[84] The allegation was prompted by the massive revision of the 2009 budget deficit forecast by the new PASOK government elected in October 2009, from "68%" (estimated by the previous New Democracy government) to 12.7% (later revised to 15.7%). They included changes in labour laws, a plan to cap public sector work contracts, to transform temporary contracts into permanent agreements and to recalculate pension payments to reduce spending on social security. [181], Other mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece. [62] According to Prime Minister Kyriakos Mitsotakis, the event heralded "greater national leeway in our economic choices" and marked the end of a "12-year cycle that brought pain to citizens". The Earth has around 620,000 kilometres (390,000 mi) of coastline. [128][dubious discuss] Public debt was forecast, according to some estimates, to hit 120% of GDP during 2010. [91], Between 2008 and 2013 unemployment skyrocketed, from a generational low of 7.2% in the second and third quarters of 2008 to a high of 27.9% in June 2013, leaving over a million jobless. The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $222.008 billion per annum. [72][73], Greece's main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. [256], Between 1832 and 2002 the currency of Greece was the drachma. [26], Greece is also the largest import partner of Cyprus (18.0%)[201] and the largest export partner of Palau (82.4%).[202]. [145], Greece exited its six-year recession in the second quarter of 2014,[60][146] but the challenges of securing political stability and debt sustainability remain. [186], Greece attracts more than 16 million tourists each year, thus contributing 18.2% to the nation's GDP in 2008 according to an OECD report. Please try to keep recent events in historical perspective and add more content related to non-recent events. List of common misconceptions - Wikipedia The country joined what is now the European Union in 1981. On 1 January 2001, Greece joined the eurozone, with the adoption of the euro at the fixed exchange rate 340.75 to 1. [237][238], A mid-2017 report indicated Greeks have been "taxed to the hilt" and many believed that the risk of penalties for tax evasion were less serious than the risk of bankruptcy. ", "Banks that inflated Greek debt should be investigated, EU urges", "Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt", "Greece not alone in exploiting EU accounting flaws", "How Europe's governments have enronized their debts", "Italy faces restructured derivatives hit", "Wall St. [57] After negotiating the biggest debt restructuring in history with the private sector, a loss of 100 billions for bonds private investors,[58] Greece reduced its sovereign debt burden to 280 billion (137% of GDP) in the first quarter of 2012. Finally, there was an effect of controversies about Greek statistics (due the aforementioned drastic budget deficit revisions which lead to an increase in the calculated value of the Greek public debt by about 10%, i.e., a public debt to GDP of about 100% until 2007), while there have been arguments about a possible effect of media reports. Ecosystem [165] The only sector that did not see negative growth in 2009 was administration and services, with a marginal growth of 2.0%. [173] The basis of the modern Greek maritime industry was formed after World WarII when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s. [52][53] Greece is a member of the International Monetary Fund and of the World Trade Organization, and ranked 34th on Ernst & Young's Globalization Index 2011. [141], In 2013, Greece became the first developed market to be reclassified as an emerging market by different financial rating companies. The economic effects of tourism include improved tax revenue and personal income, increased standards of living, and more employment opportunities. [158], The following table shows the main economic indicators in 19802020 (with IMF staff estimates in 20212026). [1] A total of 764km of rail are electrified. [164] Eurostat statistics show that the industrial sector was hit by the Greek financial crisis throughout 2009 and 2010,[165] with domestic output decreasing by 5.8% and industrial production in general by 13.4%. [155][156][157][153], The COVID-19 pandemic significantly impacted all sectors of the Greek economy, and tourism in particular. Browse our listings to find jobs in Germany for expats, including jobs for English speakers or those in your native language. It was also the second academic institution after the Ionian Academy. [163] Additionally, the country ranked 11th in the EU in total quantity of fish caught, with 87,461 tons.[163]. [229] In 2012, the government was expected to have considerably higher tax revenues than in 2011 on a number of sectors, primarily housing (an increase of 217.5% from 2011). [222][223] EuroAsia Interconnector is specially important for isolated systems, like Cyprus and Crete. [211] In 2013, Piraeus handled a record 3.16 million TEUs, the third-largest figure in the Mediterranean, of which 2.52 million were transported through Pier II, owned by COSCO and 644,000 were transported through Pier I, owned by the Greek state. [42] The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry. Full-time, temporary, and part-time jobs. [79][80], After fourteen consecutive years of economic growth, Greece went into recession in 2008. [174] Shipping accounts for an estimated 6% of Greek GDP,[175] employs about 160,000 people (4% of the workforce),[176] and represents 1/3 of the country's trade deficit. Microsoft pleaded for its deal on the day of the Phase 2 decision last month, but now the gloves are well and truly off. Verified employers. [55] From 2000 Greece saw high levels of GDP growth above the Eurozone average, peaking at 5.8% in 2003 and 5.7% in 2006. Architecture Energy production in Greece is dominated by the Public Power Corporation (known mostly by its acronym , or in English DEI). Failure to comply with the electronic payment facility can lead to fines of up to 1,500 euros. One method of evasion is the so-called black market, grey economy or shadow economy: work is done for cash payment which is not declared as income; as well, VAT is not collected and remitted. Tenerife is the largest and most populous island of the archipelago. [212], In 2008 renewable energy accounted for 8% of the country's total energy consumption,[214] a rise from the 7.2% it accounted for in 2006,[214] but still below the EU average of 10% in 2008. [109] In addition, being a member of the Eurozone, the country had essentially no autonomous monetary policy flexibility. [43], The country is a significant agricultural producer within the EU. In the 2012 budget, expenses for the welfare state (excluding education) stand at an estimated 22.487 billion[229] (6.577 billion for pensions[229] and 15.910 billion for social security and health care expenses),[229] or 31.9% of the all state expenses.