Other EU
The Greek Economy is Still Struggling 14 Years On
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It’s been 14 years since the global financial crisis, but Greece’s economy is still reeling from its impact. Despite numerous bailouts and imposed reforms, their GDP is still way below pre-crisis levels. So why exactly has their recovery been so slow?
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1 – https://data.worldbank.org/indicator/NY.GDP.MKTP.KD?locations=GR
2 – https://www.nytimes.com/2004/09/23/world/europe/greece-admits-faking-data-to-join-europe.html
3 – http://news.bbc.co.uk/1/hi/business/1095783.stm
4 – http://news.bbc.co.uk/1/hi/business/4012869.stm
5 – http://news.bbc.co.uk/1/hi/world/europe/8656649.stm
6 – https://www.nytimes.com/2010/05/03/business/global/03drachma.html?pagewanted=all
7 – https://www.imf.org/en/Countries/GRC
8 – https://foreignpolicy.com/sponsored/greece-a-remarkable-economic-recovery/
9 – https://www.dw.com/en/despite-the-data-little-relief-felt-by-ordinary-greeks/a-43546421
10 – https://economy-finance.ec.europa.eu/publications/enhanced-surveillance-report-greece-february-2019_en
11 – https://www.ft.com/content/7273fa92-51ad-4635-8c5e-02c239481872
source
@pavloskaisseris7587
February 21, 2024 at 7:02 am
Struggling?? are you out of your mind? Greek economy is going from strength to strength, do your homework, you're talking nonsense 😂😂
@pol-henridimanche207
February 21, 2024 at 7:02 am
Debt is Greek legacy to mankind.
@singingLeaf123
February 21, 2024 at 7:02 am
Greece the sick man of europe
@pieterjan29
February 21, 2024 at 7:02 am
If I was Greeck politician i would bet everything on tourisme.
@khalidajdiri6862
February 21, 2024 at 7:02 am
The fight is lost in advance,fellow Greeks.
@Rene-uz3eb
February 21, 2024 at 7:02 am
Pretty clear, if an economy wants to get the benefits of international trade (imports, by being part of the eu), it needs to provide exports. Greece is not cutting it there. I don't see any other way for them to move forward without foreign investment, possibly in manufacturing or service industry in English, since I haven't heard of any universities in Greece worth their salt. Given competitive salaries within the eu, there must be a good reason why nobody is investing, probably horrible protections for foreign investors or ownership limits and as was said, too high corporate taxation. Once in a while there's a case for low corporate taxes. Except for the shipping industry, I don't know why everyone including the eu can just turn a blind eye to the largest industry in the country skirting paying taxes. That and the huge tourist industry of this tiny population alone should be able to carry the state.
The hysteresis idea is just a name for somethings wrong. The way I see it greece never was a market economy, the only reason it had high employment was because the state hired everyone, and paid for it by printing money. So of course it won't magically recover after a 'shock', the shock was finding out that greece went on like it was still printing money to employ people. That was actually how greece 'collected taxes' I think: they printed money and gave it to the people, the same money that the businesses had to use that refused to pay taxes. So in that sense greece was working. With the new system, as ecb did point out, they need to actually collect the money before they can give it to the people.
@fotis1964
February 21, 2024 at 7:02 am
Greece's problem is euro currency and internal devaluation. Plus the primary surpluses Germand implements. For 2023 would be 2% of GDP 4 billion. It would go to the so calld lender states. They actually guarranty greek debt. Only french central bank returns these money. Eurozone literally drinks our blood.
@mariettestabel275
February 21, 2024 at 7:02 am
If there was no Corruption……
@mariettestabel275
February 21, 2024 at 7:02 am
Not only Greece!
💫
@DarthJimius
February 21, 2024 at 7:02 am
You will never guess who had their credit rating raised.
@ionsulcina4091
February 21, 2024 at 7:02 am
The laziest people in the world 😅😅😅 and they know that…
@camberbanbury3691
February 21, 2024 at 7:02 am
When the brown Greeks and the white passing Greek attemptees and the white Greeks are united they will never be divided.
@tomzamp8547
February 21, 2024 at 7:02 am
Today Greece has no economy Greece manufactures nothing and Mitsotakis is all show and talk only 21% of all voters voted for him. The largest party in Greece is the non voters with 47% and the reason they don’t vote is because nothing ever changes for their is to much corruption and bureaucracy.
@Taxthepoors
February 21, 2024 at 7:02 am
Bro in Greece forsomeone who is unemployed and a specialised doctor working in Greek nhs the difference is only 1000 euros a month!!!things in Greece are outrageously bad after the imf decade
@Higgins-db6oy
February 21, 2024 at 7:02 am
Useless struggle,battle already lost.
@Math577
February 21, 2024 at 7:02 am
Southern Europe is just a holiday destination😂.
@helioslegigantosaure6939
February 21, 2024 at 7:02 am
Pls giving me hope
@spyronikthegreek163
February 21, 2024 at 7:02 am
Greek economy started growing again!
@olahellasnews1252
February 21, 2024 at 7:02 am
You really don't know.
