1. Popular Tourism Liberalizing the Greek Economy
A Common Currency Instant Translation of Web Pages
European Union Member IT Development
Debt Burden Fiscal Austerity Programs

2. Popular Tourism
 Tourism in Greece
• Greece attracts more than 16 million tourists each year, thus contributing 15% to the
nation's Gross Domestic Product(GDP) Economy. Greece has been an attraction for
international visitors since antiquity for its rich and long history and more recently for
its glorious Mediterranean coastline and beaches. In 2005, 60,88,287 tourists visited
only the city of Athens, the capital city.
• At the same time, tourism consumption increased considerably since the turn of the
millennium, from US$ 17.7 bn. in 2000 to US$ 29.6 bn. in 2004. The numbers of jobs
directly or indirectly related to the tourism sector were 659,719 and represented 16.5%
of the country's total employment for that year.
 Economic impact
• At the same time, tourism consumption increased considerably since the turn of the
millennium, from US$ 17.7 bn. in 2000 to US$ 29.6 bn. in 2004. The numbers of jobs
directly or indirectly related to the tourism sector were 659,719 and represented 16.5%
of the country's total employment for that year.
 Visitors
• In 2009, the country welcomed over 19.3 million tourists, a major increase from the
17.7 million tourists the country welcomed in 2008.

3.  Infrastructure
• As a developed country highly dependent on tourism, Greece offers a wide variety of
tourist facilities. Tourism infrastructure in Greece has been greatly improved since the
2004 Athens Olympic Games and continues to expand with a number of important
projects particularly in areas of less mass-tourism.
 Hotels and conference facilities
• The five-star Porto Carras Hotel and Resort in Halkidiki in northern Greece hosted a
European Union leader's summit in 2003.
• Conference tourism, targeted at academic, business, or cultural markets is a cornerstone
of the Greek national tourism policy. As a result, the Greek government, with strong
support from local authorities, has been offering lucrative cash grants, leasing and
employment subsidies and tax allowances to establish new conference facilities and
expand existing ones.
• In a recent report in Meeting and Incentive Travel, Greece was ranked eighth in the
world in overnight stays for conferences. Figures from the Tourism Satellite Accounting
Research, conducted by WTTC (World Travel & Tourism Council) project a worldwide
increase in revenues in business travel to Greece from US $1.51 bn. in 2001 to US $2.69
bn. in 2011. In 1998, the figure stood at US $1.18 bn.
 Marinas
 Spas and thermal springs
 Museums

4. A Common Currency
• The euro (€) is the official currency of 16 of the 27 member states of the European Union
(EU). The states, known collectively as the Euro zone, are Austria, Belgium, Cyprus, Finland,
France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal,
Slovakia, Slovenia, and Spain.
• The euro is the second largest reserve currency and the second most traded currency in the
world after the U.S. dollar. As of November 2008, with more than €751 billion in circulation,
the euro is the currency with the highest combined value of cash in circulation in the world,
having surpassed the U.S. dollar. Based on IMF estimates of 2008 GDP and purchasing
power parity among the various currencies, the Euro zone is the second largest economy in
the world.
European Union Member
• Being apart of the European Union, makes you a part of the single market, which is a
common market and customs union between the member countries.
• Free movement of goods: goods can be moved freely throughout member countries. The
only restriction that may be placed on a good is when there is a risk, such a public health
risk, environment, or consumer protection.
• Free movement of capital: allows investments to move between countries without any
additional cost. These investments include things such as property purchases and buying
shares between countries.
• Free movement of services: allows citizens to move, work, live, and retire in any member
country that they wish.

5.  Debt Burden
• Greece has an enormous debt burden that is hurt the Euro currency and could weaken
Greece's ability to provide services to their citizens.
• Additional taxes and reduced state-sponsored services is the solution to this debt problem,
but this solution hurts businesses and consumers ability to purchase goods and services.
Liberalizing the Greek Economy
• Greece has a plethora of "closed shops" which run like oligopolies against competition. Laws
to liberalize these closed shops could increase GDP over 10% within the first five years. These
laws will have to combat issues in the trucking, law, medicine, engineering and other
services. The added GDP boost will go a long way towards paying down debt and improving
competition.
Instant Translation of Web Pages
• The ability to translate web pages quickly and accurately may lead to a break down in the
language barriers that separate commerce and social interaction between countries.
• Rapidly evolving technology is leading the way for computers that "learn" by analyzing
documents that have been translated by humans. The possibility of instantly translating a
web page, document or blogs may also become reality.
• Google is experimenting with a machine based translation service and is able to covey the
general idea of the text. The ability to instantly and accurately translate written text from
one language to another would greatly improve the productivity of the world.