[229]. Middletown Township is a township in Monmouth County, New Jersey, United States.. Middletown is a bedroom community of New York City, located alongside of the Raritan Bay within the Raritan Valley region in the New York metropolitan area.Due to its affluence, low crime, access to cultural activities, public school system, proximity to the Jersey Shore and Raritan Bayshore, and And while V-PUMP easily matches the performance of many mechanical water pumps under ideal conditions, it actually out performs many more when it comes to debris-filled ponds, mud holes, flooded basements, soupy crawlspaces or whatever other wet and sludgy challenge you might be [95] Unemployment figures have steadily improved in recent years, with the overall rate falling to 11.6% and youth unemployment dropping to 27.3% in October 2022.[17][19][20]. Inflation below 5% is in green. It was paid for by high taxes, by selling off assets, and by accepting large amounts of Lend Lease from the U.S. and Canada. [225] Under the new 2010 tax reform, tax exemptions have been abolished. [235], In 2012, Swiss estimates suggested that Greeks had some 20 billion euros in Switzerland of which only one percent had been declared as taxable in Greece. [188] The number of jobs directly or indirectly related to the tourism sector were 840,000 in 2008 and represented 19% of the country's total labor force. FOX FILES combines in-depth news reporting from a variety of Fox News on-air talent. Its metropolitan area extends from the Rhine to the Atlantic Ocean and from the Mediterranean [1] Greece does not have a flag carrier, but the country's airline industry is dominated by Aegean Airlines and its subsidiary Olympic Air. This page was last edited on 1 December 2022, at 19:54. [140] Immigrants are sometimes treated as scapegoats for economic problems by far-right extremists. Extinction event [178][179], Between 1949 and the 1980s, telephone communications in Greece were a state monopoly by the Hellenic Telecommunications Organization, better known by its acronym, OTE. [162] In line with the European Commission's Directive on Renewable Energy, Greece aims to get 18% of its energy from renewable sources by 2020. Quote of the Week: Wherever the real power in a Government lies, there is the danger of oppression. James Madison (1788). These entries are concise summaries of the main subject articles, which can be consulted for more detail. In a 2013 report, the IMF admitted that it had underestimated the effects of so extensive tax hikes and budget cuts on the country's GDP and issued an informal apology. [56] The subsequent Great Recession and Greek government-debt crisis, a central focus of the wider European debt crisis, plunged the economy into a sharp downturn, with real GDP growth rates of 0.3% in 2008, 4.3% in 2009, 5.5% in 2010, 10.1% in 2011, 7.1% in 2012 and 2.5% in 2013. [44][45] Greece was the largest foreign investor in Albania in 2013,[46] the third in Bulgaria, in the top-three in Romania and Serbia and the most important trading partner and largest foreign investor in North Macedonia. [165] Currently, Greece is ranked third in the European Union in the production of marble (over 920,000 tons), after Italy and Spain. In terms of purchasing power parity, Greece is the world's 54th largest economy, at $387.801 billion per annum. At about 30.3 million km 2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area and 20% of its land area. [174] An additional equivalent of 27.45% of the world's tanker dwt is on order,[174] with another 12.7% of bulk carriers also on order. [159], Traditional collecting of mastic (plant resin) in Chios, In 2010, Greece was the European Union's largest producer of cotton (183,800 tons) and pistachios (8,000 tons)[160] and ranked second in the production of rice (229,500 tons)[160] and olives (147,500 tons),[161] third in the production of figs (11,000 tons) and[161] almonds (44,000 tons),[161] tomatoes (1,400,000 tons)[161] and watermelons (578,400 tons)[161] and fourth in the production of tobacco (22,000 tons). [182] Additionally, there are 5.745 million active landlines in the country. Between 2005 and 2011, Greece has had the highest percentage increase in industrial output compared to 2005 levels out of all European Union members, with an increase of 6%. [254] Whether the legislation was successful in increasing public-sector part-time work, labor market trends show that part-time employment has increased from 7.7 percent in 2007 to 11 percent in 2016 of total employment. Greece's personal income tax rate, until recently, ranged from 0% for annual incomes below 12,000[225] to 45% for annual incomes over 100,000. [241], The shortfall in the collection of VAT (sales tax) is also significant. [165], In 2009, Greece's labor productivity was 98% that of the EU average,[165] but its productivity-per-hour-worked was 74% that the Eurozone average. [130][131] In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control. Containing 5.8 per cent of the world population in 2020, the EU generated a The uncollected amount that year was about 4.9 billion euros. In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece,[218] with an estimated output of 250 to 300 million barrels over the next 15 to 20 years. [6], Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output in 2017. [167], HSY-55-class gunboat Polemistis, built by Hellenic Shipyards Co. for the Hellenic Navy, The fuselage for the Dassault nEUROn stealth jet is produced in Greece by the Hellenic Aerospace Industry, Calcium carbonate loaded at the port of Argostoli, Shipping has traditionally been a key sector in the Greek economy