Greece has been spending beyond its means for 15 years. It now owes 150% of its GDP (Gross Domestic Product). In other words, Greece owes one and a half times its country's total output per year.
Even before Greece joined the euro, the country was living beyond its means. After it adopted the single currency, public spending soared. Public sector wages, for example, rose 50% between 1999 and 2007 - far faster than in most other eurozone countries. The government also ran up big debts paying for the 2004 Athens Olympics. And while money flowed out of the government's coffers, its income was hit by widespread tax evasion. So, after years of overspending, its budget deficit - the difference between spending and income - spiralled out of control.
This debt to output ratio is rising all of the time. The reality is, that it was fighting to pay down its deficit prior to entering into a deep and prolonged recession which made its position further untenable. It has borrowed so much money that it can only afford to pay off the interest on the sums borrowed, and can only afford to pay off that part with borrowed money.
http://www.bbc.co.uk/news/business-13798000
Population: 11,304,000 (2011)
GDP: $289.6 Billion (2011)
Personal Income Per Capita:
Natural Resources: lignite, petroleum, iron ore, bauxite, lead, zinc, nickel, magnesite, marble, salt, hydropower potential
Transportation: Railways, Metro, Commuter Rail, Tram, Bus, Cars, Waterway
Average Personal Income: $22,134
Average Family Income: 20,202 Euro (2011)
Distribution of Wealth: the top 20% of the population earm almost five times as much as the bottom 20%
Communication Systems: Telephone, Radio, Internet
Working Conditions/Labor Force: 60% of people between the ages of 15-64 have a paid job
Work 2109 Hours a year
Principal Industries: tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Foreign Investment: Greece provides a challenging climate for investment, both foreign and domestic. The country is contending with an intractable government deficit (-10.8% of GDP in 2010, -9.6% estimated in 2011), increasing public debt (149.1% of GDP for 2010, 165.1% predicted for 2011), and is entering its fifth year of recession. The economy is expected to shrink by more than 6% in 2011 after a contraction of 4.5% in 2010, resulting in a 15% contraction since the beginning of the recession. A recovery is now expected no sooner than 2013. The protracted economic crisis has lead to a contraction in bank lending and investment. There is no evidence yet of improvement in investor sentiment or a related increase in investments.
International Trade Statistics:U.S. Trade in Goods with Greece
| Month | Exports | Imports | Balance | |
|---|---|---|---|---|
| January 2013 | 44.1 | 67.6 | -23.5 | |
| February 2013 | 56.0 | 56.6 | -0.6 | |
| TOTAL 2013 | 100.0 | 124.2 | -24.1 |
Trade Restrictions: General Tariff (Customs Tax)
Inflation Rate: -.20 (2013)
Current Technology: On Par with U.S.
Technological Skills: In 2005, almost 32% of Greece’s workers were over-qualified for their jobs (against the OECD average of 25%), and almost 19% were under-qualified (against the OECD average of 22%). Over-qualified (under-qualified) workers are those who have a higher (lower) qualification than the most common qualification of all other workers in the same occupation.
Media: Television is Greece's medium of choice. Research in 2009 showed that 78% of Greeks turn to the TV for news, followed by the press (41%), the net (35%) and radio (32%). Broadcasting is relatively unregulated by European standards, and many of the approximately 1,700 private radio and TV stations are unlicensed. There were nearly 5 million internet users by mid-2010.
There are a total of 82 newspapers with national circulation in Greece today.
The public broadcasting organization, Hellenic Broadcasting Corporation S.A. (ERT S.A.), owns five radio broadcasting stations: Second Programme, ERA-3, NET Radio, ERA Sport, KOSMOS. The first non-pirate private radio station was Athena 9.84 FM, which went on air in 1987 broadcast by the Municipality of Athens.
Television broadcasting channels and viewership: Mega Channel (22.1 percent) and Antenna (16.8%) control the market, followed by Alpha TV (15.1 percent) and Star (11.4 percent).
http://www.ejc.net/media_landscape/article/greece/
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