Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Haim R. Branisteanu who wrote (72272)	1/30/2010 6:37:18 AM
From: KyrosL	of 74559

Greece is hopeless with respect to industrialization. The unions are all powerful, probably more powerful than UK unions in pre-Thacher days. This may not be such a disadvantage since the rise of BRIC industrial power does not bode well for industry in EU countries. Greece's competitive advantage is tourism, which is almost entirely in the hands of mostly small private entrepreneurs, shipping, and natural resources. Another future promise is Greece as a destination of Northern European retirees, sort of like the Florida of the EU. This has not yet materialized because property rights have not yet been codified throughout the country -- the process will be completed in a couple of years. Compared to Spain and Italy Greek tourism is hugely underdeveloped. Shipping is another area of expertise, with Greeks owning some 20% of the world's commercial ships. It contributes some $20 billion to Greece's economy mostly in the form of remittances.

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