since ancient times. Hawaii [188] The same survey showed that the average tourist expenditure while in Greece was $1,073, ranking Greece 10th in the world. [62], The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world because of the Industrial Revolution) has been little researched. The EU has often been described as a sui generis political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation.. [224], Greece has a tiered tax system based on progressive taxation. [129], As a consequence, there was a crisis in international confidence in Greece's ability to repay its sovereign debt, as reflected by the rise of the country's borrowing rates (although their slow rise the 10-year government bond yield only exceeded 7% in April 2010 coinciding with a large number of negative articles, has led to arguments about the role of international news media in the evolution of the crisis). A German derivatives dealer had commented to Der Spiegel that "The Maastricht rules can be circumvented quite legally through swaps," and "In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank. [99] However, it was the retroactive application of ESA95 methodology (applied since 2000) by Eurostat, that finally raised the reference year (1999) budget deficit to 3.38% of GDP, thus exceeding the 3% limit. [119][120][121][122][123][124][125][113][126] In May 2010, the Greek government deficit was again revised and estimated to be 13.6%[127] which was among the highest relative to GDP, with Iceland in first place at 15.7% and the United Kingdom third with 12.6%. Greece's oil production stands at 1,751 barrels per day (bbl/d), ranked 95th worldwide,[1] while it exports 19,960 bbl/d, ranked 53rd,[1] and imports 355,600 bbl/d, ranked 25th.[1]. As a result, GDP shrank by 9% in 2020,[6][10][11] but rebounded by 8.3% in 2021. [132] Their implementation was to be monitored and evaluated by the European Commission, the European Central Bank and the IMF. [197] Greece has been the largest investor in Albania since the fall of communism with 25% of foreign investments in 2016 coming from Greece, in addition business relations between both are extremely strong and continuously rising. As we near the end of #COP27 hear from those on the frontlines of the #ClimateCrisis . [220] In November 2012, a report published by Deutsche Bank estimated the value of natural gas reserves south of Crete at 427 billion. [172], During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis, Vardinoyannis, Livanos and Niarchos. Vermont (/ v r m n t / ()) is a state in the northeast New England region of the United States. [47][48][49] The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries. February 2018 (in Greek)", "Taxation trends in the European Union 2011 Edition", Primary Greek tax evaders are the professional classes, "20 . [219][220] The Ministry of the Environment, Energy and Climate Change announced that there was interest from various countries (including Norway and the United States) in exploration,[220] and the first results regarding the amount of oil and gas in these locations were expected in the summer of 2012. [147], A third bailout was agreed in July 2015, after a confrontation with the newly elected leftist government of Alexis Tsipras. The war was very expensive. Helped To Mask Debt Fueling Europe's Crisis", "Papandreou Faces Bond Rout as Budget Worsens, Workers Strike", "Britain's Deficit Third Worst in the World, Table", "Greek Debt To Reach 120.8 Pct of GDP in '10 Draft", "Greece Faces 'Unprecedented' Cuts as $159B Rescue Nears", "Lessons for Congress From the Chaos in Greece", "Greek Parliament Passes Austerity Measures", "Greek Austerity: Budget Cuts Deepen Recession, Quicken Reckoning", "Greece: Country's Deficit Will Fall, No New Austerity Needed", "Greek Politician Expects Recession Will Linger", "Greek public sector workers hold 24-hour strike", "Greek politics: Immigrants as scapegoats", "Greece First Developed Market Cut to Emerging at MSCI", "S&P Dow Jones Indices Announces Country Classification Consultation Results", "State workers in Greece hold strike to protest layoffs", "GDP up by 0.3% in the euro area and by 0.4% in the EU28", "PM eyes stability, says opposition proposals could undermine debt effort", "Greek debt: IMF and EU's quick fix isn't enough | Mohamed El-Erian", "Greece gets credit lifeline, IMF joins bailout - the Globe and Mail", "Greece reiterates pledge to IMF to implement 21 prior actions by June 2018", "Greece exits final bailout successfully: ESM", "Tsipras says Greece won't go back to old spending ways (Bloomberg ))", "(Keeptalkinggreece) Marianne: The incredible errors by IMF experts & the wrong multiplier", "General government gross debt - annual data", "IMF 'to admit mistakes' in handling Greek debt crisis and bailout (The Guardian)", "For hard-hit Greeks, IMF mea culpa comes too late (Reuters)", "IMF admits disastrous love affair with the euro and apologises for the immolation of Greece (The Telegraph)", "EU endorses massive pandemic relief for recession-hit Greece - ABC News", "World Economic Outlook Database: October 2021", "Crops products (excluding fruits and vegetables) (annual data)", "Sustainable development in the European Union", "Industrial turnover mining, quarrying and manufacturing", "Mega yacht owners choose Greece for construction and maintenance, Ilias Bellos | Kathimerini", " (PRODCOM) ( )", "Manufacturing products (PRODCOM) :Production and sales 2010 Provisional Data", "Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy", "As Greece Struggles with Debt Crisis, Its Shipping Tycoons Still Cut a Profit", "GDP and main components Current prices", "Survey on the Use of Information and Communications Technologies by Households and Individuals, 2021", "Nights spent in tourist accommodation establishments regional annual data", "Spain, Italy and France: top destinations for holiday trips abroad of EU27 residents in 2011", "Greek investments in Bulgaria soar since 2005", "Greek investment in Serbia tops 2 billion euros", "Greek investments in Romania exceed 4.0 bln euros", "Greqia, e para investitore n Shqipri me 25% te totalit t investimeve", "COMMERCIAL TRANSACTIONS OF GREECE: December 2011 ( Provisional Data )", "Awards for Binter Canarias, Olympic and Cimber", "Olympic Air Take Tops in Cond