Contents

Articles
Greece Economy of Greece European sovereign debt crisis (2010present) Economic history of Greece and the Greek world Bank of Greece Tourism in Greece Euro Eurozone 1 31 37 54 63 67 71 88

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Greece

Greece
Hellenic Republic Ellnik Dmokrata

Motto:Eleftheria i Thanatos, (Greek: " ", "Freedom or Death") (traditional) Anthem: " mnos is tin Eleftheran 1 Hymn to Liberty "

Location of Greece(dark green) on the European continent(green &dark grey) in the European Union(green) [Legend]
Capital (and largest city) Official language(s) Ethnic groups Athens 3800N 2343E Greek 94% Greek, 4% Albanian, [1] [2] [3] [4] 2% others Demonym Government - - President Prime Minister Legislature Modern statehood Greek (Officially: Hellenic) Unitary parliamentary republic Karolos Papoulias Giorgos Papandreou MP Parliament

Greece

2
- - - - Independence from the Ottoman Empire 25 March 1821 (Traditional) Independence recognized Kingdom of Greece Current constitution EU accession Area - Total 131,990km2(96th) 50,944sqmi 0.8669 Population - - - 2010estimate 2001census Density 11,305,118 10,964,020
2

3 February 1830, in the London Protocol 7 May 1832, in the Convention of London 11 June 1975, Third Hellenic Republic 1 January 1981

Water(%)

[5] [6]

(74th)

85.3/km (88th) 221.0/sqmi 2010estimate

GDP(PPP) - - GDP (nominal) - - Gini(2005) HDI(2010) Currency Time zone - Summer(DST) Drives on the ISO3166code Internet TLD Calling code
1 2 3

Total Per capita

$318.082 billion $28,433

[7]

[7]

2010estimate Total Per capita $305.415 billion $27,301 33

[8] [7] [7]

0.855

[9]

(veryhigh)(22 )

nd

Euro ()2 (EUR) EET (UTC+2) EEST(UTC+3) right GR .gr3 30

Also the national anthem of Cyprus. Before 2001, the Greek drachma. The .eu domain is also used, as in other European Union member states.

Greece ( /en-us-Greece.oggris/; Greek: , Ellda, IPA:[elaa] ( listen); Ancient Greek: , Hells, IPA:[hels]), also known as Hellas and officially the Hellenic Republic ( , Ellnik Dmokrata, IPA:[elinici imokratia][10] ), is a country in southeastern Europe. Situated on the southern end of the Balkan Peninsula, Greece has land borders with Albania, the Republic of Macedonia and Bulgaria to the north, and

Greece Turkey to the east. The Aegean Sea lies to the east of mainland Greece, the Ionian Sea to the west, and the Mediterranean Sea to the south. Greece has the twelfth longest coastline in the world at unknown operator: u','unknown operator: u','unknown operator: u',' (unknown operator: u','mi) in length, featuring a vast number of islands (approximately 1400, of which 227 are inhabited), including Crete, the Dodecanese, the Cyclades, and the Ionian Islands among others. Eighty percent of Greece consists of mountains, of which Mount Olympus is the highest at 2917m (9570ft). Modern Greece traces its roots to the civilisation of ancient Greece, generally considered the cradle of Western civilization. As such, it is the birthplace of democracy,[11] Western philosophy,[12] the Olympic Games, Western literature and historiography, political science, major scientific and mathematical principles, and Western drama,[13] including both tragedy and comedy. This legacy is partly reflected in the 17 UNESCO World Heritage Sites located in Greece. The modern Greek state was established in 1830, following a victorious uprising against Ottoman rule. A developed country with an advanced,[14] [15] high-income economy,[16] a very high Human Development Index (22nd highest in the world as of 2010) and consistently high quality of life rankings,[17] [18] [19] Greece has been a member of what is now the European Union since 1981 and the eurozone since 2001,[20] NATO since 1952,[21] and the European Space Agency since 2005.[22] It is also a founding member of the United Nations, the OECD,[23] and the Black Sea Economic Cooperation Organization. Athens is the capital and the largest city in the country (its metropolitan area includes also Piraeus).

History
Greece was the first area in Europe where advanced early civilizations emerged, beginning with the Cycladic civilization of the Aegean Sea, the Minoan civilization in Crete and then the Mycenaean civilization on the mainland. Later, city-states emerged across the Greek peninsula and spread to the shores of the Black Sea, South Italy and Asia Minor, reaching great levels of prosperity that resulted in an unprecedented cultural boom, that of classical Greece, expressed in architecture, drama, science and philosophy, and nurtured in Athens under a democratic environment. Athens and Sparta led the way in repelling the Persian Empire in a series of battles. Both were later overshadowed by Thebes and eventually Macedonia, with the latter under the guidance of Alexander the Great uniting and leading the Greek world to victory over the Persians. The Hellenistic period was brought only partially to a close two centuries later with the establishment of Roman rule over Greek lands in 146BC.[24] Many Greeks migrated to Alexandria, Antioch, Seleucia and the many other new Hellenistic cities in Asia and Africa founded in Alexander's wake.[25]

The Parthenon on the Acropolis of Athens.

Detail of the Alexander Mosaic, depicting Alexander the Great on his horse Bucephalus.

The subsequent mixture of Roman and Hellenic cultures took form in the establishment of the Byzantine Empire in 330AD around Constantinople. Byzantium remained a major cultural and military power for the next 1,123 years, until the Fall of Constantinople to the Ottoman Turks in 1453. On the eve of the Ottoman conquest, much of

Greece

4 the Greek intelligentsia migrated to Italy and other parts of Europe not under Ottoman rule, playing a significant role in the Renaissance through the transmission of ancient Greek works to Western Europe.[26] Nevertheless, the Ottoman millet system contributed to the cohesion of the Orthodox Greeks by segregating the various peoples within the empire based on religion, as the latter played an integral role in the formation of modern Greek identity. After the Greek War of Independence, successfully waged against the Ottoman Empire from 1821 to 1829, the nascent Greek state was finally recognized under the London Protocol in 1830. In 1827, Ioannis Kapodistrias, from Corfu, was chosen as the first governor of the new Republic. However, following his assassination, the Great Powers installed a monarchy under Otto, of the Bavarian House of Wittelsbach. In 1843, an uprising forced the King to grant a constitution and a representative assembly.

Due to his unimpaired authoritarian rule, he was eventually dethroned in 1863 and replaced by Prince Vilhelm (William) of Denmark, who took the name George I and brought with him the Ionian Islands as a coronation gift from Britain. In 1877, Charilaos Trikoupis, who is attributed with the significant improvement of the country's infrastructure, curbed the power of the monarchy to interfere in the assembly by issuing the rule of vote of confidence to any potential prime minister.
The sortie of Messolonghi, during the Greek Revolution (18211830), by Theodoros Vryzakis.

20th century onwards

As a result of the Balkan Wars, Greece increased the extent of its territory and population. In the following years, the struggle between King Constantine I and charismatic Prime Minister Eleftherios Venizelos over the country's foreign policy on the eve of World War I dominated the country's political scene, and divided the country into two opposing groups. In the aftermath of WWI, Greece fought against Turkish nationalists led by Mustafa Kemal, a war which resulted in a massive population exchange between the two countries under the Treaty of Lausanne.[27] According to various sources,[28] several hundred thousand Pontic Greeks died during this period.[29] Instability and successive coups d'tat marked the following era, which was overshadowed by the massive task of incorporating 1.5million Greek refugees from Turkey into Greek society. The Greek population in Istanbul dropped from 300,000 at the turn of the century to around 3,000 in the city today.[30]

Greece

On 28 October 1940 Fascist Italy demanded the surrender of Greece, but Greek dictator Ioannis Metaxas refused and in the following Greco-Italian War, Greece repelled Italian forces into Albania, giving the Allies their first victory over Axis forces on land. The country would eventually fall to urgently dispatched German forces during the Battle of Greece. The German occupiers nevertheless met serious challenges from the Greek Resistance. Over 100,000 civilians died from starvation during the winter of 194142, and the great majority of Greek Jews were deported to Nazi extermination camps.[31]

King Constantine I and Eleftherios Venizelos (seated, with back to camera) in 1913, during the Balkan Wars.

Territorial evolution of Kingdom of Greece until 1947.

After liberation, Greece experienced a bitter civil war between communist and anticommunist forces, which led to economic devastation and severe social tensions between rightists and largely communist leftists for the next 30 years.[32] The next 20 years were characterized by marginalisation of the left in the political and social spheres but also by rapid economic growth, propelled in part by the Marshall Plan. King Constantine's dismissal of George Papandreou's centrist government in July 1965 prompted a prolonged period of political turbulence which culminated in a coup d'tat on 21 April 1967 by the United States-backed Regime of the Colonels. The brutal suppression of the Athens Polytechnic uprising on 17 November 1973 sent shockwaves through the regime, and a counter-coup established Brigadier Dimitrios Ioannidis as dictator. On 20 July 1974, as Turkey invaded the island of Cyprus, the regime collapsed.
A poster of 1942 during World War II in support of Greece.

Former premier Konstantinos Karamanlis was invited back from Paris where he had lived in self-exile since 1963, marking the beginning of

the Metapolitefsi era. On 14 August 1974 Greek forces withdrew from the integrated military structure of NATO in protest at the Turkish occupation of northern Cyprus.[33] [34] The first multiparty elections since 1964 were held on

Greece the first anniversary of the Polytechnic uprising. A democratic and republican constitution was promulgated on 11 June 1975 following a referendum which abolished the monarchy. Meanwhile, Andreas Papandreou founded the Panhellenic Socialist Movement (PASOK) in response to Karamanlis's conservative New Democracy party, with the two political formations alternating in government ever since. Greece rejoined NATO in 1980.[33] Traditionally strained relations with neighbouring Turkey improved when successive earthquakes hit both nations in 1999, leading to the lifting of the Greek veto against Turkey's bid for EU membership. Greece became the tenth member of the European Communities (subsequently subsumed by the European Union) on 1 January 1981, ushering in a period of remarkable and sustained economic growth. Widespread investments in industrial enterprises and heavy infrastructure, as well as funds from the European Union and growing revenues from tourism, shipping and a fast-growing service sector have raised the country's standard of living to unprecedented levels. The country adopted the euro in 2001 and successfully hosted the 2004 Olympic Games in Athens. More recently, it has borne the brunt of the late-2000s recession and related 2010 European sovereign debt crisis.

Geography

Albania

Rep. Macedonia

Bulgaria

Greece Turkey

Greece
Athens
Thessaloniki Kavala Thasos Alexandroupoli Samothrace Corfu Igoumenitsa Larissa Volos Ioannina Chalcis Patras Corinth Nafplion Sparta Areopoli Piraeus Eleusina Laurium Heraklion

Macedonia Thrace Epirus Thessaly Euboea Central Greece Peloponnese

Mt. Olympus Lefkada Kefalonia Zakynthos Lemnos Lesbos Chios Samos

Greece
Andros Tinos Mykonos Icaria Patmos Naxos Milos Santorini Kos Rhodes Karpathos Kassos Kythira Gavdos

Aegean Sea Sea of Crete Myrtoan Sea Ionian Sea Mediterranean Sea Crete Aegean Islands Cyclades Dodecanese Ionian Islands Greece consists of a mountainous, peninsular mainland jutting out into the sea at the southern end of the Balkans, ending at the Peloponnese peninsula (separated from the mainland by the canal of the Isthmus of Corinth). Due to its highly indented coastline and numerous islands, Greece has the twelfth longest coastline in the world with 13676km (8498mi);[35] its land boundary is 1160km (721mi). The country lies approximately between latitudes 34 and 42 N, and longitudes 19 and 30 E. Greece features a vast number of islands, between 1200 and 6000, depending on the definition,[36] 227 of which are inhabited. Crete is the largest and most populous, Euboea, separated from the mainland by the 60m-wide Euripus Strait, is the second largest island is Euboea, followed by Rhodes and Lesbos. The Greek islands are traditionally grouped into the following clusters: The Argo-Saronic Islands in the Saronic gulf near Athens, the Cyclades, a large but dense collection occupying the central part of the Aegean Sea, the North Aegean islands, a loose grouping off the west coast of Turkey, the Dodecanese, another loose collection in the

Greece southeast between Crete and Turkey, the Sporades, a small tight group off the coast of Euboea, and the Ionian Islands, located to the west of the mainland in the Ionian Sea Eighty percent of Greece consists of mountains or hills, making the country one of the most mountainous in Europe. Mount Olympus, the mythical abode of the Greek Gods, culminates at Mytikas peak 2917m (9570ft), the highest in the country. Western Greece contains a number of lakes and wetlands and is dominated by the Pindus mountain range. The Pindus, a continuation of the Dinaric Alps, reaches a maximum elevation of 2637m (8652ft) at Mt. Smolikas (the second-highest in Greece) and historically has been a significant barrier to east-west travel. The Pindus range continues through the central Peloponnese, crosses the islands of Kythera and Antikythera and find its way into southwestern Aegean, in the island of Crete where it eventually ends. The islands of the Aegean are peaks of underwater mountains that once constituted an extension of the mainland. Pindus is characterized by its high, steep peaks, often dissected by numerous canyons and a variety of other karstic landscapes. The spectacular Vikos Gorge, part of the Vikos-Aoos National Park in the Pindus range, is listed by the Guinness book of World Records as the deepest gorge in the world.[37] Another notable formation are the Meteora rock pillars, atop which have been built medieval Greek Orthodox monasteries. Northeastern Greece features another high-altitude mountain range, the Rhodope range, spreading across the periphery of East Macedonia and Thrace; this area is covered with vast, thick, ancient forests, including the famous Dadia forest in the prefecture of Evros, in the far northeast of the country.

