The Greek economic crisis has severely impacted the country's retail sector. Since 2009, around 65,000 stores have closed and another 50,000 are at risk of bankruptcy due to austerity measures imposed by international lenders. Approximately 55,000 retail employees have lost their jobs with more job losses expected. As the Greek economy is projected to contract another 6% in 2015 and half of small- and medium-sized enterprises may close, unemployment is expected to worsen further. The crisis has led consumers to prioritize necessities and seek out lower prices, challenging retailers.
The covid 19 recession - woozle's visual guide for investorsMark Pacitti, CFA
The global impact of the coronavirus has far stretching implications for the global economy and markets. The disease is now reported in more than 85 countries with more than 95,000 cases and 3,200 deaths recorded. Yet these cases might just be the tip of the iceberg with many more cases circulated undetected. We run through the good, the bad, and the ugly of the virus and it's long-term implications.
Lapavitsas Profiting without producing - Barcelona 2014PACD Barcelona
En Costas ha mantingut una posició a favor de l’impagament del deute públic per part de l’estat grec i a favor de la sortida de l’euro dels països del sud d’Europa. També realitza un important treball de divulgació en fòrums de debat, des de la seva columna del The Guardian i escrivint sovint al diari especialitzat Financial Times. També ha publicat llibres en els que exposa la seva visió crítica de l’economia, els més recents són Crisi a l’Eurozona i Profiting without producing (Beneficiant-se sense produir).
Us esperem a la conferència d’aquest dijous a la Federació Catalana d’ONGs, a les 19h, amb Costas Lapavitsas, economista grec i professor a SOAS de la Universitat de Londres.
The covid 19 recession - woozle's visual guide for investorsMark Pacitti, CFA
The global impact of the coronavirus has far stretching implications for the global economy and markets. The disease is now reported in more than 85 countries with more than 95,000 cases and 3,200 deaths recorded. Yet these cases might just be the tip of the iceberg with many more cases circulated undetected. We run through the good, the bad, and the ugly of the virus and it's long-term implications.
Lapavitsas Profiting without producing - Barcelona 2014PACD Barcelona
En Costas ha mantingut una posició a favor de l’impagament del deute públic per part de l’estat grec i a favor de la sortida de l’euro dels països del sud d’Europa. També realitza un important treball de divulgació en fòrums de debat, des de la seva columna del The Guardian i escrivint sovint al diari especialitzat Financial Times. També ha publicat llibres en els que exposa la seva visió crítica de l’economia, els més recents són Crisi a l’Eurozona i Profiting without producing (Beneficiant-se sense produir).
Us esperem a la conferència d’aquest dijous a la Federació Catalana d’ONGs, a les 19h, amb Costas Lapavitsas, economista grec i professor a SOAS de la Universitat de Londres.
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.
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
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the
industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
The United Kingdom – with a spotlight on the metals and automotive sectors
Mexico – with a spotlight on manufacturing, construction and retail
Germany
Spain
Denmark
Greece
Portugal
South Africa
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
This presentation considers the possibility of a second recession in the face of the ongoing European Debt Crisis, misguided attempts to address the crisis through austerity and struggling world economies. It also reflects on the impact of the probable break-up of EU’s currency union, measures to avert the scenario and vulnerable positions of the economies of the USA, China and India to more trouble in the Euro-zone.
The doomsday scenario has been summarized by Martin Wolf of Financial Times (May 17, 2012):
“The mechanisms at work would be powerful: bank runs; the imposition of (illegal) exchange controls; legal uncertainties; asset price collapses; unpredictable shifts in balance sheets; freezing of the financial system; disruption of central banking; collapse in spending and trade; and enormous shifts in the exchange rates of new currencies.
.
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.
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 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.
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
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the
industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
The United Kingdom – with a spotlight on the metals and automotive sectors
Mexico – with a spotlight on manufacturing, construction and retail
Germany
Spain
Denmark
Greece
Portugal
South Africa
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
This presentation considers the possibility of a second recession in the face of the ongoing European Debt Crisis, misguided attempts to address the crisis through austerity and struggling world economies. It also reflects on the impact of the probable break-up of EU’s currency union, measures to avert the scenario and vulnerable positions of the economies of the USA, China and India to more trouble in the Euro-zone.
The doomsday scenario has been summarized by Martin Wolf of Financial Times (May 17, 2012):
“The mechanisms at work would be powerful: bank runs; the imposition of (illegal) exchange controls; legal uncertainties; asset price collapses; unpredictable shifts in balance sheets; freezing of the financial system; disruption of central banking; collapse in spending and trade; and enormous shifts in the exchange rates of new currencies.
.
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.
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.
2. What happens in Economic Crisis
???
Money Infusion stops drastically
No new projects by the government
Stringent austerity measures
Money dries up from the market
Job Loss/Salary cuts
People tend to save more
2
3. Results in...
As winter sales began in Greece, Ermou was certainly bustling, but even with
prices slashed by as much as 70%, cash-strapped Greeks were still more
interested in window shopping than snapping up goods.
3
Ermou high street, Athens – the shopping district has been bustling, but many in Greece
are opting to window shop as economic woes continue to bite. Photograph: George S de
Blonsky / Alamy/Alamy
4. Current Situation
To say that the country's retail sector is experiencing its worst crisis
in decades would be an understatement. Since mid-2009, when
the global economic slowdown began to bite, until mid-September
last year, some 65,000 stores have been forced to shut their doors.
Tough austerity measures, including a wave of new levies and tax
increases demanded by the foreign lenders keeping the nation
afloat, have pushed another 50,000 to the brink of bankruptcy.
About 55,000 employees working in small- and medium-sized
enterprises (SMEs) – the mainstay of Greek enterprise – have lost
their jobs with many more to follow, according to the confederation
of Greek commerce, Esee
4
5. Any relief in Future ?? ‘NO’ it seems.
With Greece's economy expected to contract by a
further 6% this year, Esee and other independent
chambers of commerce estimate as many as half of the
remaining 324,000 SMEs will soon be forced to shut
As SMEs account for 85% of employment in the private
sector, the closures will exacerbate the economy's
other silent killer – joblessness – also at a record high,
of 18.5%.
5
6. Some more Facts :
Greek GDP fell from €242 billion in 2008 to €179
billion in 2014, a 26% decline overall.
GDP per capita fell from a peak of €22,500 in 2007
to €17,000 in 2014, a 24% decline.
Revenues for 2014 were €86 billion (about 48%
GDP), while expenditures were €89.5 billion (about
50% GDP).
The unemployment rate has risen considerably, from
below 10% (2005–2009) to around 25% (2014–2015).
An estimated 44% of Greeks lived below the poverty
line in 2014.
6
9. Impact on Retail
Consumer spending in Greece declined dramatically
from 2010
In 2011, the retail food market in the country slumped
by 10%.
The economic crisis forced consumers to prioritize their
necessities.
The demand for food and grocery items increased, the
non-grocery retail segment was affected.
Despite Greeks being traditionally brand conscious,
economic instability forced them to change their
shopping behavior and look out for low priced products.
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