First let me tell you how men that never work make money it's call handouts now let me tell you how handouts work.
Greedy man see those lazy people that occupy high government jobs and hate to work they offer them large amounts of money to make life hard for Greek businesses to stay afloat and since domestic businesses close the Greek people have to buy from those greedy men that oil up the lazy politician 'something that Biden specializes' .
Well since no goods are produced in Greece and there is no surplus of goods to be sold outside from Greece the next step is called taxation and borrowing and since there is still no production the taxation and borrowing restarts.
Now let me tell you how those lazy politicians invest their money they buy 50 properties they keep the housing tax or 'what we call in my country municipal tax' low like 200 dollars a home they rent them for high dollars the next step that follows is exactly the same what our politicians do.
They put all there assets in trust fund a trust fund is an estate planning tool that is a legal entity that holds property or assets for a person or organization.
Next step they buy expensive life insurances that you can borrow a large amount of money that you don't have to pay while you are still living and the sum of money that you borrowed will be subtracted when you die.
Next step where they put the money from the rents. The rent money goes to foundation just like the one Trudeau has Clinton Obama and many more and into shares and since they borrow more money from banks from the shares like Elon does and they show they made noting at the end of the year they pay nothing yearly as income tax something like Trump does.
What a life the lazy beggars make money and the Greek people pay the bill it's a win to lose situation they win we lose.
Have a great one and learn from your politicians how to invest your money and pay no taxes.
@bg02261989
February 21, 2024 at 7:02 am
The only way for Greece to prosper is to reform the political system and get rid of those corrupt politicians and political parties and leave the EU as they created this crisis by taking loans from EU which is money coming from no where. The average Greek citizen is struggling with now high inflation, high prices of gas, electricity or groceries and high taxes, while the average salary only decreased with the inflation that the actual and previous politicians created. Unfortunately the country will never change and this crisis will go from bad to worse as everything will be privatize from ports, airports or highways to schools and hospitals as a result that the average population will struggle more to have access to basic services.
@prodromosregalides3402
February 21, 2024 at 7:02 am
The greek economy may be failing for a number of reasons. It may have some weak points and some strong ones. What is provocative though ,the thumbnail of this video. It shows a greek economy booming until 2008 and then for some unexplained obscure reason falling off the cliff.
These who know ,and these who don't know should actually make up their mind , at last . what exactly was happening with greek economy in 2008.
And you can't actually expect to see substantial growth in an economy from which it was correctly asked to pay its debts,
( cough cough However there are a lot of developing and developed economies that have amassed huge debts. But the decision to actually do justice is taken at an arbitrary time for arbitraty reason, cough and pun intended),
then followed by Turkey intensifying its threats over Grece's sovereignty and not seeing the other sovereign nations tear their clothes from indignation at the UN
(actually seeing us as two underaged fighting for nothing is more offensive than anything else, when the offender is one , Turkey; and proud of it, advertizing it all kinds of ways including maps. The international arbiters and observers actually have the nerve to ask from us to be mild and open to dialogue to an ultrantioanationalistic neighbour , that only wants , wants wants and gives back nothing but words when it remembers to be kind enough to speak that is. And surprise , surprise we remain open to the dialogue, but we are not willing to expose our bare ass to be totally violated by a country which sees justice in breaking the international law and in taking 90% and giving back 10%.)
then Covid happening which took its toll on many economies
(actually here Greece was ahead of almost everyone , in terms of being responsible to its citizens, with the possible exception of not investing itself the money for developing vaccines and therapies. But at the time , from a much suffering economy , you could not expect this.
Looking into this now of course, I see Greece missed a great chance to put shame to all pretending . Because of course , even if blamed and shamed why it wastes its money under debt it could certainly afford the 0.5-1 billions needed to develop the vaccine and it has the brainpower and the infrastructure to do this faster than a year. It may not have the scientific capacity for developing actual therapies as this implies advanced research on a molecular and genetic level.
But hey you are talking about the dead greek economy of 10 milion people . But what about you?)
Of course we know what needs to be done to correct this. But we just don't have the size to do it fast. Following the path of justice and law of course.
We are still motivated by such things as beauty , justice and other much hated ideals in the modern world. But we are also completely capable of walking
the path of evil and making wealth fast with not so much ethical ways.
@kostasaivaliotis1888
February 21, 2024 at 7:02 am
Greece went bankrupt because it has the Euro for its currency. Greece doesn't issue or control the euro , the European Central Bank does. If the Greek debt was in drachmas Greece would not have a problem. As long as Greece is in the euro zone it will never recover, unfortunately.
@user-kh9sj2oc3g
February 21, 2024 at 7:02 am
Have you been living under s rock?
@ARCDIMITRIS
February 21, 2024 at 7:02 am
corruption to the rich
@annetarekali1529
February 21, 2024 at 7:02 am
Greece was fine before the European union.. So ask Europe why it decided to charge us for an eternity. Why did they never let us develop as a country.. Why are they taking advantage of us, why the traitors who rule us do what they say and not what the people say.. Our friend's countries who want us well Germany and France who took care of the disaster us all these years..Of course, the people also have their responsibilities internally and for the votes they give.