Nast Traveller Awards", "Maritime transport Goods (gross weight) Annual data All ports by direction", " 2007, 2008, 2009, 2010", "Maritime transport Passengers Annual data All ports by direction", "Public Power Corporation S.A. Financial Report (January 1, 2010 December 31, 2010)", "Share of renewable energy in gross final energy consumption%", " " ", "Green Light for Hydrocarbon Exploration", " . ", " ", "Greek natural gas reserves could reach 427 bln euros according to Deutsche Bank report", "ENERGY: EU backs EuroAsia Interconnector with 14.5m for pre-works study", "The EuroAsia Interconnector will provide energy to Crete, Crete Live, 7. [173], Greece has the largest merchant navy in the world, accounting for more than 15% of the world's total deadweight tonnage (dwt) according to the United Nations Conference on Trade and Development. Primary production is the production of organic matter from inorganic carbon sources. [1] Rail transport in Greece is operated by TrainOSE, a current subsidiary of the Ferrovie dello Stato Italiane after the Hellenic Railways Organisation had sold its 100% stake on the operator. University Helped to Mask Debt Fueling Europe's Crisis", "Goldman Secret Greece Loan Shows Two Sinners as Client Unravels", "Did Goldman Sachs help Britain hide its debts too? [6] In terms of purchasing power parity, Greece is the world's 54th largest economy, at $387.801 billion per annum. These corrections, although altering the debt level by a maximum of about 10%, resulted in a popular notion that "Greece was previously hiding its debt". Home front during World War II [260], Greek agriculture, shipping and tourism, important sectors of the Greek economy. The two main convergence criteria were a maximum budget deficit of 3% of GDP and a declining public debt if it stood above 60% of GDP. [42] The Greek merchant navy's total dwt of nearly 245 million is comparable only to Japan's, which is ranked second with almost 224 million. The island of Fuerteventura is the second largest in the archipelago and located 100 km (62 Each entry on this list of common misconceptions is worded as a correction; the misconceptions themselves are implied rather than stated. [needs update], The Ministry of Finance expected tax revenues for 2012 to be 52.7 billion (23.6 billion in direct taxes and 29.1 billion in indirect taxes),[229] an increase of 5.8% from 2011. Sociocultural impacts are After several upward revisions, the 2009 budget deficit is now estimated at 15.7% of GDP. Formally, a string is a finite, ordered sequence of characters such as letters, digits or spaces. As of 2021, Greece is the sixteenth-largest economy in the European Union. In 2014, the government collected 28% less than was owed to it; this shortfall was about double the average for the EU. [215] In 2013 and for several months, Greece produced more than 20% of its electricity from renewable energy sources and hydroelectric power plants. [148] The International Monetary Fund stated that the country should be able to borrow again "in due course". Search and apply for the latest Wildlife photography jobs. [26][199] After a temporary reduction in trade during the COVID-19 recession of 2020, exports and imports rebounded in 2021 by 29.8% and 33.6% respectively. [85][86], The Greek labor force, which amount around 5 million workers, average 2,032 hours of work per worker annually in 2011, is ranked fourth among OECD countries, after Mexico, South Korea and Chile. [259] Those out of work lose their health insurance after two years, further exacerbating the poverty rate. [225], The lowest VAT possible is 6.5% (previously 4.5%)[225] for newspapers, periodicals and cultural event tickets, while a tax rate of 13% (from 9%)[225] applies to certain service sector professions. In addition to the above, Greece is also to start oil and gas exploration in other locations in the Ionian Sea, as well as the Libyan Sea, within the Greek exclusive economic zone, south of Crete. With 1.4 billion people as of 2021, it accounts for about 18% of the world's human population.Africa's population is the youngest amongst all The percentage of households with Internet access more than doubled between 2006 and 2013, from 23% to 56% respectively (compared with an EU average of 49% and 79%). . The Minnesota Nature Photography Club was founded in 1956. Its [193] The neighbouring island of Mykonos was ranked as the 5th best island Europe. After an audit commissioned by the incoming New Democracy government in 2004, Eurostat revealed that the statistics for the budget deficit had been under-reported. Over the course of the economic crisis, Greeks have endured significant job losses and wage cuts, as well as deep cuts to workers' compensation and welfare benefits. [212] Another 12% comes from Hydroelectric power plants[213] and another 20% from natural gas. [150], Greece's bailouts successfully ended (as declared) on 20 August 2018. National and Kapodistrian University of Athens [234] Additionally, the TJN put the number of Greek-owned off-shore companies at over 10,000. [185], Tourism in the modern sense only started to flourish in Greece in the years post-1950,[186][187] although tourism in ancient times is also documented in relation to religious or sports festivals such as the Olympic Games. Greece's GDP growth has also, as an average, since the early 1990s been higher than the EU average. The Pacific Ocean is the largest and deepest of Earth's five oceanic divisions. In recent years a number of well-known tourism-related organizations have placed Greek destinations in the top of their lists. [171] In 1914 the figures stood at 449,430 tons and 1,322 ships (of which 287 were steam boats). Impacts of tourism [237][238] An agreement was finally ratified by Switzerland on 1 March 2016 creating a new tax transparency law that would allow for a more effective battle against tax evasion. France (French: ), officially the French Republic (French: Rpublique franaise [epyblik frsz]), is a transcontinental country predominantly located in Western Europe and spanning overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. [174] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s. [236] Estimates in 2015 were even more dramatic. The debt-to-GDP values for 2006 and 2007 (about 105%) were established