Friday, August 3, 2018

Recent past, situation and prospects in Greece

Much like Spain and Portugal, Greece went thru a junta regime (1967-1974, two military regimes).

In its 200 year history as a country, Greece (Hellas) has had many debt issues before 2010. It went eg bankrupt in the 1860s.

The 1981 PASOK (socialist) win led to a doubling of the public debt from 40% of GNP to some 80%. Much of it was used to finance public sector jobs for PASOK voters. Most had been persecuted for being lefties after the Greek Civil War post WWII.

In 1981 Greece had joined the EEC now EU. In 1948 it has joined GATT (now WTO).

It joined the Euro in 2003 unprepared, in terms of its real economy (too many imports not enough exports).

Prices rose due to the rounding from the national to the Euro currency, lack of competition in many sectors of goods and services, the EU funds and Greeks' appetite for western world consumer spending habits.

The Bubble burst finally as expected, in 2009.

The measures used led to a dive of some 30%! The unemployment rate jumped from 8% (2009) to 29% (2013)! Salaries and assets' prices dove!

Now Greece is growing timidly! Greece is as always sunny, dry and beautiful.

Come invest your future wholly and partly in Greece!

Greece can grow from 12 million to 20 (Romania) or more! There's plenty of space. And zest!

Nick Panayotopoulos
Massachusetts Institute of Technology '85

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