio appears on Fox Business's Bulls and Bears to set the record straight.
4.37 min. | 4.55 user rating		 www.inceptionradio.com http www.platformforthefuture.com http The Stench of Truth (463).mp4 My prediction is that the debt ceiling talks will be resolved and that this "deal" will seal the fate of Medicare and Social Security and all other social programs and that Obama will be the chief promoter. There is enough time before the election that people will forget that they have been forced to take the hit for the banks and finance capital just like in Greece. Mark my words, austerity is coming, it is only a matter of degree. I also give some clarification on guns and preparation, which I am most certainly not opposed to, but support. And on my message on corporations and finance capital which will continue to be my message until thick skulled idiots can finally see that is where the real enemy lies.
8.75 min. | 4.78 user rating

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WU professor tells Greece how to turn economy around - Student Life Tweet this news
Student Life--“That's what -Greece- did.” Azariadis believes that -Greece- is in a terrible financial position and needs to make large changes to overcome its economic woes. ... - Date : Mon, 25 Oct 2010 09:08:54 GMT+00:00
Pimco's El-Erian: Expects Greece Will Default In 3 Years - Wall Street Journal Tweet this news
Wall Street Journal--Without an orderly restructuring, he said, -Greece's economy- could spiral into a lost decade of high unemployment and low growth as seen in Asia and Latin ... - Date : Mon, 25 Oct 2010 21:07:28 GMT+00:00
EURO GOVT-Bunds pulled lower by gilts, Greece underperforms - Reuters Tweet this news
Reuters--Britain's -economy- grew twice as fast as forecast, official data showed, dimming the chance of more quantitative easing from the Bank of England in the near ... - Date : Tue, 26 Oct 2010 11:01:51 GMT+00:00
Greek Central Bank Urges Reform - Wall Street Journal Tweet this news
Wall Street Journal--While -Greece- appears to be on track to achieve those targets, the austerity measures have hit the Greek -economy-. According to the Bank of -Greece-, ... - Date : Tue, 26 Oct 2010 09:57:39 GMT+00:00
EU grants 100 million euros to finance schools in Greece - Focus News Tweet this news
Focus News--The European Investment Bank (EIB) granted 100 million euros (138 million US dollars) to finance schools and boost -economy- in -Greece-, European Commission ... - Date : Tue, 26 Oct 2010 02:52:54 GMT+00:00
In Athens, New Beginnings - International Herald Tribune Tweet this news
International Herald Tribune--Second, and even more important, is the growing role of Greece in the wider world -economy-. -Greece's- new rapprochement with Turkey is not only diplomatic, ... - Date : Tue, 26 Oct 2010 15:54:30 GMT+00:00
INTERVIEW:Greece Can Save EUR5B A Year By Implementing New IT - Wall Street Journal Tweet this news
Wall Street Journal---Greece- has EUR1.5 billion--with 80% of funds from the EU--to build this improved digital -economy- over three years, which the special secretary broadly ... - Date : Mon, 25 Oct 2010 22:26:47 GMT+00:00
Greece will default, economy guru says - Kathimerini Tweet this news
Kathimerini--Roubini, who has been dubbed “Dr Doom” for his pessimistic economic outlook, has described -Greece- as “the Lehman Brothers of Europe” - a reference to the US ... - Date : Mon, 25 Oct 2010 08:12:03 GMT+00:00

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