The document summarizes Greece's economic crisis. It describes how Greece accumulated high government deficits and debt levels in the decades before the global financial crisis. This left Greece vulnerable when the crisis hit. Greece was bailed out in two packages totaling over $300 billion but had to accept austerity measures. The crisis impacted Greece through high unemployment, declining industrial production, banking troubles, and spillovers to other European and global economies. Reforms have focused on reducing government spending, opening markets, cutting wages and pensions.
Eurozone Crisis : A case study on GreeceAniket Pant
Our group was required to do a presentation for Financial Management on the Euro Zone Crisis. We took the example of Greece and did the study. Here are our slides.
The Greek government crisis (also known as the Greek depression) started in late 2009. It was the first sovereign debt crisis in the Eurozone later referred to collectively as the European debt crisis.
In 2012, Greece's government had the largest sovereign debt default in history.
On June 30, 2015, Greece became the first developed country to fail to make an IMF loan repayment. At that time, Greece's government had debts of €323bn.
Eurozone Crisis : A case study on GreeceAniket Pant
Our group was required to do a presentation for Financial Management on the Euro Zone Crisis. We took the example of Greece and did the study. Here are our slides.
The Greek government crisis (also known as the Greek depression) started in late 2009. It was the first sovereign debt crisis in the Eurozone later referred to collectively as the European debt crisis.
In 2012, Greece's government had the largest sovereign debt default in history.
On June 30, 2015, Greece became the first developed country to fail to make an IMF loan repayment. At that time, Greece's government had debts of €323bn.
The Greek government-debt crisis was the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. Widely known in the country as The Crisis (Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis.[6][7] In all, the Greek economy suffered the longest recession of any advanced mixed economy to date, overtaking the US Great Depression. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
The Greek economy is rarely a few weeks or months away from another economic, financial or political crisis. Does Greece have a long-term future inside the Euro Zone? It is clear that, having enjoyed strong economic growth in the years following her accession to the European Union, Greece has struggled to emerge from deep economic problems in the aftermath of the Global Financial Crisis. Greece is a small open economy, her GDP accounts for less than 0.25% of world output and Greece is a relatively small country within the Euro Zone. But her difficulties pose systemic risks for the currency union.
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
An attempt to cover different facets of ESD Crisis . Following ppt enumerate how it all got started and draws out rationale behind the formation of EU.
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
We all know Greece is in deep trouble after defaulting on its debt to the International Monetary Fund. Many Greeks blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout.
The Greek economy is shrinking. At such times one of the tools available with government is to tinker with the currency. Unfortunately the Greeks cannot do so because they share their currency with other nations of the EURO region.
Today’s lesson by Prof. Simply Simple attempts to explain you the story of ‘Greece Crisis’ using an interesting analogy.
The Greek government-debt crisis was the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. Widely known in the country as The Crisis (Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis.[6][7] In all, the Greek economy suffered the longest recession of any advanced mixed economy to date, overtaking the US Great Depression. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
The Greek economy is rarely a few weeks or months away from another economic, financial or political crisis. Does Greece have a long-term future inside the Euro Zone? It is clear that, having enjoyed strong economic growth in the years following her accession to the European Union, Greece has struggled to emerge from deep economic problems in the aftermath of the Global Financial Crisis. Greece is a small open economy, her GDP accounts for less than 0.25% of world output and Greece is a relatively small country within the Euro Zone. But her difficulties pose systemic risks for the currency union.
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
An attempt to cover different facets of ESD Crisis . Following ppt enumerate how it all got started and draws out rationale behind the formation of EU.
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
We all know Greece is in deep trouble after defaulting on its debt to the International Monetary Fund. Many Greeks blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout.
The Greek economy is shrinking. At such times one of the tools available with government is to tinker with the currency. Unfortunately the Greeks cannot do so because they share their currency with other nations of the EURO region.
Today’s lesson by Prof. Simply Simple attempts to explain you the story of ‘Greece Crisis’ using an interesting analogy.
The Greek Financial Crisis has become a major issue in Greece and in Europe. This slideshow will discuss you with the background, effects, reasons, and future outloo k
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
http://www.tradingfives.com/blog/elliott-wave/complimentary-report-explosive-new-analysis-about-euro-and-european-debt/ A perspective on the Greece debt crisis that suggests it may be the harbinger of the collapse of the euro and European political unity, such as it is.
The Future of Computer Trading in Financial Markets Exec Summarybis_foresight
Advances in technology continue to transform how our financial markets operate. The volume of financial products traded through computer automated trading taking place at high speed and with little human involvement has increased dramatically in the past few years.
For example, today, over one third of United Kingdom equity trading volume is generated through high frequency automated computer trading while in the US this figure is closer to three-quarters.
A new two-year Foresight study The Future of Computer Trading in Financial Markets - An International Perspective, sheds new light on technological advances which have transformed market structures in recent years.
An insight and a research of how the Greek economy came about to being of the most deteriorating economy today. Explains the 2000-2009 crises, the 2010 crises and the current situation of Greece economy. Also highlights the the social and economic effects of these crises.