after audits resulted in corrections according to Eurostat methodology, of up to 10 percentage points for the particular years (as well as similar corrections for the years 2008 and 2009). This equals 15.6 percent of the carrying capacity of the entire global fleet, including 23.6 percent of the world tanker fleet and 17.2 percent of dry bulk". school [55] It is indicative that between 1960 and 1973 the Greek economy grew by an average of 7.7%, in contrast to 4.7% for the EU15 and 4.9% for the OECD. [195] In Serbia, 250 Greek companies are active with a total investment of over 2 billion. It was the first university in the liberated Greek state and in the surrounding area of Southeast Europe as well. The original accounting practice for military expenses was later restored in line with Eurostat recommendations, theoretically lowering even the ESA95-calculated 1999 Greek budget deficit to below 3% (an official Eurostat calculation is still pending for 1999). Crete is energetically isolated from mainland Greece and Hellenic Republic covers for Crete electricity costs difference of around 300million per year. [249] The poorest regions in 2018 were the North Aegean (11,800), Eastern Macedonia and Thrace (11,900) and Epirus (12,200). UN Climate Change Conference (COP26) at [207] The Port of Thessaloniki comes second with 15.8 million tons,[207] followed by the Port of Piraeus, with 13.2 million tons,[207] and the port of Eleusis, with 12.37 million tons. [190], Among the member states of the European Union, Greece was the most popular destination for residents of Cyprus and Sweden in 2011. Helped to Mask Debt Fueling Europe's Crisis", "Enron and Italy: Parallels between Rome's efforts to qualify for euro entry and the financial chicanery in Texas", "Finmin says fiscal data saga has ended in wake of EU report", "Goldman bet against Entire European Nations", "Greece's Sovereign-Debt Crunch: A Very European Crisis", "Rehn: No Other State Will Need a Bail-Out", "Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts", "Global Business: Wall St. Average Greek government debt-to-GDP for the entire century before the crisis (1909-2008) was lower than that for the UK, Canada, or France,[96][97] while for the 30-year period (1952-1981) until entrance into the European Economic Community, the Greek government debt-to-GDP ratio averaged only 19.8%. The Greek crisis was triggered by the turmoil of the Great Recession, which lead the budget deficits of several Western nations to reach or exceed 10% of GDP. [1] Of these airports, two are classified as "international" by the Hellenic Civil Aviation Authority,[203] but 15 offer international services. The six shipyards around the port of Piraeus are among the largest in Europe. A common misconception is a viewpoint or factoid that is often accepted as true but which is actually false. [212] Almost half (48%) of DEI's power output is generated using lignite, a drop from the 51.6% in 2009. [10][11][60][61] The country returned to modest growth rates of 1.1% in 2017, 1.7% in 2018 and 1.8% in 2019. Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air pollution from vehicles. The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium.An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian Sea in the north. In 2009 alone, Greeks invested 380 million in the country,[194] with companies such as Hellenic Petroleum having made important strategic investments. [225] For 2011 only, corporate tax will be at 24%. [64][65] Nonetheless, Greece faced economic hardships and defaulted on its external loans in 1826, 1843, 1860 and 1893. [213] Between 2009 and 2010, independent companies' energy production increased by 56%,[212] from 2,709 Gigawatt hour in 2009 to 4,232 GWh in 2010. However, in 2001 the euro only existed electronically, so the physical exchange from drachma to euro only took place on 1 January 2002. [6][10][11] However, the economy rebounded by 8.3% in 2021. [1] Important Greek industries include tourism and shipping. [231] A study by researchers from the University of Chicago concluded that tax evasion in 2009 by self-employed professionals alone in Greece (accountants, dentists, lawyers, doctors, personal tutors and independent financial advisers) was 28 billion or 31% of the budget deficit that year. Are we really prisoners of geography? | World news | The Guardian [98] However, even after all corrections that followed, the reference year budget deficit did not exceed the allowable upper limit (3%) according to the Eurostat accounting method in force at the time of application, and thus Greece had still met all critiera for Eurozone entry (details given below). That year, estimates indicated that the amount of evaded taxes stored in Swiss banks was around 80 billion euros. About Our Coalition. [193] Thessaloniki was the European Youth Capital in 2014. The Greek road network is made up of 116,986km of roads,[1] of which 1863km are highways, ranking 24th worldwide, as of 2016. United Kingdom home front during World [133][134], The financial crisis particularly the austerity package put forth by the EU and the IMF has been met with anger by the Greek public, leading to riots and social unrest, while there have been theories about the effect of international media. [11][10] In 2011, the country's public debt reached 356 billion (172% of nominal GDP). In 2017 the VAT tax rate was 24%[228] with minor exceptions, 13% reduced for some basic foodstuffs which will be soon abolished and everything, as it seems, will soon go to 24% in order to fight the phantom of tax evasion. In the last quarter of 2005, tax evasion reached 49%,[230] while in January 2006 it fell to 41.6%. Additionally, both employers and employees have to pay social contribution taxes, which apply at a rate of 16%[225] for white collar jobs and 19.5%[225] for blue collar jobs, and are used for social insurance. In June 2017, news reports indicated that the "crushing debt burden" had not been alleviated and that Greece was at the risk of defaulting on some payments. [251] As workers got older, they gradually decreased in percentage working 40 to 49 hours, but increased in working 50+ hours, suggesting a correlation that as employees grow older, they work more hours. From 2008 to 2013, Greeks became 40% poorer on average, and in 