Navagio (shipwreck) bay, in Zakynthos.

Expansive plains are primarily located in the prefectures of Thessaly, Central Macedonia and Thrace. They constitute key economic regions as they are among the few arable places in the country. Rare marine species such as the Pinniped Seals and the Loggerhead Sea Turtle live in the seas surrounding mainland Greece, while its dense forests are home to the endangered brown bear, the lynx, the Roe Deer and the Wild Goat.

Phytogeographically, Greece belongs to the Boreal Kingdom and is shared between the East Mediterranean province of the Mediterranean Region and the Illyrian province of the Circumboreal Region. According to the World Wide Fund for Nature and the European Environment Agency, the territory of Greece can be subdivided into six ecoregions: the Illyrian deciduous forests, Pindus Mountains mixed forests, Balkan mixed forests, Rhodope montane mixed forests, Aegean and Western Turkey sclerophyllous and mixed forests and Crete Mediterranean forests.

View of Mount Olympus, located on the border between Thessaly and Macedonia.

Greece

10

Climate
Greece primarily has a Mediterranean climate, featuring mild, wet winters and hot, dry summers. This climate occurs at all coastal locations, including Athens, the Cyclades, the Dodecanese, Crete, the Peloponnese and parts of the Sterea Ellada (Central Continental Grece) region. The Pindus mountain range strongly affects the climate of the country, as areas to the west of the range are considerably wetter on average (due to greater exposure to south-westerly systems bringing in moisture) than the areas lying to the east of the range (due to a rain shadow effect). The mountainous areas of Northwestern Greece (parts of Epirus, Topographical map of Greece. Central Greece, Thessaly, Western Macedonia) as well as in the mountainous central parts of Peloponnese, including parts of the prefectures of Achaia, Arcadia and Laconia feature an Alpine climate with heavy snowfalls. The inland parts of northern Greece, in Central Macedonia and East Macedonia and Thrace feature a temperate climate with cold, damp winters and hot, dry summers with frequent thunderstorms. Snowfalls occur every year in the mountains and northern areas, and brief snowfalls are not unknown even in low-lying southern areas, such as Athens.

Politics
Greece is a parliamentary republic.[38] The nominal head of state is the President of the Republic, who is elected by the Parliament for a five-year term.[38] The current Constitution was drawn up and adopted by the Fifth Revisionary Parliament of the Hellenes and entered into force in 1975 after the fall of the military junta of 19671974. It has been revised twice since, in 1986 and in 2001. The Constitution, which consists of 120 articles, provides for a separation of powers into executive, legislative, and judicial branches, and grants extensive specific guarantees (further reinforced in 2001) of civil liberties and social rights.[39] Women's suffrage was guaranteed with a 1952

The Hellenic Parliament in central Athens.

Constitutional amendment. According to the Constitution, executive power is exercised by the President of the Republic and the Government.[38] From the Constitutional amendment of 1986 the President's duties were curtailed to a significant extent, and they are now largely ceremonial; most political power thus lies in the hands of the Prime Minister.[40] The position of Prime Minister, Greece's head of government, belongs to the current leader of the political party that can obtain a vote of confidence by the Parliament. The President of the Republic formally appoints the Prime Minister and, on his recommendation, appoints and dismisses the other members of the Cabinet.[38] Legislative powers are exercised by a 300-member elective unicameral Parliament.[38] Statutes passed by the Parliament are promulgated by

Greece the President of the Republic.[38] Parliamentary elections are held every four years, but the President of the Republic is obliged to dissolve the Parliament earlier on the proposal of the Cabinet, in view of dealing with a national issue of exceptional importance.[38] The President is also obliged to dissolve the Parliament earlier, if the opposition manages to pass a motion of no confidence.[38] The Judiciary is independent of the executive and the legislature and comprises three Supreme Courts: the Court of Cassation ( ), the Council of State ( ) and the Court of Auditors ( ). The Judiciary system is also composed of civil courts, which judge civil and penal cases and administrative courts, which judge disputes between the citizens and the Greek administrative authorities.

11

Political parties
Since the restoration of democracy, the Greek two-party system is dominated by the liberal-conservative New Democracy (ND) and the social-democratic Panhellenic Socialist Movement (PASOK).[41] Other significant parties include the Communist Party of Greece (KKE), the Coalition of the Radical Left (SYRIZA) and the Popular Orthodox Rally (LAOS). The current prime minister is George Papandreou, president of the PASOK, who on 4 October 2009, won with a majority in the Parliament of 160 out of 300 seats.

Count Ioannis Kapodistrias (17761831), first head of state and governor of independent Greece.

Administrative divisions
Since the Kallikratis programme reform entered into effect on 1 January 2011, Greece consists of thirteen peripheries subdivided into a total of 325 municipalities. The 54 old prefectures and prefecture-level administrations have been largely retained as sub-units of the peripheries. Seven decentralized administrations group one to three peripheries for administrative purposes on a regional basis. There is also one autonomous area, Mount Athos (Greek: Agio Oros, "Holy Mountain"), which borders the periphery of Central Macedonia.

The current President of Greece, Karolos Papoulias.

Map

Number

Periphery

Capital

Area (km)

Area (sq mi) Population

Greece

12

1 2 3 4 5 6 7 8 9 10 11 12 13

Attica Central Greece Central Macedonia Crete East Macedonia and Thrace Epirus Ionian Islands North Aegean Peloponnese South Aegean Thessaly West Greece West Macedonia

Athens Lamia Thessaloniki Heraklion Komotini Ioannina Corfu Mytilene Tripoli Ermoupoli Larissa Patras Kozani

3,808 15,549 18,811 8,259 14,157 9,203 2,307 3,836 15,490 5,286 14,037 11,350 9,451 390

1,470 6,004 7,263 3,189 5,466 3,553 891 1,481 5,981 2,041 5,420 4,382 3,649 151

3,761,810 605,329 1,871,952 601,131 611,067 353,820 212,984 206,121 638,942 302,686 753,888 740,506 301,522 2,262

Mount Athos (Autonomous) Karyes

Foreign relations
Prominent issues in Greek foreign policy include the enduring dispute over Cyprus, differences with Turkey over the Aegean sea, as well as the naming dispute with the Republic of Macedonia, which Greece refers to internationally by the provisional reference "the former Yugoslav Republic of Macedonia".

Military
Armed forces

Frigate Psara, MEKO-200 HN type of the Hellenic Navy.

Hellenic Air Force Mirage 2000 preparing for take off.

The Hellenic Armed Forces are overseen by the Hellenic National Defense General Staff ( ) and consists of three branches: Hellenic Army Hellenic Navy Hellenic Air Force The civilian authority for the Greek military is the Ministry of National Defence. Furthermore, Greece maintains the Hellenic Coast Guard for law enforcement in the sea and for search and rescue.

Greece Greece currently has universal compulsory military service for males, while females (who may serve in the military) are exempted from conscription. As of 2009, Greece has mandatory military service of 9 months for male citizens between the ages of 19 and 45. However, as the Armed forces had been gearing towards a complete professional army system, the government had promised that the mandatory military service would be cut or even abolished completely. Greek males between the age of 18 and 60 who live in strategically sensitive areas may be required to serve part-time in the National Guard. Service in the Guard is paid. As a member of NATO, the Greek military participates in exercises and deployments under the auspices of the alliance.

13

Economy
The Greek economy (that is gross domestic product, GDP) expanded at an average annual rate of 4% from 20042007 and 2% during 2008 (at constant prices of 2000), one of the highest rates in the Eurozone. However, in 2009 GDP decreased by 1.9%. In 2010 a decrease of GDP by 2.5% to 4% is estimated.[42] See below: 2010-2011 Economic Crisis. The tourism industry is a major source of foreign exchange earnings and revenue accounting for 15% of Greeces total GDP[43] and employing, directly or indirectly, 16.5% of the total workforce. The Greek labor force totals 4.9million, and it is the second most industrious between OECD countries, after South Korea.[44] The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece ranked third in the working hours per year ranking among European nations; Greeks worked an average of 1,811 hours per year.[45] In 2007, the average worker produced around 20 dollars per hour, similar to Spain and slightly more than half of average U.S. worker's hourly output. Immigrants make up nearly one-fifth of the work force, occupied mainly in agricultural and construction work.

The main building of the Bank of Greece in Athens.

Greece's purchasing power-adjusted GDP per capita is the world's 25th Aerial view of the central districts of highest. According to the International Monetary Fund it has an Thessaloniki, Greece's second largest city and a estimated average per capita income of $29,882 for the year 2009,[46] a major economic and industrial centre. figure slightly higher than that of Italy and Spain. According to Eurostat data, Greek PPS GDP per capita stood at 95 per cent of the EU average in 2009.[47] According to a survey by The Economist, the cost of living in Athens is close to 90% of the costs in New York; in rural regions it is lower.[48]

Greece

14 In Greece, the euro was introduced in 2002. As a preparation for this date, the minting of the new euro coins started as early as 2001, however all Greek euro coins introduced in 2002 have this year on it; unlike some other countries of the Eurozone where mint year is minted in the coin. Eight different designs, one per face value, was selected for the Greek coins. In 2007, in order to adopt the new common map like the rest of the Eurozone countries, Greece changed the common side of their coins. Before adopting the Euro in 2002 Greece had maintained use of the Greek drachma from 1832.

In 2009, Greece had the EU's second lowest Index of Economic Freedom (after Poland), ranking 81st in the world.[49] The country suffers from high levels of political and economic corruption and low global competitiveness relative to its EU partners.[50] [51] The Greek economy faces significant problems, including rising unemployment levels and an inefficient government bureaucracy.[52] Although remaining above the euro area average, economic growth turned negative in 2009 for the first time since 1993.[53] 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.[54]

Greece introduced the euro in 2002.

