Greece is a magic and wonderful place, filled with history, myths, philosophy and moral values, the cradle of Western civilization and the birthplace of democracy, it is a country where you can relax and enjoy the marvels of nature. Greece is a place where arts and sciences flourished.
Having a capitalist economy, Greece is considered to be a civilized and developed country. Amongst its sources of earnings, the tourism is considered to be the major source. As a member of the European Union, Greece has a very high standard of living and exerts great influences in all field and domains worldwide.
The economy of Greece increased year by year until 2008, the gross domestic product recorded the highest rates in the euro zone and the economy had an advanced high-income. However, starting from 2009, a financial crisis stroke Greece, being the consequence of great debts that the government has made and the increased budget deficit. The recession stroke all the countries, even the most developed ones.
The highest budget deficit and debts have been recorded in 2009, when the inflation rate, the unemployment exceeded all the European countries, being considered above the average of the Euro zone. In these conditions and under the pressure of the European Union and international partners, the Greek government had to adopt an austerity program. The austerity measures were considered the harshest in Europe.
The consequences of this austere program adopted by the Greek government manifested as riots and protests. As a good effect of this program, the deficit of the budget has been reduced in 2010. The most important measures took by the Greek government in order to reduce the deficit were the reforms in health and pensions systems, in industry and commerce, labor, structural reforms.
Short and medium term loans were provided by the European Union and The International Monetary Fund in order to help Greece diminish the debts and the budget deficits in 2010.
Major structural reforms are made in 2011 by the Greek government, yet the National Bank has a grey forecast in what the economic growth is concerned.
Having a capitalist economy, Greece is considered to be a civilized and developed country. Amongst its sources of earnings, the tourism is considered to be the major source. As a member of the European Union, Greece has a very high standard of living and exerts great influences in all field and domains worldwide.
The economy of Greece increased year by year until 2008, the gross domestic product recorded the highest rates in the euro zone and the economy had an advanced high-income. However, starting from 2009, a financial crisis stroke Greece, being the consequence of great debts that the government has made and the increased budget deficit. The recession stroke all the countries, even the most developed ones.
The highest budget deficit and debts have been recorded in 2009, when the inflation rate, the unemployment exceeded all the European countries, being considered above the average of the Euro zone. In these conditions and under the pressure of the European Union and international partners, the Greek government had to adopt an austerity program. The austerity measures were considered the harshest in Europe.
The consequences of this austere program adopted by the Greek government manifested as riots and protests. As a good effect of this program, the deficit of the budget has been reduced in 2010. The most important measures took by the Greek government in order to reduce the deficit were the reforms in health and pensions systems, in industry and commerce, labor, structural reforms.
Short and medium term loans were provided by the European Union and The International Monetary Fund in order to help Greece diminish the debts and the budget deficits in 2010.
Major structural reforms are made in 2011 by the Greek government, yet the National Bank has a grey forecast in what the economic growth is concerned.
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