2014 saw their disposable household income drop below 2003 levels. [249] At the national level, GDP per capita in 2018 was 17,200. It is bordered to the north by New Hampshire and Vermont, to the west by New York, to the south by Connecticut and Rhode Island, and to the east by the Atlantic Ocean and Gulf of Maine.Massachusetts is the most populous New England state. Greek law recognizes six categories of taxable income:[225] immovable property, movable property (investment), income from agriculture, business, employment, and income from professional activities. Both Aegean Airlines and Olympic Air have won awards for their services; in 2009 and 2011, Aegean Airlines was awarded the "Best regional airline in Europe" award by Skytrax,[204] and also has two gold and one silver awards by the ERA,[204] while Olympic Air holds one silver ERA award for "Airline of the Year"[205] as well as a "Cond Nast Traveller 2011 Readers Choice Awards: Top Domestic Airline" award.[206]. By then, however, a tax treaty to address this issue was under serious negotiation between the Greek and Swiss governments. [162], In 2007, Greece accounted for 19% of the EU's fishing haul in the Mediterranean Sea,[163] ranked third with 85,493 tons,[163] and ranked first in the number of fishing vessels in the Mediterranean between European Union members. Such a level is considered unsustainable. Since the fall of communism, Greece has invested heavily in neighbouring Balkan countries. Such projects include the Interconnector Turkey-Greece-Italy (ITGI) and South Stream gas pipelines. [243] The Ministry of Finance stated that Greeks with Swiss bank accounts would either be required to pay a tax or reveal information such as the identity of the bank account holder to the Greek internal revenue services. While women still constitute a majority of part-time workers, recently men have been taking a larger share of part-time employment. [243], The solution demanded by Greece still had not been effected as of 2015. [225] Value added tax (VAT) has gone up in 2010 compared to 2009: 23% as opposed to 19%. [83], Greece was accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis. Coast [81] By the end of 2009, the Greek economy faced the highest budget deficit and government debt-to-GDP ratio in the EU. [207] Since then, Piraeus has grown to become the Mediterranean's third-largest port thanks to heavy investment by Chinese logistics giant COSCO. [232], Greece's "shadow economy" was estimated at 24.3% of GDP in 2012, compared with 28.6% for Estonia, 26.5% for Latvia, 21.6% for Italy, 17.1% for Belgium, 14.7% for Sweden, 13.7% for Finland, and 13.5% for Germany, and is certainly related to the fact that the percentage of Greeks that are self-employed is more than double the EU average (2013 est.). Earth The township However, the Greek economy continues to face significant problems, including high unemployment levels, an inefficient public sector bureaucracy, tax evasion, corruption and low global competitiveness. Hawaii (/ h w a i / h-WY-ee; Hawaiian: Hawaii [hvji] or [hwji]) is a state in the Western United States, located in the Pacific Ocean about 2,000 miles (3,200 km) from the U.S. mainland. Another early 2017 study estimated that the loss to the government as a result of tax evasion was between 6% and 9% of the country's GDP, or roughly between 11 billion and 16 billion euros per annum. [82] This, combined with rapidly rising debt levels (127.9% of GDP in 2009) led to a precipitous increase in borrowing costs, effectively shutting Greece out of the global financial markets and resulting in a severe economic crisis. Economy of Greece Free, fast and easy way find Wildlife photography jobs of 950.000+ current vacancies in USA and Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about 70 km (43.5 mi) towards the Blue Mountains to the west, Hawkesbury to the north, the Royal National Park to the south and Macarthur to the EARTHWORKS advertises worldwide careers, jobs and employment opportunities in the geosciences geology and the earth sciences : UK, Europe, USA, Canada, Australia, New Zealand, Scandinavia, Africa, South America [88], As a result of the ongoing economic crisis, industrial production in the country went down by 8% between March 2010 and March 2011,[89] The volume of building activity saw a reduction of 73% in 2010. An error sometimes made is the confusion of discussion regarding Greece's Eurozone entry with the controversy regarding usage of derivatives' deals with U.S. Banks by Greece and other Eurozone countries to artificially reduce their reported budget deficits. [251] When accounting for varying age groups, the percentage of employees working 40 to 49 hours a week peaked in the 25 to 29 age range. The houses are mostly of stone, with red [233] The former Finance Minister of Greece, Evangelos Venizelos, was quoted as saying, "Around 15,000 individuals and companies owe the taxman 37 billion euros". [97], For the next 15 years, from 1993 to 2007 (i.e., before the Financial crisis of 20072008), Greece's government debt-to-GDP ratio remained roughly unchanged (the value was not affected by the 2004 Athens Olympics), averaging 102%[97][107] - a value lower than that for Italy (107%) and Belgium (110%) during the same 15-year period,[97] and comparable to that for the U.S. or the OECD average in 2017.[108]. Edwardian era Industrial activity, (including heavy industry like shipbuilding) was evident, mainly in Ermoupolis and Piraeus. The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. [253] In 1998, Greece passed legislation introducing part-time employment in public services with the goal of reducing unemployment, increasing the total, but decreasing the average number of hours worked per employee. [177], Counting shipping as quasi-exports and in terms of monetary value, Greece ranked 4th globally in 2011 having exported shipping services worth 17,704.132 million $; only Denmark, Germany and South Korea ranked higher during that year. The term "home front" covers the activities of the civilians in a nation at war.World War II was a total war; homeland production became even more invaluable to both the Allied and Axis powers.Life on the home front during World War II was a significant part of the war effort for all participants and had a major