6. IT Development
• Information technology advancement can stimulate Greece's economy and create jobs
and revenue for the government.
• Ericsson is the largest investor of telecommunications time and resources within Greece.
The Swiss company believes that since Greece has not yet established an adequate
phone-line system to meet the needs of all its citizens, they can take advantage of the
situation and offer cellular services to individuals who desire better communicational
services. Ericsson's sales rates within Greece are increasing at a steady rate of 12% per
year.
Fiscal Austerity Programs
• Many governments around the world will have to cut spending and increase taxes to
avoid fiscal deficits that increased during the financial crisis.
• These programs will decrease government spending in the economy, which will slow
growth rates. Additionally, citizens will have less money and benefits to use in case of
emergencies. The fear is that cuts might be so drastic that they hurt the economy.

7. Tourism in Italy
A Common Currency Instant Translation of Web Pages
European Union Member
Declining birth rate
Xenophobic northern Italy Poverty
High debt level Unemployment
Fiscal budget deficit

8. Tourism in Italy
• With more than 36.5 million tourists a year, Italy is the fifth most visited country in the world,
behind France (76.0 million), Spain (55.6 million), United States (49.4 million), and China
(46.8). Italy has some of the world's most ancient tourist resorts, dating back to the time of the
Roman Republic, when destinations such as Pompeii, Naples Ischia, Capri and especially Baiae
were popular with the rich of Roman society. It is a sector that employs nearly three million
persons, which is equal to approximately 12 percent of the total work force, and that
contributes approximately 12 percent to the GDP.
 Mass tourism
• Throughout the 17th to 18th centuries, the Grand Tour was mainly reserved for academics or
the elite. Nevertheless, circa 1840, rail transport was introduced and the Grand Tour started to
fall slightly out of vogue; hence, the first form of mass-tourism was introduced.
• 1960s, and with the rise of wealth, by now, even a working-class Italian family could afford a
holiday somewhere along the coast. The late-1960s also brought mass-popularity to mountain
holidays and skiing; in Piedmont and the Aosta Valley, numerous ski resorts and chalets started
being built. The 1970s also brought a wave of foreign tourists to Italy, since Mediterranean
destinations saw a rise in global visitors.
• Despite this, by the late-1970s and early-1980s, economic crises and political instability meant
that there was a significant slump in the Italian tourist industry, as destinations in the Far East
or South America rose in popularity. Yet, by the late-1980s and early-1990s, tourism saw a
return to popularity, with cities such as Milan becoming more popular destinations. Milan saw
a rise in tourists, since it was ripening its position as a worldwide fashion capital.

9.  Ancient resorts
• Italy has some of the world's most ancient tourist resorts, dating back to the time of the
Roman Republic, when destinations such as Pompeii, Naples, Ischia, Capri and especially Baiae
were popular with the rich of Roman society. Pompeii is currently Italy's third the world's 48th
most visited tourist destination, with over 2.5 million tourists a year.
 Other popular destinations
• Apart from Rome, Milan, Venice and Florence are the top destinations for tourism in Italy.
Other major tourist locations include Turin, Naples, Padua, Bologna, Perugia, Genoa, Sicily,
Sardinia, Salento and Cinque Terre. Two factors in each of these locations are history and
geography. The Roman Empire, middle ages, and renaissance have left many cultural artifacts
for the Italian tourist industry to use. Many northern cities are also able to use the Alps as an
attraction for winter sports, while coastal southern cities have the Mediterranean Sea to draw
tourists looking for sun.
 Hotel categories in Italy
• In Italy there is a broad variety of hotels, going from 1-5 stars. In 2005, there were 33,557
hotels with 1,020,000 rooms and 2,028,000 beds. The number of hotels, according to their
rating, in 2005, went like this:
• 7-star hotels: 1 with 25 rooms (the Town House Galleria located in Milan).
• 5-star hotels: 232 with 20,686 rooms and 43,150 beds.
• 4-star hotels: nearly 3,700 with 247,000 rooms and 502,000 beds.
• 3-star hotels: 14,500 with 483,000 rooms and 940,000 beds.
• 2-star hotels: 5,000 with 116,000 beds.
• 1-star hotels: 2,000 with 157,000 beds.

10. A Common Currency
• The euro (€) is the official currency of 16 of the 27 member states of the European Union (EU).
The states, known collectively as the Euro zone, are Austria, Belgium, Cyprus, Finland, France,
Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia,
Slovenia, and Spain. The currency is also used in a further five European countries, with and
without formal agreements and is consequently used daily by some 327 million Europeans.
Over 175 million people worldwide use currencies which are pegged to the euro, including
more than 150 million people in Africa.
• The name euro was officially adopted on 16 December 1995. The euro was introduced to
world financial markets as an accounting currency on 1 January 1999, replacing the former
European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation
on 1 January 2002.
European Union Member
• Being apart of the European Union, makes you a part of the single market, which is a common
market and customs union between the member countries. The single market involves the free
movement of the following 3 important aspects.
• Free movement of goods: goods can be moved freely throughout member countries. The only
restriction that may be placed on a good is when there is a risk, such a public health risk,
environment, or consumer protection.
• Free movement of capital: allows investments to move between countries without any
additional cost. These investments include things such as property purchases and buying
shares between countries.
• Free movement of services: allows citizens to move, work, live, and retire in any member
country that they wish.

