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Greece achieved independence from the Ottoman Empire in 1830. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. In World War II, Greece was first invaded by Italy (1940) and subsequently occupied by Germany (1941-44); fighting endured in a protracted civil war between supporters of the king and other anti-communist and communist rebels. Following the latter's defeat in 1949, Greece joined NATO in 1952. In 1967, a group of military officers seized power, establishing a military dictatorship that suspended many political liberties and forced the king to flee the country. In 1974 following the collapse of the dictatorship, democratic elections and a referendum created a parliamentary republic and abolished the monarchy. In 1981, Greece joined the EC (now the EU); it became the 12th member of the European Economic and Monetary Union (EMU) in 2001. Greece has suffered a severe economic crisis since late 2009, due to nearly a decade of chronic overspending and structural rigidities. Since 2010, Greece has entered three bailout agreements with the European Commission, the European Central Bank (ECB), the IMF, and with the third, the European Stability Mechanism (ESM). The Greek Government agreed to its current, $96 billion bailout in August 2015, which will conclude in August 2018.

Location

Southern Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey

Natural Resources

lignite, petroleum, iron ore, bauxite, lead, zinc, nickel, magnesite, marble, salt, hydropower potential

Population - distribution

one-third of the population lives in and around metropolitan Athens; the remainder of the country has moderate population density mixed with sizeable urban clusters

11000000
Greek (official) 99%, other (includes English and French) 1%
ATHENS (capital) 3.052 million (2015)
Conventional long form
Hellenic Republic
Conventional short form
Greece
Local long form
Elliniki Dimokratia
Local short form
Ellas or Ellada
parliamentary republic
Name
Athens
Geographic coordinates
37 59 N, 23 44 E
Time difference
UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP.
Inflation
-0.826%
Total tax rate (% of commercial profits)
50.7%
Real Interest Rate
7.544%
Manufacturing, value added (% of GDP)
9.8%
Current Account Balance
US$ -1,130,773,741
Labor Force, Total
4,764,752
Employment in Agriculture
12.90%
Employment in Industry
14.94%
Employment in Services
72.16%
Unemployment Rate
23.91%
Imports of goods and services
US$ 59,971,170,062
Exports of goods and services
US$ 58,666,448,637
Total Merchandise Trade
39.44%
FDI, net inflows
US$ 3,068,220,745
Commercial Service Exports
US$ 27,609,941,771
wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Commodities
food and beverages, manufactured goods, petroleum products, chemicals, textiles
Partners
Italy 11.2%, Germany 7.3%, Turkey 6.6%, Cyprus 5.9%, Bulgaria 5.2%, US 4.8%, UK 4.2%, Egypt 4% (2015)
Commodities
machinery, transport equipment, fuels, chemicals
Partners
Germany 10.7%, Italy 8.4%, Russia 7.9%, Iraq 7%, China 5.9%, Netherlands 5.5%, France 4.5% (2015)
Country Risk Rating
C
A very uncertain political and economic outlook and a business environment with many troublesome weaknesses can have a significant impact on corporate payment behavior. Corporate default probability is high.
Business Climate Rating
A3
The business environment is relatively good. Although not always available, corporate financial information is usually reliable. Debt collection and the institutional framework may have some shortcomings. Intercompany transactions may run into occasional difficulties in the otherwise secure environments rated A3.
  • Support from the international financial community, possibility of debt relief at the end of 2018
  • World leader in maritime transport
  • Tourist attractiveness
  • Very high public debt
  • Quality of banks' portfolios very degraded
  • Weak public institutions, high tax evasion
  • Limited industrial base, low technological content of exports (foodstuffs, chemical products, metals, refined oil)
  • Social tensions fostered by fiscal austerity and massive unemployment

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