2010-2011 Economic Crisis

By the end of 2009, as a result of a combination of international and local factors (respectively, the world financial crisis and uncontrolled government spending), the Greek economy faced its most severe crisis GDP Growth of Greece compared to the since the restoration of democracy in 1974 as the Greek government Eurozone between 1996 and 2006. revised its deficit from an estimated 6% to 12.7% of gross domestic product (GDP).[55] [56] In early 2010 it was revealed that successive Greek governments had been found to have consistently and deliberately misreported the country's official economic statistics to keep within the monetary union guidelines.[57] [58] [59] This had enabled Greek governments to spend beyond their means, while hiding the actual deficit from the EU overseers.[60] In May 2010, the Greek government deficit was again revised and estimated to be 13.6%[61] which was one of the highest in the world relative to GDP[62] and public debt was forecast, according to some estimates, to hit 120% of GDP during 2010,[63] one of the highest rates in the world. As a consequence, there was a crisis in international confidence in Greece's ability to repay its sovereign debt. In order to avert such a default, in May 2010 the other Eurozone countries, and the International Monetary Fund agreed to a rescue package which involved giving Greece an immediate 45 billion in bail-out loans, with more funds to follow, totaling 110 billion.[64] [65] In order to secure the funding, Greece was required to adopt harsh austerity measures to bring its deficit under control. Their implementation will be monitored and evaluated by the European Commission, the European Central Bank and the International Monetary Fund.[66] [67] On 15 November 2010, the EU's statistics body Eurostat revised the public finance and debt figure for Greece following an excessive deficit procedure methodological mission in Athens and put Greece's 2009 government deficit at 15.4% of GDP and government debt at 126.8% of GDP making it the biggest deficit (as a percentage of GDP) amongst the EU member nations (although some have speculated that Ireland's in 2010 may prove to be worse).[68] [69] [70] [71]

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15

Maritime industry
The shipping industry is a key element of Greek economic activity dating back to ancient times.[72] Today, shipping is one of the country's most important industries. It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.[73] During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis and Niarchos.[74] The basis of the modern Greek maritime industry was formed after World War II 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.[74]

According to the BTS, the Greek-owned maritime fleet is today the largest in the world, with 3,079 vessels accounting for 18% of the world's fleet capacity (making it the largest of any country) with a total dwt of 141,931 thousand (142million dwt).[75] In terms of ship categories, Greece ranks first in both tankers and dry bulk carriers, fourth in the number of containers, and fourth in other ships.[75] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 70's.[72]

Piraeus is the largest marine based shipping centre of Greece and also the commercial hub of Greek shipping, with most of Greece's shipowners basing their commercial operations there.

Tourism
An important percentage of Greece's income comes from tourism. In 2004 Greece welcomed 16.5million tourists. According to a survey conducted in People's Republic of China in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination,[76] and 6,088,287 tourists visited only the city of Athens, the capital city. In November 2006, Austria, like China, announced that Greece was the favourite destination.[77]
Fira, Santorini.

Transport
Since the 1980s, the roads and rail network of Greece has been significantly modernized. Important works include the Egnatia Odos that connects northwestern Greece (Igoumenitsa) with northern and northeastern Greece (Kipoi). The RioAntirrio bridge, the longest suspension cable bridge in Europe, (2250m or 7382ft long) connects the western Peloponnese from Rio (7km or 4mi from Patras) with Antirrio in Central Greece.

Egnatia highway in northern Greece.

Greece

16

An expansion of the Patras-Athens national motorway towards Pyrgos in the western Peloponnese is scheduled to be completed by 2014. Most of the highway connection of Athens to Thessaloniki has also been upgraded. The Athens metropolitan area has an international airport, the privately run suburban motorway Attiki Odos and an expanded metro system. Most of the Greek islands and many main cities of Greece are connecting by air mainly from the two major airlines of Greece, Olympic Air and Aegean Airlines. Maritime connections have been The Rio-Antirio bridge near the city of Patras is improved with modern high-speed craft, including hydrofoils and the longest cable-stayed bridge in Europe and second in the world. catamarans. Railway connections play a somewhat lesser role than in many other European countries, but railways too have been expanded, with new suburban connections around Athens, a modern intercity connection between Athens and Thessaloniki, and upgrading to double lines in many parts of the 2500km (1550mi) network. International railway lines connect Greek cities with the rest of Europe, the Balkans and Turkey.

Communications
Broadband internet availability is widespread in Greece; there were a total of 2.105.076 broadband connections as of early 2010. This translates to 18.6% broadband penetration.[78] Internet cafes that provide net access, office applications and multiplayer gaming are also a common sight in the country, while mobile internet on 3G cellphone networks and public Wi-Fi connectivity are present, but not as extensively available.

Science and technology

The General Secretariat for Research and Technology [79] of the Hellenic Ministry of Development [80] is responsible for designing, implementing and supervising national research and technological policy. In 2003, public spending on R&D was 456.37million euros (12.6% increase from 2002). Total research and development (R&D) spending (both public and private) as a percentage of GDP has increased considerably since the beginning of the past decade, from 0.38% in 1989, to 0.65% in 2001. R&D spending in Greece remains lower than the EU average of 1.93%, but, according to Research DC, based on OECD and Eurostat data, between 1990 and 1998, total R&D expenditure in Greece enjoyed the third highest increase in Europe, after Finland and Ireland. Because of its strategic location, qualified workforce and political and economic stability, many multinational companies such as Ericsson, Siemens, SAP, Motorola and Coca-Cola have their regional research and development headquarters in Greece.

Thessaloniki Science Center and Technology Museum.

Greece's technology parks with incubator facilities include the Science and Technology Park of Crete [81] (Heraklion), the Thessaloniki Technology Park [82], the Lavrio Technology Park [83] and the Patras Science Park [84] .Greece has been a member of the European Space Agency (ESA) since 2005.[22] Cooperation between ESA and the Hellenic National Space Committee began in the early 1990s. In 1994, Greece and ESA signed their first cooperation agreement. Having formally applied for full membership in 2003, Greece became ESA's sixteenth member on 16 March 2005. As member of the ESA, Greece participates in the agency's telecommunication and technology activities, and the Global Monitoring for Environment and Security Initiative.

Greece

17

Demographics
The official Statistical body of Greece is the National Statistical Service of Greece (NSSG). According to the NSSG, Greece's total population in 2001 was 10,964,020.[85] That figure is divided into 5,427,682 males and 5,536,338 females.[85] As statistics from 1971, 1981, and 2001 show, the Greek population has been aging the past several decades.[85] The birth rate in 2003 stood 9.5 per 1,000 inhabitants (14.5 per 1,000 in 1981). At the same time the mortality rate increased slightly from 8.9 per 1,000 inhabitants in 1981 to 9.6 per 1,000 inhabitants in 2003. In 2001, 16.71% of the population were 65 years old and older, 68.12% between the ages of 15 and 64 years old, and 15.18% were 14 years old and younger.[85]

Panorama of Nafplion, first capital of modern Greece.

Greek society has also rapidly changed with the passage of time. Marriage rates kept falling from almost 71 per 1,000 inhabitants in 1981 until 2002, only to increase slightly in 2003 to 61 per 1,000 and then fall again to 51 in 2004.[85] Divorce rates on the other hand, have seen an increase from 191.2 per 1,000 marriages in 1991 to 239.5 per 1,000 marriages in 2004.[85] Almost two-thirds of the Greek people live in urban areas. Greece's largest municipalities in 2001 were: Athens, Thessaloniki, Piraeus, Patras, Iraklio, Larissa, and Volos.[86] Throughout the 20th century, millions of Greeks migrated to the United States, United Kingdom, Australia, Canada, and Germany, creating a thriving Greek diaspora. The migration trend however has now been reversed after the important improvements of the Greek economy since the 80's.

Largest cities of Greece EL.STAT. 2001 census[87]

Rank Athens 1 2 Thessaloniki 3 4 5 6 7 8 9 10 City Name Athens Periphery Attica Pop. 3,130,841

Patras

Thessaloniki Central Macedonia 773,180 Patras Heraklion Larissa Volos Ioannina Kavala Rhodes Serres West Greece Crete Thessaly Thessaly Epirus East Macedonia South Aegean 222,460 Heraklion 202,426 187,831 141,675 139,522 74,120 58,197

Central Macedonia 56,694

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Immigration
Due to the complexity of Greek immigration policy, practices and data collection, truly reliable data on immigrant populations in Greece is difficult to gather and therefore subject to much speculation. In 1986, legal and unauthorized immigrants totaled approximately 90,000. A study from the Mediterranean Migration Observatory [88] maintains that the 2001 Census from the NSSG recorded 762,191 persons residing in Greece without Greek citizenship, constituting around 7% of total population and that, of these, 48,560 were EU or EFTA nationals and 17,426 Cypriots with privileged status. People from the Balkan countries of Albania (56%), Bulgaria (5%), and Romania (3%) make up almost two-thirds of the total foreign population. Migrants from the former Soviet Union (Georgia, Russia, Ukraine, Moldova, etc.) comprise 10% of the total.[89] The greatest cluster of non-EU immigrant population is in the Municipality of Athens some 132,000 immigrants, at 17% of local population. Thessaloniki is the second largest cluster, with 27,000, reaching 7% of local population. After this, the predominant areas of location are the big cities environs and the agricultural areas.

View of the harbour of Rhodes (city), capital of Dodecanese.

The Hermoupolis port in the island of Syros is the capital of the Cyclades.

According to the same study, the foreign population (documented and undocumented) residing in Greece may in reality figure upwards to 8.5% or 10.3%, that is approximately meaning 1.15million if immigrants with homogeneis cards are accounted for. Greece is a gateway for the entry of illegal immigrants to Europe. The Cabinet has approved a draft law that would allow children born in Map of the top 50 countries with the largest Greece to parents who are immigrants, one of whom must have been Greek communities living in the country legally for at least 5 consecutive years to apply for [90] Greek citizenship. The government, despite strong objections from oppositions is determined to pass the bill. The main objective is to facilitate the smooth integration of legal immigrants and their children in the Greek social reality. The basic criteria remain the legality of residence and children's participation in Greek culture. For the same reason, moreover, long-term residents, political refugees and expatriates will be allowed to participate in local elections.

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Religion
The constitution of Greece recognizes the Orthodox faith as the "prevailing" of the country, while guaranteeing freedom of religious belief for all.[38] The Greek Government does not keep statistics on religious groups and censuses do not ask for religious affiliation. According to the State Department, an estimated 97% of Greek citizens identify themselves as Orthodox Christians, belonging to the Greek Orthodox Church.[91] In the Eurostat Eurobarometer poll of 2005, 81% of Greek citizens responded that they believe there is a God,[92] which was the third highest percentage among EU members behind only Malta and Cyprus.[92] According to other sources, 15.8% of Greeks describe themselves as very religious, which is the highest among all European countries. The survey also found that just 3.5% never attend a church, compared to 4.9% in Poland and 59.1% in the Czech Republic.[93] Estimates of the recognized Muslim minority, which is mostly located in Thrace, range from 98,000 to 140,000,[91] [94] (between 0.9% and 1.2%) while the immigrant Muslim community numbers between 200,000 and 300,000. Albanian immigrants to Greece are usually associated with the Muslim religion, although most are secular in orientation.[95] Following the Greco-Turkish War of 19191922 and the 1923 Treaty of Lausanne Greece and Turkey agreed to a population transfer based on cultural and religious identity. About 500,000 Muslims from Greece, predominantly Turks, but also other Muslims, were exchanged with approximately 1,500,000 Greeks from Asia Minor (now Turkey).[96] Athens is the only EU capital without a purpose-built place of worship for its Muslim population.[97] [98] Judaism has existed in Greece for more than 2,000 years. Sephardi Jews used to have a large presence in the city of Thessaloniki (by 1900, some 80,000, or more than half of the population, were Jews),[99] but nowadays the Greek-Jewish community who survived German occupation and the Holocaust, during World War II, is estimated to number around 5,500 people.[91] [94]

Flag of the Greek Orthodox Church.

Holy Trinity monastery, in Meteora, central Greece.

Greek members of Roman Catholic faith are estimated at 50,000[91] [94] with the Roman Catholic immigrant community approximating 200,000.[91] Old Calendarists account for 500,000 followers.[94] Protestants, including Greek Evangelical Church and Free Evangelical Churches, stand at about 30,000.[91] [94] Assemblies of God, International Church of the Foursquare Gospel and other Pentecostal churches of the Greek Synod of Apostolic Church has 12,000 members.[100] Independent Free Apostolic Church of Pentecost is the biggest Protestant denomination in Greece with 120 churches.[101] There are not official statistics about Free Apostolic Church of Pentecost, but the Orthodox Church estimates the followers as 20,000.[102] The Jehovah's Witnesses report having 28,859 active members.[91] [94] [103]

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Languages
The first concrete evidence of the Greek language dates back to 15th century BC and the Linear B script which is associated with the Mycenaean Civilization. Greek was a widely spoken lingua franca in the Mediterranean world and beyond during Classical Antiquity, and would eventually become the official parlance of the Byzantine Empire. During the 19th and 20th centuries there was a major dispute known as Greek language question, on whether the official language of Greece should be the archaic Katharevousa, created in the 19th century and used as the state and scholarly language, or the Dimotiki, the form of the Greek language which evolved naturally from Byzantine Greek and was the language of the people. The dispute was finally resolved in 1976, when Dimotiki was made the only official variation of the Greek language, and Katharevousa fell to disuse.