Greece-crisis is an article explains about the major crisis which hit the Greece during July- 2015 which is still surviving.The reasons why still Greece crisis is surviving.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
4. Introduction of Greece Economy
Introduction of Greece Economy
Population: 11.2 million (UN, 2009)
Capital: Athens
Major Language: Greek
Major Religion: Christianity
Monetary unit: 1 euro = 100 cents
GNI per capita: US $28,650 (World bank,2008)
Inflation rate: 1.10% (Sept 2013)
Unemployment rate: 40% (2013)
5. Introduction of Greece Economy
• 27th largest GDP in the world
agriculture: 3.4%
industry: 20.8%
services: 75.8%
• 22nd highest human development
• Greece main business is Tourism, Mining,
Petroleum, Chemicals, Food Processing,
Textile, Metal Products and Tobacco
Processing.
6. MARITIME INDUSTRY
The shipping industry is a key element of
Greek economic activity dating back to ancient
times.
Piraeus is the largest marine –
based shipping centre of Greece
and also the commercial hub of
Greek shipping, with most of
Greece's ship-owners basing
their commercial operations
there.
8. Economic Overview
Greece has a capitalist economy with the public sector accounting for about 40%
of GDP and with per capita GDP about two-thirds that of the leading euro-zone
economies.
The Greek economy grew by nearly 4.0% per year between 2003 and 2007.
The economy went into recession in 2009 as a result of the world financial
crisis, tightening credit conditions, and Athens' failure to address a growing
budget deficit.
The economy contracted by 2% in 2009, and 4.8% in 2010.
9. Why is Greece in Trouble?
• Greece’s reported budget deficits averaged 5% per
year, compared to a Eurozone average of 2%, and
current account deficits averaged 9% per year,
compared to a Eurozone average of 1%.
• Between 2001 and 2008, Greece’s government
borrowed heavily from abroad to fund substantial
government budget and current account deficits.
• Greece funded these twin deficits by borrowing in
international capital markets, leaving it with a
chronically high external debt (179% of GDP in
2012).
10. •The Greek economy became embroiled in a huge debt crisis in
the aftermath of the global financial crisis from 2007 onwards.
• As a direct consequence of the Global Financial Crisis:
•Most of Greece’s main trading partners went into a deep
recession – cutting exports
•There was a 2% fall in world output (unusual) but worse,
a 12% fall in global trade
•Greece suffered badly because her economy was heavily
dependent on tourism and construction, two sectors badly hit
by the sharp fall in demand and production.
Why is Greece in Trouble?
11. • Greece’s current economic problems have been caused by a
mix of domestic and international factors.
• Greece is facing sovereign debt crisis since it accumulated
high levels of debt during the decade before the financial
crisis when the market was highly liquid.
• Reasons
– High Government Spending and Weak Government
Revenues
– Structural Policies and Declining International
Competitiveness
– Increased Access to Capital at Low Interest Rates
Why is Greece in Trouble?
12.
13.
14. Hosting the 2004 Olympics
Many factors were behind
the crippling debt crisis,
the 2004 Summer
Olympics in Athens has
drawn particular attention.
The 2004 Athens Olympics
cost nearly $15 billion
The tab for security alone
was more than $1.2 billion.
Initial proposed budget of $1.6 billion
15.
16. The Big Bailout..
• It was saved when other European countries and the
International Monetary Fund stepped in with two massive
bailouts. In exchange, Athens has had to make harsh
spending cuts and tax increases to rein in the runaway
deficits. Its economy has been put under strict supervision
from the IMF, European Commission and European Central
Bank, known collectively as the "troika."
• First bailout package of $147 billion in May 2010 prevented
bankruptcy.
• Second deal of $174 billion in October 2011 forgives about
50% of Greece overall debt.
• Greece’s public debt stood at 305.3 billion euros, or 160.5
percent of GDP, in the first quarter of this year.
18. On 27 April 2010, the Greek debt rating was
decreased to BB+ by Standard & Poor
Standard & Poor's estimates that in the event of
default investors would fail to get 30–50% of their
money back
19. Stock market and Euro currency
declined
The euro declined by 1.6 % to
$1.3175
The dollar jumped 1% on a
trade-weighted basis on haven
flows
The yield of the Greek two-year
bond reached 15.3%
21. Impact on private individuals
• The most obvious way would be through tax
bills, as Europe agrees to ride to the rescue
and help Greece deal with its mounting public
and foreign debts.
• Any assistance to Greece will come at a cost
that will ultimately have to be borne by
taxpayers in the nations that contribute.
22. Greek banking sector is also in trouble
• Banks stocks were the
worst affected
because of crises
• Decline in bank stock
prices by 47% since
November 2009
• Greek bank deposits
have fallen to 8.4
billion Euros
26. The crisis has reduced
confidence in other
European economies
Financing needs for the euro
zone in 2010 come to a total
of €1.6 trillion
Ireland, with a government
deficit in 2010 of 32.4% of GDP,
Spain with 9.2%, and Portugal at
9.1% are most at risk.
