|Non-fillet fresh fish|
|Pure Olive oil|
|Passenger & Cargo Ships|
Greece, officially the Hellenic Republic and known since ancient times as Hellas is a country located in southeastern Europe. According to the 2011 census, Greece's population is around 10.8 million. Athens is the nation's capital and largest city, followed by Thessaloniki, which is commonly referred to as the co-capital. Greece is strategically located at the crossroads of Europe, Asia, and Africa. Situated on the southern tip of the Balkan Peninsula, it shares land borders with Albania to the northwest, the Republic of Macedonia and Bulgaria to the north and Turkey to the northeast. Greece consists of nine geographic regions: Macedonia, Central Greece, the Peloponnese, Thessaly, Epirus, the Aegean Islands (including the Dodecanese and Cyclades), Thrace, Crete, and the Ionian Islands. The Aegean Sea lies to the east of the mainland, the Ionian Sea to the west, and the Mediterranean Sea to the south. Greece has the longest coastline on the Mediterranean Basin and the 11th longest coastline in the world at 13,676 km (8,498 mi) in length, featuring a vast number of islands, of which 227 are inhabited. Eighty percent of Greece is mountainous, with Mount Olympus being the highest peak at 2,918 meters (9,573 ft.). Greece is a democratic and developed country with an advanced high-income economy, a high quality of life and a very high standard of living. A founding member of the United Nations, Greece was the tenth member to join the European Communities (precursor to the European Union) and has been part of the Eurozone since 2001. It is also a member of numerous other international institutions, including the Council of Europe, NATO, OECD, OIF, OSCE and the WTO. Greece, which is one of the world's largest shipping powers, middle powers, and top tourist destinations, has the largest economy in the Balkans, where it is an important regional investor.
The banking sector in Greece is facing unprecedented pressures, both in terms of liquidity and profitability, stemming from the fiscal and macroeconomic deterioration in Greece and the multiple downgrades of Greece’s sovereign rating. The local banking sector has received both capital and liquidity enhancement through government guaranteed schemes in order to counterbalance its inability to access the international wholesale markets, the significant deposit outflows and the erosion of collateral. This has effectively resulted in an increased dependency of the local sector on ECB funding. The Greek banking sector is expected to continue facing challenges and to undergo some important restructuring developments such as, a series of mergers and strategic alliances, network and operations rationalization, loan portfolios restructuring and process and efficiency improvements.
|Agriculture||Cotton,rice,pistachios,olives, figs, almonds,tomatoes, watermelons & tobacco.|
|Manufacture||Textiles, chemicals, metals, mining & Petroleum.|
|Services (Including financial)||82.8% (2014 estimate)|
|National Bank of Greece||Banking|
|Bank of Greece||Banking|
|Non-fillet fresh fish|
|Pure Olive oil|
|Passenger & Cargo Ships|
The Athens Stock Exchange or ASE or ATHEX is a stock exchange located in Athens, Greece. There are five markets operating in ATHEX: regulated securities market, regulated derivatives market, Alternative market, carbon market (for EUAs) and OTC market. In the regulated securities market, investors can trade in stocks, bonds, ETFs and other related securities. The Athens Stock Exchange started trading in 1876. Its day-to-day running has been assigned to Hellenic Exchanges – Athens Stock Exchange S.A., whose shares are listed on the exchange (Athex: EXAE). The derivatives market started trading in August 1999. In 2002 the Athens Stock Exchange and the Athens Derivatives Exchange merged to form the Athens Stock Exchange. Total market capitalization: EUR 43.68 Billion Website: http://www.bloomberg.com/quote/ASE:IND Total listed companies: 253.
Total market capitalization: USD $2.781 trillion
Total listed companies: 1524
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 Eurozone – later referred to collectively as the European debt crisis. In Greece, triggers included the turmoil of the Great Recession, structural weaknesses in the Greek economy, and a sudden crisis in confidence among lenders. In late 2009 fears developed about Greece's ability to meet its debt obligations, due to revelations that the Greek government had misreported previous data on government debt levels and deficits. This led to a crisis of confidence, indicated by a widening of bond yield spreads and the cost of risk insurance on credit default swaps compared to the other Eurozone countries – Germany. 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 2001 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 Greece relative to core countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly. After 2008, GDP growth rates were lower than the Greek national statistical agency had anticipated. In the report, the Greek Ministry of Finance reported the need to improve competitiveness by reducing salaries and bureaucracy, and the need to redirect much of its current governmental spending from non-growth sectors such as military into growth-stimulating sectors. Mainly deteriorated in 2009 due to the higher than expected government deficit and high debt-service costs. An urgent fiscal consolidation plan was needed to ensure that the deficit would decline to a level compatible with a declining debt-to-GDP ratio. The Greek government assessed that it was not enough to implement structural economic reforms, as the debt would still increase to an unsustainable level before the positive results of such reforms could be achieved. On this basis the government's report emphasized that in addition to implementing the needed structural economic reforms, there was an urgent need in the coming four-year period to implement packages of both permanent and temporary austerity measures (with a size relative to GDP of 4.0% in 2010, 3.1% in 2011, 2.8% in 2012 and 0.8% in 2013). Implementation of this entire package of structural reforms and austerity measures, in combination with an expected return of positive economic growth in 2011, would then result in the baseline deficit being forecast to decrease from €30.6 billion in 2009 to only €5.7 billion in 2013, while the debt-level relative to GDP would stabilize at 120% in 2010–2011 and begin declining again in 2012 and 2013.