Greece is today relatively homogeneous in linguistic terms, with a large majority of the native population using Greek as their first or only language. Among the Greek-speaking population, speakers of the distinctive Pontic dialect came to Greece from Asia Minor after the Greek genocide and constitute a sizable group. The Muslim minority in Thrace, which amounts to approximately 0.95% of the total population, consists of speakers of Turkish, Bulgarian (Pomaks)[105] and Romani. Romani is also spoken by Christian Roma in other parts of the country. Further minority languages have traditionally been spoken by regional population groups in various parts of the country. Their use has decreased radically in the course of the 20th century through assimilation with the Greek-speaking majority. Today they are only maintained by the older generations and are on the verge of extinction. This goes for the Arvanites, an Albanian-speaking group mostly located in the rural areas around the capital Athens, and for the Aromanians and Moglenites, also known as Vlachs, whose language is closely related to Romanian and who used to live scattered across several areas of mountaneous central Greece. Members of these groups ethnically identify as Greeks[106] and are today all at least bilingual in Greek. Near the northern Greek borders there are also some Slavic-speaking groups, whose members identify ethnically as Greeks in their majority. Their dialects can be linguistically classified as forms of either Macedonian Slavic (locally called Slavomacedonian or simply Slavic to distinguish it from Macedonian Greek) or Bulgarian.[107] [108] It is estimated that in the aftermath of the population exchanges of 1923 there were somewhere between 200,000 and 400,000 Slavic speakers in Greek Macedonia.[30] The Jewish community in Greece traditionally spoke Ladino (Judeo-Spanish), today maintained only by a small group of a few thousand speakers.

Regions with a traditional presence of languages other than Greek. Greek is today spoken as the [104] dominant language throughout the country.

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Education
Compulsory education in Greece comprises primary schools ( , Dimotik Scholeio) and gymnasium (). Nursery schools ( , Paidiks Stathms) are popular but not compulsory. Kindergartens (, Nipiagogeo) are now compulsory for any child above 4 years of age. Children start primary school aged 6 and remain there for six years. Attendance at gymnasia starts at age 12 and last for three years.
The Academy of Athens is Greece's national academy and the highest research establishment in the country.

Greece's post-compulsory secondary education consists of two school types: unified upper secondary schools ( , Eniaia Lykeia) and technicalvocational educational schools ( , "TEE"). Post-compulsory secondary education also includes vocational training institutes ( , "IEK") which provide a formal but unclassified level of education. As they can accept both Gymnasio (lower secondary school) and Lykeio (upper secondary school) graduates, these institutes are not classified as offering a particular level of education. Public higher education is divided into universities, "Highest Educational Institutions" ( , Antata Ekpaideytik Idrmata, "") and "Highest Technological Educational Institutions" ( , Antata Technologik Ekpaideytik Idrmata, "ATEI"). Students are admitted to these Institutes according to their performance at national level examinations taking place after completion of the third grade of Lykeio. Additionally, students over twenty-two years old may be admitted to the Hellenic Open University through a form of lottery. The Capodistrian university of Athens is the oldest university in the eastern Mediterranean.

The Faculty of Education of Aristotle University of Thessaloniki.

The Greek education system also provides special kindergartens, primary and secondary schools for people with special needs or difficulties in learning. Specialist gymnasia and high schools offering musical, theological and physical education also exist.

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Culture
The culture of Greece has evolved over thousands of years, with its beginnings in the Mycenaean and Minoan Civilizations, continuing most notably into Classical Greece, the Hellenistic Period, through the influence of the Roman Empire and its Greek Eastern successor the Byzantine Empire. The Ottoman Empire too had a significant influence on Greek culture, but the Greek War of Independence is credited with revitalizing Greece and giving birth to a single entity of its multi-faceted culture throughout the ages.

Philosophy

The ancient theatre of Epidaurus is nowadays used for staging ancient Greek drama shows.

Most western philosophical traditions began in ancient Greece in the 6th century BC.The first philosophers are called "Presocratics" which designates that they came before Socrates. The Presocratics were from the western or the eastern colonies of Greece and only fragments of the original writings of the presocratics survive, in some cases merely a single sentence. A new period of philosophy started with Socrates. Like the Sophists, he rejected entirely the physical speculations in which his predecessors had indulged, and made the thoughts and opinions of people his starting-point. Aspects of Socrates were first united from Plato, who also combined with them many of the principles established by earlier philosophers, and developed the whole of this material into the unity of a comprehensive system. Aristotle of Stagira, the most important disciple of Plato, shared with his teacher the title of the greatest philosopher of antiquity but while Plato had sought to elucidate and explain things from the supra-sensual standpoint of the forms, his pupil preferred to start from the facts given us by experience. Except from these three most significant Greek philosophers other known schools of Greek philosophy from other founders during ancient times were Stoicism, Epicureanism, Skepticism and Neoplatonism.[109]

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Literature
The timeline of the Greek literature can be separated into three big periods: the ancient, the Byzantine and the modern Greek literature. At the beginning of Greek literature stand the two monumental works of Homer: the Iliad and the Odyssey. Though dates of composition vary, these works were fixed around 800BC or after. In the classical period many of the genres of western literature became more prominent. Lyrical poetry, odes, pastorals, elegies, epigrams; dramatic presentations of comedy and tragedy; historiography, rhetorical treatises, philosophical dialectics, and philosophical treatises all arose in this period.The two major lyrical poets were Sappho and Pindar. The Classical era also saw the dawn of drama.

The manuscript of the poem "Thermopyles" () by Constantine P. Cavafy. Cavafy's poems are, typically, concise but intimate evocations of real or literary figures and milieux that have played roles in Greek culture. He is considered probably the greatest modern Greek poet.

Of the hundreds of tragedies written and performed during the classical age, only a limited number of plays by three authors have survived: those of Aeschylus, Sophocles, and Euripides. The surviving plays by Aristophanes are also a treasure trove of comic presentation, while Herodotus and Thucydides are two of the most influential historians in this period. The greatest prose achievement of the 4th century was in philosophy with the works of the three great philosophers. Byzantine literature refers to literature of the Byzantine Empire written in Atticizing, Medieval and early Modern Greek, and it is the expression of the intellectual life of the Byzantine Greeks during the Christian Middle Ages. Modern Greek literature refers to literature written in common Modern Greek, emerging from late Byzantine times in the 11th century AD. The Cretan Renaissance poem Erotokritos is undoubtedly the masterpiece of this period of Greek literature. It is a Adamantios Korais. verse romance written around 1600 by Vitsentzos Kornaros (15531613). Later, during the period of Greek enlightenment (Diafotismos), writers such as Adamantios Korais and Rigas Feraios will prepare with their works the Greek Revolution (18211830). Contemporary Greek literature is representated by many writers, poets and novelists: Dionysios Solomos, Andreas Kalvos, Angelos Sikelianos, Emmanuel Rhoides, Kostis Palamas, Penelope Delta, Yannis Ritsos, Alexandros Papadiamantis, Nikos Kazantzakis, Andreas Embeirikos, Kostas Karyotakis, Gregorios Xenopoulos, Constantine P. Cavafy, Demetrius Vikelas, while George Seferis and Odysseas Elytis have been awarded the Nobel Prize in

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Cuisine
Greek cuisine is as an example of the healthy Mediterranean diet (Cretan diet).[110] Greek cuisine incorporates fresh ingredients into a variety of local dishes such as moussaka, stifado, Greek Salad, spanakopita and the world famous Souvlaki. Some dishes can be traced back to ancient Greece like skordalia (a thick pure of potatoes, walnuts, almonds, crushed garlic and olive oil), lentil soup, retsina (white or ros wine sealed with pine resin) and pasteli (candy bar with sesame seeds baked with honey). Throughout Greece people often enjoy eating from small dishes such as meze with various dips such as tzatziki, grilled octopus and small fish, feta cheese, dolmades (rice, currants and pine kernels wrapped in vine leaves), various pulses, olives and cheese. Olive oil is added to almost every dish.

Greek salad with additional ingredients.

Sweet desserts such as galaktoboureko, and drinks such as ouzo, metaxa and a variety of wines including retsina. Greek cuisine differs widely from different parts of the mainland and from island to island. It uses some flavorings more often than other Mediterranean cuisines: oregano, mint, garlic, onion, dill and bay laurel leaves. Other common herbs and spices include basil, thyme and fennel seed. Many Greek recipes, especially in the northern parts of the country, use "sweet" spices in combination with meat, for example cinnamon and cloves in stews.

Music
Greek vocal music extends far back into Ancient times where mixed-gender choruses performed for entertainment, celebration and spiritual reasons. Instruments during that period included the double-reed aulos and the plucked string instrument, the lyre, especially the special kind called a kithara. Music played an important role in the education system during ancient times. Boys were taught music from the age of six. Later influences from the Roman Empire, Eastern Europe, and the Byzantine Empire changed Greek music. While the new technique of polyphony was developing in the West, the Eastern Orthodox Church resisted any type of change. Therefore, Byzantine music remained monophonic and without any form of instrumental accompaniment. As a result, and despite certain attempts by certain Greek chanters (such as Manouel Gazis, Ioannis Plousiadinos or the Cypriot Mikis Theodorakis, one of the most popular Ieronimos o Tragodistis) Byzantine music was deprived of elements of Greek songwriters. which in the West encouraged an unimpeded development of art. However, the isolation of Byzantium after 1453, which kept music away from polyphony, along with centuries of continuous culture, enabled monophonic music to develop to the greatest heights of perfection. Byzantium presented the monophonic Byzantine chant; a melodic treasury of inestimable value for its rhythmical variety and expressive power.

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Along with the Byzantine chant, the Greek people also cultivated the Greek folk song which is divided into two cycles, the akritic and klephtic. The akritic was created between the 9th and 10th centuries A.D. and expressed the life and struggles of the akrites (frontier guards) of the Byzantine empire, the most well known being the stories associated with Digenes Akritas. The klephtic cycle came into being between the late Byzantine period and the start of the Greek War of Independence struggle in 1821. The klephtic cycle, together with Cretan dancers of traditional music. historical songs, paraloghes (narrative song or ballad), love songs, wedding songs, songs of exile and dirges express the life of the Greeks. There is a unity between the Greek people's struggles for freedom, their joys and sorrow and attitudes towards love and death. The Second World War, German occupation of Greece and the Greek Civil War decisively influenced the Greek folk song. After the first World War and the 1922 debacle, the trend towards urban living focused on Athens where popular musicians congregated and, in 1928, founded their own professional society: the Athens and Piraeus Musicians Society. Until the early years of this century, musical tradition was preserved in the villages where there was little contact with the outside world. The events and social changes of the 20th century changed Greek folk song. Once the seat of folk song was the village, now the reverse applies. The commercialised folk song spreads in all directions to the remotest villages. The authentic songs and dances have been replaced by the stylised modern "folk songs" written by contemporary musicians which they write new lyrics to authentic folk tunes, changing them enough to ensure copyright protection.

Sports

Panathenaic Stadium at the first day of the 1896 Summer Olympics (top) and the Olympic Stadium of Athens, during the 2004 games (bottom).

Greece is the birth place of the Olympic Games. The Panathenian stadium in Athens hosted the Olympic Games in 1896. It had also hosted Olympic Games in 1870 and 1875 (see Evangelis Zappas). The Panathenian stadium also hosted the Games in 1906 and was used to host events at the 2004 Summer Olympics. The Greek national football team, ranked 12th in the world in 2009,[111] won the UEFA Euro 2004 in one of the biggest surprises in the history of the sport.[112] The Greek Super League is the highest professional football league in the country comprising 16 teams. The most successful are Olympiacos, Panathinaikos and AEK Athens. The Greek national basketball team has a decades-long tradition of excellence in the sport. In August 2008, it ranked 4th in the world.[113] They have won the European Championship twice in 1987 and 2005,[114] and have reached the final four in three of the last four FIBA World Championships, taking second place in 2006. In 2009, Greece beat France in the under-20 European Basketball championship.[115] The domestic top basketball league, A1 Ethniki, is composed of fourteen teams. The most successful Greek teams are Panathinaikos, Olympiacos, AEK Athens. Water polo and volleyball are also practiced widely in Greece while cricket and handball are relatively popular in Corfu and Veroia respectively.