27. Impact On Euro Zone
• High interest rates on bonds
• High unemployment
• Foreign trade badly affected
• Exchange rate of Euro was adversely affected
• Downgrading of rating of euro zone nations
• Low confidence of global investors
• The financial crisis caused slow down in euro zone
and global economy
30. Impact on US
U.S. exports to the EU could be impacted if the crisis slows growth in
the EU and causes the euro to depreciate against the dollar.
As the crisis continues, increased perceptions of risk are impacting
U.S financial markets.
CDT DOW dropped more than 992 points.
The panic in Greece caused one of the most turbulent days ever on
Wall Street. In a matter of minutes, stocks plunged 900 points.
The Dow managed to recover but still ended in negative territory,
The Dow closed down 347 points.
31. Greek imports from India include cotton, synthetic fibres, fabrics, vehicles,
iron, steel and fruit.
Greek exports to India include fibres, fertilizers, organic chemicals,
pharmaceutical products, leather goods, metal processing machinery, etc.
Only 0.05% of India's exports go to Greece and Indian banks have virtually no
direct exposure to Greece.
There will be some additional capital flows coming in in search of a safe
haven
and a small drop in exports.
Euro which was quoting at around Rs.67 before crisis is way below at
Rs.55.92
currently.
33. •Pension reforms including raising the official state retirement age
•Privatization of state assets both to raise revenue and to increase
competition
•Cuts in the national minimum wage
•Measures to reduce entry barriers to certain occupations
•Cutting taxes on employing workers to boost employment
•Making the Greek judicial system more efficient
•Stronger measures to tackle tax evasion by individuals and
businesses
REFORMS
34.
35. Tourism is Greece's number one industry, accounting for 15% of GDP. Greece
should be one of the world's foremost destinations for cruise ships. But highly
restrictive laws have long discouraged foreign tour operators
In 2010, under orders from the
troika, the Greek government
enacted a new law that promised
reform, but failed to deliver in
practice.
It required cruise lines to sign a
three-year contract guaranteeing
visits to Greek ports. Not a single
cruise line entered the market
under that law.
The new government has pledged to
enact a measure that removes both
the tax and the contract
requirement for non-EU carriers.
The Cruise Industry
36. The shockingly high cost of road transport is socking both Greek exports and
domestic production. To operate a trucking fleet, companies need a license for each
truck, and no new ones have been granted since the 1970s.
As a result, trucks are in short supply, so manufacturers need to pay inflated
prices to move merchandise within Greece, or to foreign markets.
In 2010, the parliament passed a law enabling the government to issue new
licenses at minimal cost. But the reform was delayed for three years -- leading to
questions over whether it would really happen. In 2012, the parliament
eliminated the transition period, and fully opened the trucking market as of
January
The Truck Industry
37. Pharmaceuticals
The government guaranteed pharmacies a 35% markup on all drugs. So a
patented, $200 a month heart medicine got $70 tacked onto the retail price.
The incentive to over-prescribe was immense.
It explains why Greece has the highest level of pharmaceutical consumption
per capita in the EU.
Under a new law, pharmacies are limited to imposing a margin of 15% on
inexpensive drugs, and far less on expensive therapies. On average, the
markups should fall from the old 35% to well under 15% on average, a
major victory for consumers.
38. In Greece, areas outside of cities do not have zoning laws. That doesn't mean you
can build freely on islands or in rural areas. On the contrary, development is
severely restricted. Only a single law allows for master plan development, and it
requires that the villas and homes be constructed around a major hotel.
The law also prevents the developer from selling homes or villas; only rentals are
allowed.
A new law provides two
improvements. First, it reduces
the requirement of two
environmental impact statements
to just one, virtually cutting the
approval time in half, from two
years to a bit over twelve months.
Second, it now allows developers
to sell many of the apartments
and homes in their resorts,
instead of merely renting them
out. That change alone could
make Greece a prime destination
for retirees.
Resort Development
39. In 2012, the government and the unions negotiated a new "minimum wage"
annually, mandating that the lowest-paid employees get a raise of, say, 5%.
Then, a second round of negotiations would occur for each industry, with the
5% national agreement as a minimum raise. So the department store employees
might get an extra 2%.
That caused Greek goods to become more overpriced, year after year, than
competing products from Germany, which held wages in check.
The unemployment in Greece stands at 21%. Wages are still so high that many
employers pay workers cash, off the books, to avoid social security taxes.
New law passed has a 22% decrease in the minimum wage for most workers,
& a 32% drop from employees under the age of 24.
The labor market
Greek youth unemployment rose above 60 percent this February!
41. Conclusion
• Euro Zone crisis has been the combined result of
US financial crisis and excessive debts with slow
GDP growth rates.
• This crisis has badly affected the financial market,
capital market and global economy.
• ECB, IMF, International creditors and stronger
nations are considering various options to resolve
the crisis.
• The situation is grim and there is no immediate
solution to the problem and it has long term
affects on global economy.