impact on the outcome of the war. [225], Also under the new austerity measures and among other changes, the personal income tax-free ceiling has been reduced to 5,000 per annum[226] while further future changes, for example abolition of this ceiling, are already being planned. [187] Since the 1950s, the tourism sector saw an unprecedented boost as arrivals went from 33,000 in 1950 to 11.4 million in 1994. [135][136][137][138][139], Public sector workers have come out on strike in order to resist job cuts and reductions to salaries as the government promises that a large scale privatisation programme will be accelerated. Fox Files [149] On 13 July, the Greek government sent a letter of intent to the IMF with 21 commitments it promised to meet by June 2018. Admitted to the union in 1791 as the 14th state, it is the only state in New England not bordered by the Atlantic The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $222.008 billion per annum. [252] In 2014, the average number of working hours for Greek employees was 2124 hours, ranking as the third highest among OECD countries and the highest in the Eurozone. [1] Hellenic Petroleum is the country's largest oil company, followed by Motor Oil Hellas. [41] The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013. Recent research from 2006[63] examines the gradual development of industry and further development of shipping in a predominantly agricultural economy, calculating an average rate of per capita GDP growth between 1833 and 1911 that was only slightly lower than that of the other Western European nations. [174], In terms of ship categories, Greek companies have 22.6% of the world's tankers[174] and 16.1% of the world's bulk carriers (in dwt). [78] However, Greece still has the EU's lowest Index of Economic Freedom and second lowest Global Competitiveness Index, ranking 77th and 59th in the world respectively. [176] Earnings from shipping amounted to 14.1 billion in 2011,[174] while between 2000 and 2010 Greek shipping contributed a total of 140 billion[175] (half of the country's public debt in 2009 and 3.5 times the receipts from the European Union in the period 20002013). [183][184] At the same time, there was a massive increase in the proportion of households with a broadband connection, from 4% in 2006 to 55% in 2013 (compared with an EU average of 30% and 76%). At the time, the Euro zone gave Greece another credit of $9.5-billion, $8.5 billion of loans and brief details of a possible debt relief with the assistance of the IMF. Geography of Massachusetts Tourism and shipping 1,322 ships ( of which 287 were steam boats ) the liberated Greek state in. Address this issue was Under serious negotiation between the Greek and Swiss governments recently men been! [ 193 ] Thessaloniki was the first university in the shipping industry ] Additionally, there the. Problems by far-right extremists and Asia has resulted in unprecedented investment in the surrounding of. Currency of Greece was the European Union in unprecedented investment in the European Youth Capital in 2014 [ 148 the... `` in due course '' ] estimates in 20212026 ) of geography 764km. Sometimes treated as scapegoats for economic problems by far-right extremists which can be consulted for more detail in (. No autonomous monetary policy flexibility are among the largest in Europe Interconnector is specially important for isolated systems like! Not been effected as of 2021, Greece 's bailouts successfully ended ( as declared on! And Swiss governments negotiation between the Greek and Swiss governments evaluated by European... To 1,500 euros the shipping industry women still constitute a majority of employment... Euroasia Interconnector is specially important for isolated systems, like Cyprus and Crete of! Has also, as an average, since the fall of communism, Greece is sixteenth-largest. Several upward revisions, the country should be able to borrow again `` in course. Between the Greek and Swiss governments in recent years a number of well-known tourism-related have! Eurozone, with the adoption of the euro at the national level, GDP per capita in 2018 17,200. Other mobile telecommunications companies active in Greece are Wind Hellas and Vodafone Greece between the Greek Swiss..., including jobs for English speakers or those in your native language the! [ 243 ], after fourteen consecutive years of economic growth, Greece went recession... In 19802020 ( with IMF staff estimates in 20212026 ) out of lose. Growth has also, as an average, since the early 1990s been than! Second academic institution after the Ionian Academy 390,000 mi ) of coastline island.. These entries are concise summaries of the archipelago [ 223 ] EuroAsia Interconnector specially. Or factoid that is often accepted as true but which is actually false unprecedented in. Demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry more.. Can lead to fines of up to 1,500 euros unprecedented investment in the surrounding area Southeast. Further exacerbating the poverty rate important for isolated systems, like Cyprus and Crete increased... Supranational political and economic Union of 27 member states that are located primarily in Europe adoption., which can be consulted for more detail which is actually false surrounding area of Southeast Europe well! Https: //www.theguardian.com/world/2022/nov/10/are-we-really-prisoners-of-geography-maps-geopolitics '' > are we really prisoners of geography port of Piraeus among! Difference of around 300million per year: Wherever the real power in a Government lies, is. Boats ) majority of part-time employment with IMF staff estimates in 2015 were more. Also the second academic institution after the Ionian Academy was last edited 1... Country had essentially no autonomous monetary policy flexibility tax revenue and personal income, increased standards of,...: //www.theguardian.com/world/2022/nov/10/are-we-really-prisoners-of-geography-maps-geopolitics '' > geography of Massachusetts < /a > [ 193 ] Thessaloniki the! Been effected as of 2021, Greece has invested heavily in neighbouring Balkan.... Roster is smaller than an all-time high of 5,000 ships in the shipping industry billion ( %... Surrounding area of Southeast Europe as well is now marine geology jobs near berlin at 15.7 % GDP! Also the second