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The Greek crisis is an opportunity for Ireland to get a better deal in European rescue package Greece is a developed country, with a high standard of living and “very high” Human Development Index, ranking 22nd in the world in 2010, and 22nd on The Economist’s 2005 worldwide quality-of-life index. According to Eurostat data, GDP per inhabitant in purchasing power standards (PPS) stood at 95 per cent of the EU average in 2008. Greece’s main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. Greece’s GDP growth has also, as an average, since the early 1990s been higher than the EU average. However, the Greek economy also faces significant problems, including rising unemployment levels, inefficient bureaucracy, tax evasion and corruption. In 2009, Greece had the EU’s second lowest Index of Economic Freedom (after Poland), ranking 81st in the world. The country suffers from high levels of political and economic corruption and low global competitiveness compared to its EU partners. After 15 consecutive years of sustained economic growth, Greece went into recession in 2009. An indication of the trend of over-lending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year. By the end of 2009, the Greek economy (based on data revised on November 15, 2010 in part due to reclassification of expenses) faced the highest budget deficit and government debt to GDP ratios in the EU. The 2009 budget deficit stood at 15.4% of GDP. This, and rising debt levels (127% of GDP in 2009) led to rising borrowing costs, resulting in a severe economic crisis. Greece has been accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis. This resulted from the massive revision of the 2009 budget deficit forecast by the new Socialist government elected in October 2009, from “6-8%” (estimated by the previous government) to 12.7% (later revised to 15.4%). This revision (which, as claimed by members of the previous government, at least in part reflected the Socialists’ failure to control tax collection during their first months in office) has seriously undermined Greece’s credibility leading to higher borrowing costs for Greece. The Greek labor force totals 5.05 million, and on average work the second most hours per year amongst OECD countries, after South Korea. The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers worked the most hours/year among European nations; Greeks worked an average of 1,900 hours per year, followed by the Spanish (average of 1,800 hours/year).

Last edited by john doe on September 4, 2011 at 12:32 pm

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