11. Declining Birth Rate
• The effects of a declining population can be adverse for an economy which has borrowed
extensively for repayment by younger generations; however, a smaller human population
has a smaller impact on the environment and on biodiversity. Economically declining
populations are thought to lead to deflation, which has a number of effects. However,
Russia, whose economy has been rapidly growing (8.1% in 2007) even as its population is
shrinking, currently has high inflation (12% as of late 2007).
• A declining population due to demographics will also be accompanied by population
ageing which can contribute problems for a society. The decade long economic malaise of
Japan and Germany is often linked to these demographic problems. The worst case
scenario is a situation where the population falls too low a level to support a current
social welfare economic system, which is more likely to occur with a rapid decline than
with a more gradual one.
• As the birthrate in developed countries drops well below the “replacement rate” of 2.1
children born to every woman, to somewhere between 1.1 and 1.4 children — the
declining population will have severe consequences in the near and distant future.
Demographic decline causes anxiety because it is thought to go hand-in-hand with
economic decline. With fewer, younger workers to pay the health and pension bills of an
elderly population, states face an unprecedented fiscal burden. The dependency ratio of
those aged 65 and over to those of working age looks set to double from one-to-four to
one-to-two in 2050."

12. Xenophobic Northern Italy
• The seats of power in Italy are full of Xenophobic citizens that tolerate and perpetuate
violence against outsiders, especially Africa and Arab immigrants. These immigrants make up a
large work force that efficiently picks crops and helps Italy to compete. The lose of these
workers will increase prices for crops and low their profitability.
High Debt Level
• Italy's large public debt (an estimated 105% of GDP in 2008 and rising) is deterring the
government from introducing a major fiscal stimulus package to alleviate the impact of the
current global financial and economic crisis. The minister of the economy, Giulio Tremonti, has
insisted that although some other governments might be able to increase their deficit and
debt levels to boost their economies, Italy cannot.
• However, Parliament has approved the selling of gold by Italy so that they can cut into their
large amount of debt. They can reduce their debt by $36.9 billion or 27 billion Euros this would
reduce debt from 105.1% (est. 2009) to 103.2% of GDP. They would have to sell about 1,300
tons of gold to make this happen (Resource Investor). According to the Italian Economist
Intelligence Unit the public debt/GDP ratio is expected to rise from 105% to nearly 110-115%
by the end of 2009 if this modest stimulus package is all that is put in place (Economist.com).
Fiscal Budget Deficit
• A budget deficit decreases the ability of a government to increase spending to stimulate the
economy. Annual budget deficits increase the national debt, which increases the cost of
borrowing. To pay off a deficit, the government will have to decreases spending are raise taxes;
both hurt the economy.

13. Instant Translation of Web Pages
• The ability to translate web pages quickly and accurately may lead to a break down in the
language barriers that separate commerce and social interaction between countries.
• Rapidly evolving technology is leading the way for computers that "learn" by analyzing
documents that have been translated by humans. The possibility of instantly translating a
web page, document or blogs may also become reality.
• Google is experimenting with a machine based translation service and is able to covey
the general idea of the text. The ability to instantly and accurately translate written text
from one language to another would greatly improve the productivity of the world.
Poverty
• Italy is one of the wealthier countries of Europe, but as the global economy and
unemployment rates begin to go bad, so does Italy’s. As of November 2008, It is
estimated around 7.5 million Italians are estimated to be living below the poverty line.
• This is 13% of the population living at a defined income of less than 600 Euros a month
for a single person, 1,607 Euros a month for a family of four, or under 2,637 Euros a
month for a family of six or more. Of the estimated 58 million people who live there,
around 170,000 are considered extremely poor or living well below the poverty line.

14. Unemployment
• Italy has a diversified industrial economy, which is divided into two major regions. The
north, being heavily dominated by private companies, and a less-developed, welfare-
dependent south that has a abundant agricultural workforce that suffers from high
unemployment rates.
• As of 2008, the Labor force was estimated at 25.09 million with 4.2% in agricultural
related fields, 30.7% in industrialized fields, and 65.1% in service related fields. The
unemployment rate was estimated at 6.8% as of 2008.
• Reports as of March 20, 2009 show that this rate has risen to 6.9%, which is the highest
rate in Italy in the past two years due to the global recession.
• Italy’s largest trade union, the CGIL, estimates this unemployment rate to rise by 2010
with more than one million workers expected to lose their jobs.
• The poorest south region of Italy finds its working class to have suffered the most severe
work losses with many people “giving up” on finding work.