I don't understand much of anything of all this... but my thought is... Greece really doesn't do anything, do they? isn't that a difference? (apoligies if that is out there in the convo as I know y'all follow it and it is more y'all's field)
I don't know what you mean when you say "Greece doesn't do anything". Greece ain't no industrial powerhouse but its a first world nation..........was third world as late as 1980 but that changed when they overthrew the dictator.
Here is some econ info that seems slightly glorified:
Economy
Annual growth of Greek GDP has surpassed the respective levels of most of its EU partners.[32] The tourism industry is a major source of foreign exchange earnings and revenue accounting for 15% of Greece’s total GDP[33] and employing, directly or indirectly, 16.5% of the total workforce.
The Greek labor force totals 4.9 million, and it is the second most industrious between OECD countries, after South Korea.[34] The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece ranked third in the working hours per year ranking among European nations; Greeks worked an average of 1,811 hours per year[35]. In 2007, the average worker produced around 20 dollars per hour, similar to Spain and slightly more than half of average U.S. worker's hourly output. Immigrants make up nearly one-fifth of the work force, occupied mainly in agricultural and construction work.
Greece's purchasing power-adjusted GDP per capita is the world's 26th highest. According to the International Monetary Fund it has an estimated average per capita income of $30,661 for the year 2008,[36] a figure comparable to that of Germany, France or Italy. According to Eurostat data, Greek PPS GDP per capita stood at 95 per cent of the EU average in 2008.[37] According to a survey by The Economist, the cost of living in Athens is close to 90% of the costs in New York; in rural regions it is lower.[38]
However, the Greek economy also faces significant problems, including rising unemployment levels, an inefficient government bureaucracy and widespread corruption.[39]
In 2009, Greece had the EU's second lowest Index of Economic Freedom (after Poland), ranking 81st in the world.[40] The country suffers from high levels of political and economic corruption and low global competitiveness relative to its EU partners.[41][42]
Although remaining above the euro area average, economic growth turned negative in 2009 for the first time since 1993.[43][verification needed] An indication of the trend of over-lending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year.[44]
By the end of 2009, as a result of a combination of international (financial crisis) and local (uncontrolled spending prior to the October 2009 national elections) factors, the Greek economy faced its most severe crisis since 1993, with the highest budget deficit (although close to those of Ireland and the UK) as well as the second highest debt to GDP ratio in the EU. In May 2010, Greece adopted harsh austerity measures to bring its deficit under control, winning support from EU leaders and the European Commission. Their implementation will be monitored by the Commission.[45][46]
Maritime industry
Main articles: Greek shipping and List of ports in Greece
Piraeus is the largest marine - based shipping centre of Greece and also the commercial hub of Greek shipping, with most of Greece's shipowners basing their commercial operations there.The shipping industry is a key element of Greek economic activity dating back to ancient times.[47] Today, shipping is one of the country's most important industries. It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.[48]
During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis and Niarchos.[49] The basis of the modern Greek maritime industry was formed after World War II when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s.[49] According to the BTS, the Greek-owned maritime fleet is today the largest in the world, with 3,079 vessels accounting for 18% of the world's fleet capacity (making it the largest of any other country) with a total dwt of 141,931 thousand (142 million dwt).[50] In terms of ship categories, Greece ranks first in both tankers and dry bulk carriers, fourth in the number of containers, and fourth in other ships.[50] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 70's.[47]
Tourism
Elias Beach on the Greek island of Mykonos.An important percentage of Greece's income comes from tourism. In 2004 Greece welcomed 16.5 million tourists. According to a survey conducted in China in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination,[51] and 6,088,287 tourists visited only[clarification needed] the city of Athens, the capital city. In November 2006, Austria, like China, announced that Greece was the favourite destination.[52][dead link]
Numismatics
See also: Euro gold and silver commemorative coins (Greece)
In Greece, the euro was introduced in 2002. As a preparation for this date, the minting of the new euro coins started as early as 2001, however all Greek euro coins introduced in 2002 have this year on it; unlike some other countries of the Eurozone where mint year is minted in the coin. Eight different designs, one per face value, was selected for the Greek coins. In 2007, in order to adopt the new common map like the rest of the Eurozone countries, Greece changed the common side of their coins. Before adopting the Euro in 2002 Greece had maintained use of the Greek drachma from 1832.
Greece has one of the richest collections of collectors' coins in the Eurozone, with face value ranging from 10 to 200 euro, mainly issued to commemorate the 2004 Summer Olympics. These coins are a legacy of an old national practice of minting of silver and gold commemorative coins. Unlike normal issues, these coins are not legal tender in all the eurozone. For instance, a €10 Greek commemorative coin cannot be used in any other country.
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