Indo-European peoples, including the Mycenaeans, began entering Greece about 2000 B.C. and set up sophisticated civilizations. About 1200 B.C., the Dorians, another Indo-European people, invaded Greece, and a dark age followed, known mostly through the Homeric epics. At the end of this time, classical Greece began to emerge (c. 750 B.C.) as a loose composite of city-states with a heavy involvement in maritime trade and a devotion to art, literature, politics, and philosophy. Greece reached the peak of its glory in the 5th century B.C., but the Peloponnesian War (431–404 B.C.) weakened the nation, and it was conquered by Philip II and his son Alexander the Great of Macedonia, who considered themselves Greek. By the middle of the 2nd century B.C., Greece had declined to the status of a Roman province. It remained within the eastern Roman Empire until Constantinople fell to the Crusaders in 1204. In 1453, the Turks took Constantinople and by 1460, Greece was a province in the Ottoman Empire. The Greek war of independence began in 1821, and by 1827 Greece won independence with sovereignty guaranteed by Britain, France, and Russia.
The protecting powers chose Prince Otto of Bavaria as the first king of modern Greece in 1832 to reign over an area only slightly larger than the Peloponnese peninsula. Chiefly under the next king, George I, chosen by the protecting powers in 1863, Greece acquired much of its present territory. During his 57-year reign, a period in which he encouraged parliamentary democracy, Thessaly, Epirus, Macedonia, Crete, and most of the Aegean islands were added from the disintegrating Turkish empire. Unfavorable economic conditions forced about one-sixth of the entire Greek population to emigrate (mostly to the U.S.) in the late 19th and early 20th centuries. An unsuccessful war against Turkey after World War I brought down the monarchy, which was replaced by a republic in 1923.
The name drachma is derived from the verb drássomai (grasp). It is believed that the same word with the meaning of "handful" or "handle" is found in Linear B tablets of the Mycenean Pylos. Initially, a drachma was a fistful (a "grasp") of six oboloí or obeloí (metal sticks, literally "spits") used as a form of currency as early as 1100 BC and being a form of "bullion": bronze, copper, or iron ingots denominated by weight. A hoard of over 150 rod-shaped obeloi was uncovered at Heraion of Argos in Peloponnese. Six of them are displayed at the Numismatic Museum of Athens. Ancient Greek coins normally had distinctive names in daily use. The Athenian tetradrachm was called owl, the Aeginetic stater was called chelone, the Corinthian stater was called hippos (horse) an so on. Each city would mint its own and have them stamped with recognizable symbols of the city, known as a badge in numismatics, along with suitable inscriptions, and they would often be referred to either by the name of the city or of the image depicted. The exact exchange value of each was determined by the quantity and quality of the metal, which reflected on the reputation of each mint.
The first coinage consisted of copper denominations of 1, 2, 5 and 10 lepta, silver denominations of 1/4, 1/2, 1 and 5 drachmae and a gold coin of 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20-drachma coin containing 5.8 g of gold. In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The new coinage issued consisted of copper coins of 1, 2, 5 and 10 lepta, with the 5- and 10-lepta coins bearing the names obolos and diobolon respectively; silver coins of 20 and 50 lepta, 1, 2 and 5 drachmae and gold coins of 5, 10 and 20 drachmae. Between 1926 and 1930, a new coinage was introduced for the new Hellenic Republic, consisting of cupro-nickel coins in denominations of 20 lepta, 50 lepta, 1 drachma, and 2 drachmae; nickel coins of 5 drachmae; and silver coins of 10 and 20 drachmae. These were the last coins issued for the first modern drachma, and none were issued for the second.
The National Bank of Greece from 1841 until 2001 when Greece joined the Euro issued notes. Early denominations ranged from 10 to 500 drachmae. Smaller denominations (1, 2, 3 and 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half. Between 1917 and 1920, the Greek government issued paper money in denominations of 10 lepta, 50 lepta, 1 drachma, 2 drachmae, and 5 drachmae. The National Bank of Greece introduced 1000-drachma notes in 1901, and the Bank of Greece introduced 5000-drachma notes in 1928. The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20 drachmae.
|National Song||"Ύμνος εις την Ελευθερίαν"|
|GDP / GDP Rank||$289.4 Billion USD|
|GDP Growth Rate||-0.2 percent|
|GDP Per Captial||$26,669.1(PPP)|
UTC+2 (Eastern European Time)
UTC+3 (Eastern European Summer Time)
|Religion||Greek Orthodoxy (prevailing faith)|
President- Prokopis Pavlopoulos
Prime Minister- Alexis Tsipras
|Website||Go to the web|
|Public Debt||181.3 percent of GDP|
|Unemployment Rate||23.9 percent|
|Labor Force (Occupation)||-|