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[31] Greece (http:/ / www. britannica. com/ EBchecked/ topic/ 244154/ Greece/ 26430/ Greek-history-since-World-War-I). Britannica Online Encyclopedia. [32] Mazower, Mark. After the War was Over [33] History, Editorial Consultant: Adam Hart-Davis, Dorling Kindersley Limited publisher, ISBN 978-1-85613-062-2 [34] "[[NATO (http:/ / www. nato. int/ docu/ update/ 70-79/ 1974e. htm)] Update 1974"]. Nato.int. 26 October 2001. . Retrieved 22 March 2009. [35] "The World Fact Book - Field Listing :: Coastline" (https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ fields/ 2060. html?countryName=Greece& countryCode=gr& regionCode=eu& #gr). CIA. . Retrieved 2011-03-17. [36] Marker, Sherry; John Bowman, Peter Kerasiotis, Heidi Sarna (2010). Frommer's Greek islands (http:/ / books. google. com/ books?id=wvlP7D9C_7gC& pg=PA12& dq=number+ of+ greek+ islands& hl=en& ei=IniOTaGHFZS5tgeRkaTEDQ& sa=X& oi=book_result& ct=result& resnum=1& ved=0CEIQ6AEwAA#v=onepage& q=number of greek islands& f=false). Frommer's. p.12. ISBN0470526645. . [37] Guinness World Records 2005: Special 50th Anniversary Edition (http:/ / books. google. com/ books?id=D4wYAAAAIAAJ& dq=Vikos+ Guines& lr=& as_brr=0& hl=). Guinness World Records. 2004. p.52. ISBN9781892051226. . [38] "syntagma.qxd" (http:/ / web. archive. org/ web/ 20070925181747/ http:/ / www. parliament. gr/ english/ politeuma/ syntagma. pdf) (in (Greek)) (PDF). Archived from the original (http://www.parliament.gr/english/politeuma/syntagma.pdf) on 25 September 2007. . Retrieved 2 August 2009. [39] P.D. Dagtoglou, Individual Rights, I, 21 & E. Venizelos, The "Acquis" of the Constitutional Revision, 131132, 165172 [40] K. Mavrias, Constitutional Law, 477478, 486487 [41] For a diachronic analysis of the Greek party system see T. Pappas, Transformation of the Greek Party System Since 1951, 90114, who distinguishes three distinct types of party system which developed in consecutive order, namely, a predominant-party system (from 1952 to 1963), a system of polarised pluralism (between 1963 and 1981), and a two-party system (since 1981). [42] "Greek Economy" (http:/ / www. investingreece. gov. gr/ default. asp?pid=16& la=1). investingreece.gov.gr. . Retrieved 2010-12-30.

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[43] "Greece" (https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ geos/ gr. html). . [44] Posted by internetakias. " 2 !" (http:/ / internetakias. gr/ 2008/ 05/ 28/ greece-second-hardest-working/ ). Internetakias.gr. . Retrieved 22 March 2009. [45] File:Yearly working time 2004.jpg [46] World Economic Outlook Database-October 2008 "IMF World Economic Outlook, October 2007." (http:/ / imf. org/ external/ pubs/ ft/ weo/ 2008/ 02/ weodata/ weorept. aspx?sy=2008& ey=2008& ssd=1& sort=country& ds=. & br=1& pr1. x=29& pr1. y=12& c=512,446,914,666,612,668,614,672,311,946,213,137,911,962,193,674,122,676,912,548,313,556,419,678,513,181,316,682,913,684,124,273,339,921,638,948,514 s=PPPPC& grp=0& a=). World Economic Outlook Database-October 2008. [47] "GDP per capita in PPS" (http:/ / epp. eurostat. ec. europa. eu/ cache/ ITY_PUBLIC/ 2-25062009-BP/ EN/ 2-25062009-BP-EN. PDF). Eurostat. . Retrieved 25 June 2009. [48] "Living in Greece Cost of Living" (http:/ / greece. angloinfo. com/ countries/ greece/ life3. asp). Greece.angloinfo.com. . Retrieved 12 November 2010. [49] "Country rankings for trade, business, fiscal, monetary, financial, labor and investment freedoms" (http:/ / www. heritage. org/ Index/ Ranking. aspx). Heritage.org. . Retrieved 27 October 2009. [50] "?" (http:/ / www. google. com/ hostednews/ ap/ article/ ALeqM5gFT9P42akY4DsLHpAOMSe5ij4TJwD9AVLEEO0). . [51] "?" (http:/ / www. weforum. org/ pdf/ GCR09/ GCR20092010fullreport. pdf). . [52] "Premium content" (http:/ / www. economist. com/ world/ europe/ displaystory. cfm?story_id=12756043& fsrc=rss). The Economist. 9 December 2008. . Retrieved 27 October 2009. [53] European Commission, Economic Forecast Spring 2009, 65 [54] " " (http:/ / stocks. pathfinder. gr/ news/ 560812. html) (in Greek). 16 October 2007. . [55] Matthew Lynn, Bust: Greece, the Euro and the Sovereign Debt Crisis (2010) [56] "Greece's sovereign-debt crunch: A very European crisis - The Economist" (http:/ / www. economist. com/ world/ europe/ displaystory. cfm?story_id=15452594). 4 February 2010. . Retrieved 2 May 2010. [57] "EU Stats Office: Greek Economy Figures Unreliable  ABC News" (http:/ / abcnews. go. com/ Business/ wireStory?id=9541636). . Retrieved 2 May 2010. [58] "Rehn: No other state will need a bail-out  EU Observer" (http:/ / euobserver. com/ 19/ 30015). . Retrieved 6 May 2010. [59] "Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts  Business Insider" (http:/ / www. businessinsider. com/ henry-blodget-greece-paid-goldman-300-million-to-help-it-hide-its-ballooning-debts-2010-2). . Retrieved 6 May 2010. [60] "Wall St. Helped to Mask Debt Fueling Europe's Crisis" (http:/ / www. nytimes. com/ 2010/ 02/ 14/ business/ global/ 14debt. html?pagewanted=1& hp). The New York Times. 14 February 2010. . Retrieved 6 May 2010. [61] "Greek Deficit Revised to 13.6%; Moody's Cuts Rating (Update2)  Bloomberg.com" (http:/ / www. bloomberg. com/ apps/ news?pid=20601068& sid=aUi3XLUwIIVA). . Retrieved 2 May 2010. [62] "Britain's deficit third worst in the world, table  Telegraph" (http:/ / www. telegraph. co. uk/ finance/ financetopics/ financialcrisis/ 7269629/ Britains-deficit-third-worst-in-the-world-table. html). The Daily Telegraph (London). 19 February 2010. . Retrieved 2 May 2010. [63] "Greek debt to reach 120.8 pct of GDP in '10  draft" (http:/ / www. reuters. com/ article/ idUSATH00496420091105). 5 November 2009. . Retrieved 2 May 2010.

Greece
[64] Gabi Thesing and Flavia Krause-Jackson (3 May 2010). "Greece Gets $146 Billion Rescue in EU, IMF Package" (http:/ / www. bloomberg. com/ apps/ news?pid=20601087& sid=a9f8X9yDMcdI). Bloomberg. . Retrieved 6 May 2010. [65] Kerin Hope (2 May 2010). "EU puts positive spin on Greek rescue" (http:/ / www. ft. com/ cms/ s/ 0/ 08a87e4e-55c4-11df-b835-00144feab49a. html). Financial Times. . Retrieved 6 May 2010. [66] "Greece's austerity measures" (http:/ / news. bbc. co. uk/ 2/ hi/ business/ 10099143. stm), BBC News, Retrieved 9 May 2010. [67] "Greek Parliament Passes Austerity Measures" (http:/ / dealbook. blogs. nytimes. com/ 2010/ 05/ 07/ greek-parliament-passes-austerity-measures/ ?src=busln), New York Times. Retrieved 9 May 2010. [68] van Puyvelde, Eric (Monday 15 November 2010). "Deficits increase in eurozone and EU" (http:/ / www. europolitics. info/ economy-monetary-affairs/ deficits-increase-in-eurozone-and-eu-artb287086-50. html). Eurostat. . Retrieved 19 December 2010. [69] Cooper, Patrick (23 May 2010). "Ireland worse than Greece, faces financial ruin, say two leading economists" (http:/ / www. irishcentral. com/ news/ Ireland-worse-than-Greece-faces-financial-ruin-say-two-leading-economists--94688524. html). IrishCentral.com. . Retrieved 31 December 2010. [70] "Ireland Now Has A Worse Deficit Problem Than Even Greece" (http:/ / www. irishcentral. com/ news/ Ireland-worse-than-Greece-faces-financial-ruin-say-two-leading-economists--94688524. html). IrishCentral.com. 3 October 2010. . Retrieved 31 December 2010. [71] ((cite web |url=http:/ / timiacono. com/ index. php/ 2010/ 11/ 23/ ireland-deficit-now-32-of-gdp/ |title=Ireland Deficit Now 32% of GDP? |work=Eurostat |accessdate=30 December 2010}} [72] Polemis, Spyros M.. "The History of Greek Shipping" (http:/ / www. greece. org/ poseidon/ work/ articles/ polemis_one. html). www.greece.org. . Retrieved 9 April 2007. [73] "Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy" (http:/ / web. archive. org/ web/ 20070831114031/ http:/ / www. nbg. gr/ en/ pr_release_resb. asp?P_ID=463). National Bank of Greece. www.nbg.gr. 11 May 2006. Archived from the original (http:/ / www. nbg. gr/ en/ pr_release_resb. asp?P_ID=463) on 31 August 2007. . Retrieved 8 April 2007. [74] Engber, Daniel (17 August 2005). "So Many Greek Shipping Magnates..." (http:/ / slate. msn. com/ id/ 2124542/ ). Slate (Washington Post/slate.msn.com). . Retrieved 9 April 2007. [75] "Top 20 Ranking of World Merchant Fleet by Country of Owner as of 1January 2001a" (http:/ / www. bts. gov/ publications/ maritime_trade_and_transportation/ 2002/ html/ table_01_05. html). Bureau of Transportation Statistics. www.bts.gov. 2001. . Retrieved 8 April 2007. [76] "View Single Post Thank you China! With love from Greece!" (http:/ / www. skyscrapercity. com/ showpost. php?p=5623408& postcount=1). SkyscraperCity. . Retrieved 22 March 2009. [77] "?" (http:/ / www. voiceofgreece. gr/ OmogeneiaMainNews_en. asp?ID=22066). . [78] "?" (http:/ / www. adslgr. com/ forum/ showthread. php?t=431545) (in Greek). . Retrieved 19 December 2010. [79] http:/ / www. gsrt. gr/ default. asp?V_LANG_ID=2, [80] http:/ / www. ypan. gr/ index_uk_c_cms. htm [81] http:/ / www. stepc. gr/ [82] http:/ / www. thestep. gr/ [83] http:/ / www. ltp. ntua. gr/ [84] http:/ / www. psp. org. gr/ apps/ en/ spag/ [85] "Greece in Numbers" (http:/ / web. archive. org/ web/ 20071124142319/ http:/ / www. statistics. gr/ eng_tables/ hellas_in_numbers_eng. pdf) (PDF). National Statistical Service of Greece. www.statistis.gr. 2006. Archived from the original (http:/ / www. statistics. gr/ eng_tables/ hellas_in_numbers_eng. pdf) on 24 November 2007. . Retrieved 14 December 2007. [86] "Athena 2001 Census" (http:/ / web. archive. org/ web/ 20080117231653/ http:/ / www. statistics. gr/ Athena2001/ Athena2001. ASP?wcu=$cmd=0$id=5200712142356520314915). National Statistical Service of Greece. www.statistics.gr. Archived from the original (http:/ / www. statistics. gr/ Athena2001/ Athena2001. ASP?wcu=$cmd=0$id=5200712142356520314915) on 17 January 2008. . Retrieved 14 December 2007. [87] Greek National Statistics Agency (EL.STAT.) (2001). " . , , , ( 2001)" (http:/ / www. statistics. gr/ portal/ page/ portal/ ESYE/ BUCKET/ A1602/ Other/ A1602_SAM01_TB_DC_00_2001_01_F_GR. pdf) (in Greek). National Census 2001. www.statistics.gr. . Retrieved 19 April 2011. [88] http:/ / www. mmo. gr/ [89] Greece: A History of Migration (http:/ / www. migrationinformation. org/ Profiles/ display. cfm?ID=228) Charalambos Kasimis and Chryssa Kassimi, Migration Information Source. June 2004. [90] " : " (http:/ / diavatirio. net/ diavat/ news. php). Diavatirio.net. . Retrieved 12 November 2010. [91] "International Religious Freedom Report 2007: Greece" (http:/ / www. state. gov/ g/ drl/ rls/ irf/ 2007/ 90178. htm). US Dept. of State/Bureau of Democracy, Human Rights, and Labor. state.gov. 15 September 2006. . Retrieved 14 April 2007. [92] "Eurobarometer: Social values, science, and technology" (http:/ / ec. europa. eu/ public_opinion/ archives/ ebs/ ebs_225_report_en. pdf) (PDF). Eurobarometer. europa.eu.int. 2005-06. . Retrieved 14 April 2007. [93] "Dagens ESS: Religisitet og kirkebesk" (http:/ / www. forskning. no/ artikler/ 2005/ oktober/ 1128932447. 69) (in Norwegian). www.forskning.no. 11 October 2005. . Retrieved 11 September 2010.

