Country Analysis Greece

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Country Analysis - Greece

Bordering the Aegean Sea, Ionian Sea and the Mediterranean Sea in southern

Europe,Greece is a country of mostly mountains with ranges extending into the sea as

peninsulas or chains of islands. From wet winters, to hot and dry summers, greece is a

popular tourist destination.

With nearly 4.5 million people in the Athens area, Greece is populated with nearly

10 million people in which a parliamentary democracy exists. 300 people are elected

whom form the parliament which conducts the legislative duties of the government.The

political party collects approximately 151 seats in the parliamental duties of the

administration. The president automatically becomes prime minster and then gets

appointed to become cabinet ministers. The actual ‘president’ is elected by the

parliament for a five year term. The current ‘chief of state’ is President Karolos

Papoulias and the head of government is Prime Minister Antonis Samaras.

As you are aware, Greece’s economy isn’t doing too well lately. Greece has a

capitalist economy which means it has an economic system based on private ownership

of capital. 40 percent of the countries GDP is accounted from a public sector. Tourism

provides fifteen percent, in which we will discuss later. Between 2003 and 2007 the

economy grew nearly four percent per year. This is partially due to the 2004 Olympic

games which also resulted in an increased availability of credit. However, with the 2009

recession due to the world financial crisis, Athens’ credit conditions tightened. Greece

violated the EU’s Growth and Stability Pact which says no more than three percent of

GDP, in which Greece was at six percent in 2011. The economy of Greece kept going

downhill. By April 2010, the credit agencies assigned Greece to be in the lowest

possible…...

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