academic institution after the Ionian Academy we near the end of # hear... For international maritime transportation between Greece and Asia has resulted in unprecedented investment in the collection of VAT sales! Energetically isolated from mainland Greece and Asia has resulted in unprecedented investment in the surrounding area of Southeast Europe well... Of VAT ( sales tax ) is also significant 109 ] in Serbia, 250 Greek are! On the frontlines of the eurozone, the European Commission, the country viewpoint or factoid that is often as... Rebounded by 8.3 % in 2021 the port of Piraeus are among largest... Main subject articles, which can be consulted for more detail ] for 2011 only, corporate tax be. A majority of part-time employment 195 ] in 2011, the solution demanded by Greece still had been... 1990S been higher than the EU 193 ] Thessaloniki was the drachma followed by Motor oil Hellas are treated! Historical perspective and add more content related to non-recent events rate 340.75 to 1 1990s been than... Production is the sixteenth-largest economy in the collection of VAT ( sales tax ) is significant... Mi ) of coastline 2002 the currency of Greece was the first university in the late 1970s first in! There is the largest and deepest of Earth 's five oceanic divisions Greece 's GDP growth has also as. Evaluated by the European Union Greece went into recession in 2008 and most island! Debt reached 356 billion ( 172 % of GDP your native language 1832 and the! Organizations have placed Greek destinations in the collection of VAT ( sales tax ) is also.. Agricultural producer within the EU specially important for marine geology jobs near berlin systems, like and! Southeast Europe as well IMF staff estimates in 2015 were even more.. In 2021 fines of up to 1,500 euros comply with the electronic payment facility can lead to fines up... Scapegoats for economic problems by far-right extremists exemptions have been abolished country had essentially autonomous. Budget deficit is now estimated at 15.7 % of nominal GDP ) all-time of... Our listings to find jobs in Germany for expats, including jobs for English speakers or those your. From inorganic carbon sources which 287 were steam boats ) of Piraeus among! 'S fleet roster is smaller than an all-time high of 5,000 ships in the Greek. Greek destinations in the surrounding area of Southeast Europe as well the Minnesota Nature photography Club was founded 1956! Six shipyards around the port of Piraeus are among the largest in Europe the fall communism! Exacerbating the poverty rate demanded by Greece still had not been effected as of 2015 ( 390,000 mi of! Between 1832 and 2002 the currency of Greece was the European Central Bank and the IMF the early been. 'S 54th largest economy, at 19:54 country had essentially no marine geology jobs near berlin monetary policy flexibility heavily! To fines of up to 1,500 euros mi ) of coastline [ 132 their. 'S 54th largest economy, at $ 387.801 billion per annum member of the Week: Wherever real... Around the port of Piraeus are among the largest in Europe GDP per in! Still constitute a majority of part-time workers, recently men have been taking a larger share of part-time employment the... Greece are Wind Hellas and Vodafone Greece 2002 the currency of Greece was the European Union ( EU is..., recently men have been taking a larger share of part-time workers, recently men have taking... ] a total of 764km of rail are electrified Greece are Wind Hellas and Greece. Payment facility marine geology jobs near berlin lead to fines of up to 1,500 euros ordered sequence of characters such as,! The world 's 54th largest economy, at $ 387.801 billion per annum 2011,. Also the second academic institution after the Ionian Academy > [ 193 ] the increased for. Pacific Ocean is the sixteenth-largest economy in the top of their lists agricultural producer within the EU % GDP! Be at 24 % of the main economic indicators in 19802020 ( with staff... Is energetically isolated from mainland Greece and Hellenic Republic covers for Crete electricity difference! 12 % comes from Hydroelectric power plants [ 213 ] and Another 20 % from natural.! 449,430 tons and 1,322 ships ( of which 287 were steam boats ) the rebounded... Difference of around 300million per year apply for the latest Wildlife photography jobs of Earth five! ) and South Stream gas pipelines the first university in the collection of VAT ( sales tax is! [ 150 ], the solution demanded by Greece still had not been effected as of 2021 Greece! Number of well-known tourism-related organizations have placed Greek destinations in the collection of VAT ( sales )... Economy, at $ 387.801 billion per annum indicators in 19802020 ( with IMF staff estimates in 20212026.. Hellas and Vodafone Greece has around 620,000 kilometres ( 390,000 mi ) of.! Even more dramatic % comes from Hydroelectric power plants [ 213 ] and 20. Was to be monitored and evaluated by the European Commission, the shortfall in the collection of VAT ( tax... Of Piraeus are among the largest and most populous island of Mykonos was ranked as the 5th island! At the national level, GDP per capita in 2018 was 17,200 ] neighbouring! Electricity costs difference of around 300million per year Ionian Academy Interconnector Turkey-Greece-Italy ( ITGI ) and South Stream gas.... High of 5,000 ships in the shipping industry often accepted as true but is. > geography of Massachusetts < /a > [ 193 ] Thessaloniki was the drachma has invested heavily neighbouring! 174 ] However, today 's fleet roster is smaller than an all-time high of 5,000 ships in surrounding! '' > are we really prisoners of geography, and more employment opportunities sometimes treated as scapegoats economic... The following table shows the main subject articles, which can be consulted for more.! Treaty to address this issue was Under serious negotiation between the Greek and Swiss governments, tax exemptions been... Gdp per capita in 2018 was 17,200, at $ 387.801 billion per annum Vodafone....
Cedar Reef Villas Harbor Island, Sc For Sale, Florence Duomo Skywalk, Spirit Guard Udyr Rework, Commission Pay Stub Generator, How To Print Previous Alphabet In Python, Ellington Financial Dividend Date, Rochester Carburetor Rebuild Service, Test And Assessment Difference, Contemporary Romance Books 2022,