28

Greece
[94] "Executive Summary Discrimination on the grounds of religion and belief Greece" (http:/ / web. archive. org/ web/ 20070605013415/ http:/ / ec. europa. eu/ employment_social/ fundamental_rights/ pdf/ aneval/ religion_el. pdf) (PDF). Dr Ioannis Ktistakis & Dr Nicholas Sitaropoulos. ec.europa.eu. 22 June 2004. Archived from the original (http:/ / ec. europa. eu/ employment_social/ fundamental_rights/ pdf/ aneval/ religion_el. pdf) on 5 June 2007. . Retrieved 14 April 2007. [95] "Greece" (http:/ / www. state. gov/ g/ drl/ rls/ irf/ 2006/ 71383. htm). State.gov. 26 August 2005. . Retrieved 6 January 2009. [96] Turkey Population (http:/ / countrystudies. us/ turkey/ 24. htm). Source: U.S. Library of Congress. [97] Burroughs, Andrew (18 July 2006). "Athens Muslims to get a mosque" (http:/ / news. bbc. co. uk/ 1/ hi/ 5190256. stm). BBC News. . Retrieved 10 April 2010. [98] Kitsantonis, Niki (6 July 2007). "Muslims in Athens build their own mosque" (http:/ / www. nytimes. com/ 2007/ 07/ 05/ world/ europe/ 05iht-greek. 1. 6505511. html). The New York Times. . Retrieved 10 April 2010. [99] Greece (http:/ / www. jewishvirtuallibrary. org/ jsource/ vjw/ Greece. html). Jewish Virtual Library. [100] "Synod of Apostolic Church of Christ" (http:/ / www. pentecost. gr/ English/ history. htm). Pentecost.gr. . Retrieved 22 March 2009. [101] "Church addresses from the Official Site in Greek" (http:/ / web. archive. org/ web/ 20080421172048/ http:/ / www. christianity. gr/ church/ addresses. php). Christianity.gr. Archived from the original (http:/ / www. christianity. gr/ church/ addresses. php) on 21 April 2008. . Retrieved 22 March 2009. [102] "Orthodox estimate in Greek" (http:/ / www. egolpio. com/ PENTECOSTAL/ freechurpentecost. htm). Egolpio.com. . Retrieved 22 March 2009. [103] "2009 Report" (http:/ / watchtower. org/ e/ statistics/ worldwide_report. htm). Watchtower.org. . Retrieved 16 December 2010. [104] See Ethnologue "Languages of Greece" (http:/ / www. ethnologue. com/ show_map. asp?name=GR& seq=10). ethnologue.com. . Retrieved 19 December 2010.; Euromosaic, Le (slavo)macdonien / bulgare en Grce, L'arvanite / albanais en Grce, Le valaque/aromoune-aroumane en Grce, and Mercator-Education: European Network for Regional or Minority Languages and Education, The Turkish language in education in Greece. cf. also P. Trudgill, "Greece and European Turkey: From Religious to Linguistic Identity", in S Barbour, C Carmichael (eds.), Language and nationalism in Europe, Oxford University Press 2000. [105] P. Trudgill, "Greece and European Turkey: From Religious to Linguistic Identity", in S Barbour, C Carmichael (eds.), Language and nationalism in Europe, Oxford University Press 2000. [106] Greek Helsinki Monitor (http:/ / dev. eurac. edu:8085/ mugs2/ do/ blob. html?type=html& serial=1044526702223), Minority Rights Group, Greece, Report about Compliance with the Principles of the Framework Convention for the Protection of National Minorities (along guidelines for state reports according to Article 25.1 of the Convention) 8 September 1999 [107] "Bulgarian language" (http:/ / www. omniglot. com/ writing/ bulgarian. htm). Omniglot-Writing systems&Languages of the World. . Retrieved 17 2010. [108] "The Bulgarian language" (http:/ / www. kwintessential. co. uk/ language/ about/ bulgarian. html). Kwintessential. . Retrieved 17 2010. [109] "Greek philosophy from the Internet encyclopedia of philosophy" (http:/ / www. iep. utm. edu/ g/ greekphi. htm). . [110] Sari Edelstein "Food, Cuisine, and Cultural Competency for Culinary, Hospitality, and Nutrition Professionals" (pg.147-149) (http:/ / books. google. com/ books?id=lj0CeaIIETkC& pg=PA147& dq=Greek+ Cuisine:+ A+ Cultural+ History& hl=en& ei=WC1MTY72M8Sblgf2nYTiDw& sa=X& oi=book_result& ct=result& resnum=1& ved=0CC0Q6AEwAA#v=onepage& q=Greek Cuisine& f=false) [111] "FIFA World Rankings" (http:/ / www. fifa. com/ worldfootball/ ranking/ lastranking/ gender=m/ fullranking. html). FIFA. www.fifa.com. July 2009. . Retrieved 23 July 2009. [112] McNulty, Phil (4 July 2004). "Greece win Euro 2004" (http:/ / news. bbc. co. uk/ sport1/ hi/ football/ euro_2004/ 3860105. stm). BBC News. . Retrieved 7 May 2007. [113] "Ranking Men after Olympic Games: Tournament Men (2008)" (http:/ / www. fiba. com/ pages/ eng/ fc/ even/ rank/ rankMen. asp). International Basketball Federation. August 2008. . Retrieved 24 August 2008. [114] Wilkinson, Simon (26 September 2005). "Greece tops Germany for Euro Title" (http:/ / sports. espn. go. com/ nba/ news/ story?id=2172612). ESPN (ESPN). . Retrieved 7 May 2007. [115] "Greece beats France to win under-20 European title" (http:/ / www. usatoday. com/ sports/ basketball/ 2009-07-26-108192511_x. htm). USA Today. 26 July 2009. . Retrieved 2 August 2009.

29

Bibliography Dagtoglou, P.D. (1991). "Protection of Individual Rights" (in Greek). Constitutional Law Individual Rights Volume I. Athens-Komotini: Ant. N. Sakkoulas Publishers. Mavrias, Kostas G. (2002) (in Greek). Constitutional Law. Athens: Ant. N. Sakkoulas Publishers. ISBN978-960-15-0663-0. translated by Xenophon Paparrigopoulos, Stavroula Vassilouni (2008) (PDF). The Constitution of Greece (http:// www.hellenicparliament.gr/UserFiles/f3c70a23-7696-49db-9148-f24dce6a27c8/001-156 aggliko.pdf). Athens: Hellenic Parliament. ISBN978-960-560-073-0. Retrieved 21 March 2011.

Greece Venizelos, Evangelos (2002). "The Contribution of the Revision of 2001" (in Greek). The "Acquis" of the Constitutional Revision. Athens: Ant. N. Sakkoulas Publishers. ISBN978-960-15-0617-3. Pappas, Takis (April 2003). "The Transformation of the Greek Party System Since 1951" (http://www. ingentaconnect.com/content/routledg/wep/2003/00000026/00000002/art00005). West European Politics 26 (2): 90114. doi:10.1080/01402380512331341121. Retrieved 8 June 2008. Clogg, Richard (2002). A Concise History of Greece (Second ed.). Cambridge University Press. Kalaitzidis, Akis. Europe's Greece: A Giant in the Making (Palgrave Macmillan; 2010) 219 pages; $85. the impact of European Union membership on Greek politics, economics, and society. Minorities in Greece historical issues and new perspectives. History and Culture of South Eastern Europe. An Annual Journal. Mnchen (Slavica) 2003.

30

External links
Government President of the Hellenic Republic (http://www.presidency.gr/) Prime Minister of the Hellenic Republic (http://www.primeminister.gr/index.php?option=com_content& task=view&id=4762&Itemid=89) Chief of State and Cabinet Members (https://www.cia.gov/library/publications/world-leaders-1/ world-leaders-g/greece.html) Foreign missions in Greece (http://www.ypex.gov.gr/www.mfa.gr/en-US/Services/Directory/Foreign+ Authorities+in+Greece/) Greek missions abroad (http://www.ypex.gov.gr/www.mfa.gr/en-US/Services/Directory/Greek+ Missions+Abroad/) (embassies, consulates, representations) Greek National Tourism Organisation (http://www.visitgreece.gr/portal/site/eot/?langID=2) Greek News Agenda Newsletter (http://www.greeknewsagenda.gr/) Ministry of Foreign Affairs (http://www.ypex.gov.gr/www.mfa.gr/en-US) General information Greece (http://www.britannica.com/nations/Greece) at Encyclopaedia Britannica Greece (http://www3.nationalgeographic.com/places/countries/country_greece.html) at National Geographic Greece (https://www.cia.gov/library/publications/the-world-factbook/geos/gr.html) entry at The World Factbook Greece (http://ucblibraries.colorado.edu/govpubs/for/greece.htm) at UCB Libraries GovPubs Greece (http://www.dmoz.org/Regional/Europe/Greece/) at the Open Directory Project Greek Council for Refugees (http://www.gcr.gr/) Greece travel guide from Wikitravel Hellenic History (http://www.fhw.gr/chronos/en/) Hellenism.Net Everything about Greece (http://www.hellenism.net/) History of Greece: Primary Documents (http://eudocs.lib.byu.edu/index.php/ History_of_Greece:_Primary_Documents) The Greek Heritage (http://www.ellopos.net/elpenor/default.asp) Wikimedia Atlas of Greece kbd: ltg:Grekeja

Economy of Greece

31

Economy of Greece
Economy of Greece

Rank Currency Fiscal year Trade organisations

27th (2009)

[1]

1 euro () = 100 cents () Calendar year EU, WTO, OECD, BSEC Statistics

GDP

$302 billion (nominal, 2010 est.) $321.7 billion (PPP, 2010 est.) 6.6% (Q4 2010) [2]

GDP growth GDP per capita

$29,240 (nominal, 2009) $29,663 (PPP, 2009) agriculture: 4%; industry: 17.6%; services: 78.5% (2010 est.) 4.5% (March 2011) 20% (2009 est.) []

GDP by sector Inflation (CPI) Population below poverty line Gini index Labour force Labour force by occupation Unemployment Average gross salary Average net salary Main industries

33 (2005) 5.05 million (2010 est.) agriculture: 12.4%; industry: 22.4%; services: 65.1% (2005 est.)

15.1% (January 2011)

[3] [4] [5]

2,323 / 3,137 $, monthly (2006) 1,371 / 1,851 $, monthly (2006)

tourism; shipping; industrial products, food and tobacco processing, textiles; chemicals, metal products; mining, petroleum 109th (2011) [6]

Ease of Doing Business Rank

External Exports Export goods Main export partners $69.6 billion (2010 est.) [7]

food and beverages, manufactured goods, petroleum products, chemicals, textiles Germany 11.11%, Italy 11.05%, Cyprus 7.28%, Bulgaria 6.74%, US 4.95%, UK 4.4%, Turkey 4.23% (2009)

Economy of Greece
[7]

32

Imports Import goods Main import partners

$97.6 billion (2010 est.)

machinery, transport equipment, fuels, chemicals Germany 13.73%, Italy 12.71%, China 7.08%, France 6.1%, Netherlands 6.02%, South Korea 5.68%, Belgium 4.34%, Spain 4.08% (2009) $532.9 billion (30 June 2010) Public finances

Gross external debt

Public debt Budget deficit Revenues Expenses Foreign reserves

142.8% of GDP (2010 est.) 10.5% of GDP (2010 est.) 39.1% of GDP (2010 est.) 49.5% of GDP (2010 est.)

[8]

[8] [8] [8]

$5.546 billion (31 December 2009 est.) [9] Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars

The economy of Greece is the 27th largest in the world by nominal gross domestic product (GDP) and the 34th largest at purchasing power parity (PPP), according to data by the World Bank for the year 2009.[1] [10] Per capita, it is ranked 24th by nominal GDP and 23rd at PPP according to the 2009 data. A developed country with the 22nd highest human development and quality of life indices in the world,[11] Greece is a member of the European Union, the eurozone, the OECD, the World Trade Organization and the Black Sea Economic Cooperation Organization. The public sector accounts for about 40% of GDP. The service sector contributes 78.5% of total GDP, industry 17.6% and agriculture 4%. Greece is the 31st most globalized country in the world and is classified as a high-income economy.

History
The evolution of the Greek economy during the 19th century (a period that transformed a large part of the world due to the Industrial revolution) has been little researched. Recent research[12] 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. Greece faced economic hardships and defaulted on its loans in 1826, 1843, 1860 and 1893.[13] Other studies support this view, providing comparative GDP Growth of Greece compared to the measures of standard of living. The per capita income (in purchasing Eurozone between 1996 and 2006 power terms) of Greece was 65% that of France in 1850, 56% in 1890, 62% in 1938,[14] [15] 75% in 1980, 90% in 2007, 96.4% in 2008, 97.9% in 2009 and larger than countries such as South Korea, Italy, and Israel.[16] The country's post-World War II development has largely been connected with the so-called Greek economic miracle. In 2004, Eurostat, the statistical arm of the European Commission, after an audit performed by the New Democracy government, revealed that the budgetary statistics on the basis of which Greece joined the European monetary union (budget deficit was one of four key criteria for entry), had been massively under-reported by the previous Greek government (mostly by not recording a large share of military expenses - although it was claimed that the differences were due to accounting practices, i.e., recording expenses when material was received rather than when ordered).[17]

Economy of Greece However, even according to the revised budget deficit numbers calculated according to the methodology in force at the time of Greece's application for entry into the Eurozone, the criteria for entry had been met.[18] Official Eurostat calculation according to the current methodology is still pending for the 1999 budget deficit (entry application reference year).

33

The Greek economy

Greece is a developed country, with a high standard of living and "very high" Human Development Index, ranking 22nd in the world in 2010,[19] and 22nd on The Economist's 2005 worldwide quality-of-life index.[11] According to Eurostat data, GDP per inhabitant in purchasing power standards (PPS) stood at 95 per cent of the EU average in 2008.[20] 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.[21] [22] In 2009, Greece had the EU's second lowest Index of Economic Freedom (after Poland), ranking 81st in the world.[23] The country suffers from high levels of political and economic corruption and low global competitiveness compared to its EU partners.[24] [25] After 15 consecutive years of sustained economic growth, Greece went into recession in 2009.[26] 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.[27] 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.[28] Greece has been accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis.[29] 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.[30] 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).[31]

Analysis through IS-LM Model

As the Government Debt is increasing, Government Spending is increasing which in turn, increasing the amount of demand for goods at each individual interest rate. An increase in government spending by the national government shifts the IS curve to the right. This raises the equilibrium interest rate and national income, as shown in the graph above. The equilibrium level of national income in the IS-LM diagram is referred to as aggregate demand. Thus the model indicates one of the major criticisms of deficit spending as a way to stimulate the economy: rising interest rates lead to crowding out i.e., discouragement of private fixed investment, which in turn may hurt long-term growth of the supply. Thus crowding-out results in reduction in private consumption or investment because of an increase in government spending. If the government spending is not accompanied by a tax increase, government borrowing to finance the increased government spending would increase interest rates, leading to a reduction in private investment. Further, if government deficits are spent on productive public investment (e.g., infrastructure or public health) that directly and eventually raises potential output, although not necessarily as much as the lost private

Economy of Greece investment might have. The extent of any crowding out depends on the shape of the LM curve. A shift in the IS curve along a relatively flat LM curve can increase output substantially with little change in the interest rate. Thus as the interest rate are rising hence Greek 10-year bond yields spread increased to 400 basis points in January 2010, which was at the time a record high. High bond spreads indicate declining investor confidence in the Greek economy. Despite increasing nervousness surrounding Greeces economy, the Greek government was able to successfully sell 8 billion in bonds at the end of January 2010, 5 billion at the end of March 2010, and 1.56 billion in mid-April 2010, albeit at high interest rates.

34

2010 debt crisis

In the first weeks of 2010, there was renewed anxiety about excessive national debt. Some politicians, notably Angela Merkel, have sought to attribute some of the blame for the crisis to hedge funds and other "speculators" stating that "institutions bailed out with public funds are exploiting the budget crisis in Greece and elsewhere".[32] On 23 April 2010, the Greek government requested that the EU/IMF bailout package (made of relatively high-interest loans) be activated.[33] The IMF had said it was "prepared to move expeditiously on this request".[34] The initial size of the loan package was 45 billion ($61 billion) and its first installment covered 8.5 billion of Greek bonds that became due for repayment.[35] On 27 April 2010, the Greek debt rating was decreased to BB+ (a 'junk' status) by Standard & Poor's amidst fears of default by the Greek government.[36] [37] The yield of the Greek two-year bond reached 15.3% in the secondary market.[38] Standard & Poor's estimates that in the event of default investors would lose 3050% of their money.[36] Stock markets worldwide and the Euro currency declined in response to this announcement.[39] On May 1, a series of austerity measures was proposed.[40] The proposal helped persuade Germany, the last remaining holdout, to sign on to a larger, 110 billion euro EU/IMF loan package over 3 years for Greece (retaining a relatively high interest of 5% for the main part of the loans, provided by the EU).[41] On May 5, a national strike was held in opposition to the planned spending cuts and tax increases. Protest on that date was widespread and turned violent in Athens, killing three people.[41] Nonetheless, overall reaction to the unprecedented harsh measures has been rather modest. The November 2010 revisions of 2009 deficit and debt levels made accomplishment of the 2010 targets even harder, and indications signal a recession harsher than originally feared.[42] Japan, Italy and Belgium's creditors are mainly domestic institutions, but Greece and Portugal have a higher percent of their debt in the hands of foreign creditors, which is seen by analysts from Swiss business school IMD as being more difficult to sustain. Greece, Portugal and also Spain have a 'credibility problem', because they lack the ability to adequately repay due to their low growth rate, high deficit, less FDI, etc.[43]

Maritime industry
The Greek maritime fleet is the largest in the world, at approximately 18% of the worlds maritime fleet, and the shipping industry is a key element of Greek economic activity dating back to ancient times.[44] Today, shipping is one of the country's most important industries. It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.[45] During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis and Niarchos.[46] 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.[46] According to the BTS, the Greek-owned maritime fleet is today the largest in the world, with 3,079 vessels accounting for 18% of the world's fleet capacity (making it the largest of any other country) with a total dwt of 141,931 thousand.[47] In terms of ship categories, Greece ranks first

Economy of Greece in both tankers and dry bulk carriers, fourth in the number of container ships, and fourth in other ships.[47] However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s.[44]

35

Tourism
Greece attracts more than 16 million tourists each year, thus contributing 15% to the nation's Gross Domestic Product. In 2008, the country welcomed over 16.5 million tourists. The number of jobs directly or indirectly related to the tourism sector were 659,719 and represented 16.5% of the country's total employment for 2004.

References
[1] "Gross domestic product 2009" (http:/ / siteresources. worldbank. org/ DATASTATISTICS/ Resources/ GDP. pdf) (PDF). World Bank. 15 December 2010. . Retrieved 15 January 2011. [2] "Latest Statistical Data" (http:/ / www. statistics. gr/ portal/ page/ portal/ lang-en/ ESYE). Hellenic Statistical Authority. . Retrieved 8 April 2011. [3] "Labour Force Survey: January 2011" (http:/ / www. statistics. gr/ portal/ page/ portal/ ESYE/ BUCKET/ A0101/ PressReleases/ A0101_SJO02_DT_MM_01_2011_01_F_EN. pdf) (PDF). Piraeus: Hellenic Statistical Authority. 14 April 2011. . Retrieved 16 April 2011. [4] Wages and Taxes for the Average Joe in the EU 2 (http:/ / www. langlophone. com/ 20100526_edition/ 20100526_EU27_data_table_flipped. pdf) [5] Wages and Taxes for the Average Joe in the EU 2 (http:/ / www. langlophone. com/ 20100526_edition/ 20100526_EU27_data_table_flipped. pdf) [6] "Ease of Doing Business in Greece" (http:/ / doingbusiness. org/ data/ exploreeconomies/ greece). World Bank. . Retrieved 15 January 2011. [7] "Imports-Exports of Goods and Services (Years 2000 - 2010)" (http:/ / www. statistics. gr/ portal/ page/ portal/ ESYE/ PAGE-themes?p_param=A0702& r_param=SEL30& y_param=2010_00& mytabs=0) (xml). EL.STAT.. 2010. . Retrieved 16 April 2011. [8] "Provision of deficit and debt data for 2010 - first notification" (http:/ / epp. eurostat. ec. europa. eu/ cache/ ITY_PUBLIC/ 2-26042011-AP/ EN/ 2-26042011-AP-EN. PDF) (PDF). Eurostat. 26 April 2011. . Retrieved 26 April 2011. [9] https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ geos/ gr. html [10] "Gross domestic product 2009, PPP" (http:/ / siteresources. worldbank. org/ DATASTATISTICS/ Resources/ GDP_PPP. pdf) (PDF). World Bank. 15 December 2010. . Retrieved 15 January 2011. [11] "The Economist Intelligence Unit's quality-of-life index (2005)" (http:/ / www. economist. com/ media/ pdf/ QUALITY_OF_LIFE. pdf) (PDF). The Economist (www.economist.com). . Retrieved 2007-04-08. [12] K. Kostis and S. Petmezas (ed.), I anaptixi tis Ellinikis oikonomias ton 19o aiona (Development of the Greek economy in the 19th century), Alexandria publications, Athens (2006) [13] A Greek Odyssey: 1821-2201 (http:/ / www. ekathimerini. com/ 4dcgi/ _w_articles_wsite3_11833_27/ 03/ 2011_384716) [14] Paul Bairoch, Europe's GNP 18001975, J. of European Economic History, 5, pp. 273340 (1976) [15] Angus Maddison, Monitoring the World Economy 18201992, OECD (1995) [16] Eurostat, including updated data since 1980 and data released in April 2008</refref> "FIELD LISTING:: GDP PER CAPITA (PPP)" (https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ fields/ 2004. html). The World Factbook. Central Intelligence Agency. . Retrieved 10 January 2010. [17] "REPORT BY EUROSTAT ON THE REVISION OF THE GREEK GOVERNMENT DEFICIT AND DEBT FIGURES" (http:/ / epp. eurostat. ec. europa. eu/ cache/ ITY_PUBLIC/ GREECE/ EN/ GREECE-EN. PDF) (PDF). 2004-11-22. . [18] "Finmin says fiscal data saga has ended in wake of EU report" (http:/ / www. hri. org/ news/ greek/ ana/ 2004/ 04-12-08. ana. html#09). 2004-12-08. . [19] "Human Development Index and its components" (http:/ / hdr. undp. org/ en/ media/ HDR_2010_EN_Table1. pdf). . [20] "GDP per inhabitant in purchasing power standards" (http:/ / epp. eurostat. ec. europa. eu/ cache/ ITY_PUBLIC/ 2-15122009-BP/ EN/ 2-15122009-BP-EN. PDF). Eurostat. 2009-12-15. . [21] "Premium content" (http:/ / www. economist. com/ world/ europe/ displaystory. cfm?story_id=12756043& fsrc=rss). Economist.com. 2008-12-09. . Retrieved 2010-04-28. [22] Greek taxpayers sense evasion crackdown (http:/ / www. ft. com/ cms/ s/ 0/ 0402c92e-4991-11df-9060-00144feab49a. html) Financial Times [23] "Country rankings for trade, business, fiscal, monetary, financial, labor and investment freedoms" (http:/ / www. heritage. org/ Index/ Ranking. aspx). Heritage.org. . Retrieved 2010-04-28. [24] (http:/ / www. google. com/ hostednews/ ap/ article/ ALeqM5gFT9P42akY4DsLHpAOMSe5ij4TJwD9AVLEEO0) [25] http:/ / www. weforum. org/ pdf/ GCR09/ GCR20092010fullreport. pdf [26] "Report for Selected Countries and Subjects" (http:/ / imf. org/ external/ pubs/ ft/ weo/ 2011/ 01/ weodata/ weorept. aspx?pr. x=64& pr. y=2& sy=1980& ey=2016& scsm=1& ssd=1& sort=country& ds=. & br=1& c=174& s=NGDP_RPCH& grp=0& a=). World Economic Outlook Database, April 2011. International Monetary Fund. . Retrieved 26 April 2011. [27] " " (http:/ / stocks. pathfinder. gr/ news/ 560812. html) (in Greek). 2007-10-16. .

Economy of Greece
[28] Charter, David. Storm over bailout of Greece, EU's most ailing economy. Time Online: Brussels, 2010 [29] 'Greece's economic crisis could signal trouble for its neighbors' (http:/ / www. washingtonpost. com/ wp-dyn/ content/ story/ 2010/ 02/ 09/ ST2010020904032. html?hpid=topnews) [30] Parmy Olson (May 21 2008). "The World's Hardest-Working Countries" (http:/ / www. forbes. com/ 2008/ 05/ 21/ labor-market-workforce-lead-citizen-cx_po_0521countries. html). www.forbes.com. . Retrieved 17 April 2011. [31] e-go.gr , Pegasus Interactive (2008-10-06). "v4.ethnos.gr O E , , " (http:/ / www. ethnos. gr/ article. asp?catid=12128& subid=2& tag=8784& pubid=1114536). Ethnos.gr. . Retrieved 2009-01-06. [32] "Merkel Slams Euro Speculation, Warns of 'Resentment' (Update1)" (http:/ / www. businessweek. com/ news/ 2010-02-23/ merkel-slams-euro-speculation-warns-of-resentment-update1-. html). BusinessWeek. 2010-02-23. . Retrieved 2010-04-28. [33] Greece Seeks Activation of 45bn EU/IMF Aid Package (http:/ / www. irishtimes. com/ newspaper/ breaking/ 2010/ 0423/ breaking28. html), Irish Times, [34] IMF head Strauss-Kahn says fund will 'move expeditiously' on Greek bailout request (http:/ / www. latimes. com/ business/ nationworld/ wire/ sns-ap-us-imf-greece-financial-crisis,0,2881641. story), Los Angeles Times, [35] Greek Bailout Talks Could Take Three Weeks (http:/ / www. businessweek. com/ news/ 2010-04-20/ greek-bailout-talks-could-take-three-weeks-bond-payment-looms. html), Bloomberg, [36] Jack Ewing and Jack Healy (2010-04-27). "Cuts to Debt Rating Stir Anxiety in Europe" (http:/ / www. nytimes. com/ 2010/ 04/ 28/ business/ global/ 28drachma. html). The New York Times. . Retrieved 2010-05-06. [37] Katie Martin and Terence Roth (2010-04-28). "S&P downgrades Greek debt to junk" (http:/ / www. theaustralian. com. au/ business/ markets/ sp-downgrades-greek-debt-to-junk/ story-e6frg91o-1225859110788). Dow Jones Newswires. . Retrieved 2010-05-06. [38] "Greek credit status downgraded to 'junk'" (http:/ / news. bbc. co. uk/ 2/ hi/ business/ 8647903. stm). BBC News. 2010-04-27. . Retrieved 2010-05-06. [39] "Greek bonds rated 'junk' by Standard & Poor's" (http:/ / news. bbc. co. uk/ 2/ hi/ business/ 8647441. stm). BBC. 2010-04-27. . Retrieved 2010-05-06. [40] (Greek) "Fourth raft of new measures" (http:/ / www. in. gr/ news/ article. asp?lngEntityID=1132263). In.gr. 2010-05-02. . Retrieved 2010-05-06. [41] Judy Dempsey (May 5, 2010). "Three Reported Killed in Greek Protests" (http:/ / www. nytimes. com/ 2010/ 05/ 06/ world/ europe/ 06greece. html?src=me). The New York Times. . Retrieved May 5, 2010. [42] WSJ Sept. 8, 2010, Greek GDP Revised Down (http:/ / online. wsj. com/ article/ SB10001424052748703453804575479162284898390. html) [43] Public Debt by Country | Global Finance (http:/ / www. gfmag. com/ tools/ global-database/ economic-data/ 10394-public-debt-by-country. html) [44] Polemis, Spyros M. "The History of Greek Shipping" (http:/ / www. greece. org/ poseidon/ work/ articles/ polemis_one. html). www.greece.org. . Retrieved 2007-04-09. [45] "Greek shipping is modernized to remain a global leader and expand its contribution to the Greek economy" (http:/ / web. archive. org/ web/ 20070831114031/ http:/ / www. nbg. gr/ en/ pr_release_resb. asp?P_ID=463). National Bank of Greece. www.nbg.gr. 2006-05-11. Archived from the original (http:/ / www. nbg. gr/ en/ pr_release_resb. asp?P_ID=463) on August 31, 2007. . Retrieved 2007-04-08. [46] Engber, Daniel (2005-08-17). "So Many Greek Shipping Magnates..." (http:/ / slate. msn. com/ id/ 2124542/ ). Slate (Washington Post/slate.msn.com). . Retrieved 2007-04-09. [47] "Top 20 Ranking of World Merchant Fleet by Country of Owner as of 1 January 2001" (http:/ / www. bts. gov/ publications/ maritime_trade_and_transportation/ 2002/ html/ table_01_05. html). Bureau of Transportation Statistics. www.bts.gov. 2001. . Retrieved 2007-04-08.

36

European sovereign debt crisis (2010present)

37

European sovereign debt crisis (2010present)

In early 2010, fears of a sovereign debt crisis, the 2010 Euro Crisis[1] developed concerning some European states,[2] including European Union members Greece,[3] Ireland, Portugal, Spain,[4] and Belgium. This led to a crisis of confidence as well as the widening of bond yield spreads and risk insurance on credit default swaps between these countries and other EU members, most importantly Germany.[5] [6] Concern about rising government deficits and debt levels[7] [8] across the globe together with a wave of downgrading of European government debt[9] created alarm in financial markets. On 9 May 2010, Europe's Finance Ministers approved a comprehensive rescue package worth almost a trillion dollars aimed at ensuring financial stability across Europe by creating the European Financial Stability Facility.[10] In 2010 the debt crisis was mostly centred on events in Greece, where there was concern about the rising cost of financing government debt. On 2 May 2010, the eurozone countries and the International Monetary Fund agreed to a 110 billion loan for Greece, conditional on the implementation of harsh Greek austerity measures.[11] The Greek bail-out was followed by a 85 billion rescue package for Ireland in November, and then in April 2011 Portugal began negotiations with the European Commission, the European Central Bank and the International Monetary Fund on the eurozone's potential third bailout.[12] Niall Ferguson wrote in 2010 that "the sovereign debt crisis that is unfolding...is a fiscal crisis of the western world".[13]

Greek government funding crisis

Causes
The Greek economy was one of the fastest growing in the eurozone during the 2000s; from 2000 to 2007 it grew at an annual rate of 4.2% as foreign capital flooded the country.[14] A strong economy and falling bond yields allowed the government of Greece to run large structural deficits. According to an editorial published by the Greek newspaper Kathimerini, large public deficits are one of the features that have marked the Greek social model since the restoration of democracy in 1974. After the removal of the right leaning military junta, the government wanted to bring disenfranchised left leaning portions of the population into the economic mainstream.[15] In order to do so, successive Greek governments have, among other things, run large deficits to finance public sector jobs, pensions, and other social benefits.[16] Since 1993 debt to GDP has remained above 100%.[17] Initially currency devaluation helped finance the borrowing. After the introduction of the euro in Jan 2001, Greece was initially able to borrow due to the lower interest rates government bonds could command. The global financial crisis that began in 2008 had a particularly large effect on Greece. Two of the country's largest industries are tourism and shipping, and both were badly affected by the downturn with revenues falling 15% in 2009.[17]

Public debt as a percent of GDP (2007).

To keep within the monetary union guidelines, the government of Greece has been found to have consistently and deliberately misreported the country's official economic statistics.[18] [19] In the beginning of 2010, it was discovered that Greece had paid Goldman Sachs and other banks hundreds of millions of dollars in fees since 2001 for arranging transactions that hid the actual level of

European sovereign debt crisis (2010present) borrowing.[20] The purpose of these deals made by several subsequent Greek governments was to enable them to spend beyond their means, while hiding the actual deficit from the EU overseers.[21] The emphasis on the Greek case has tended to overshadow similar irregularities, usage of derivatives and "massaging" of statistics (to cope with monetary union guidelines) that have also been observed in cases of other EU countries, especially Italy;[22] [23] [24] however Greece was seen as the worst case.

38

Public debt as a percent of GDP (2009/2010).

In 2009, the government of George Papandreou revised its deficit from an estimated 6% (8% if a special tax for building irregularities were not to be applied) to 12.7%.[25] In May 2010, the Greek government deficit was estimated to be 13.6%[26] which is one of the highest in the world relative to GDP.[27] Greek government debt was estimated at 216 billion in January 2010.[28] Accumulated government debt is forecast, according to some estimates, to hit 120% of GDP in 2010.[29] The Greek government bond market is reliant on foreign investors, with some estimates suggesting that up to 70% of Greek government bonds are held externally.[30] Estimated tax evasion costs the Greek government over $20 billion per year.[31] Despite the crisis, Greek government bond auctions have all been over-subscribed in 2010 (as of 26 January).[32] According to the Financial Times on 25 January 2010, "Investors placed about 20bn ($28bn, 17bn) in orders for the five-year, fixed-rate bond, four times more than the (Greek) government had reckoned on." In March, again according to the Financial Times, "Athens sold 5bn (4.5bn) in 10-year bonds and received orders for three times that amount."[33]

Downgrading of debt
On 27 April 2010, the Greek debt rating was decreased to the first levels of 'junk' status by Standard & Poor's amidst fears of default by the Greek government.[34] Yields on Greek government two-year bonds rose to 15.3% following the downgrading.[35] Some analysts question Greece's ability to refinance its debt. Standard & Poor's estimates that in the event of default investors would lose 3050% of their money.[34] Stock markets worldwide declined in response to this announcement.[36] Following downgradings by Fitch, Moody's and S&P,[37] Greek bond yields rose in 2010, both in absolute terms and relative to German government bonds.[38] Yields have risen, particularly in the wake of successive ratings downgrading. According to The Wall Street Journal, "with only a handful of bonds changing hands, the meaning of the bond move isn't so clear."[39] On 3 May 2010, the European Central Bank suspended its minimum threshold for Greek debt "until further notice",[40] meaning the bonds will remain eligible as collateral even with junk status. The decision will guarantee Greek banks' access to cheap central bank funding, and analysts said it should also help increase Greek bonds' attractiveness to investors.[41] Following the introduction of these measures the yield on Greek 10-year bonds fell to 8.5%, 550 basis points above German yields, down from 800 basis points earlier.[42] As of 26 November 2010, Greek 10-year bonds were trading at an effective yield of 11.77%.[43]

European sovereign debt crisis (2010present)

39

Austerity and loan agreement

On 5 March 2010, the Greek parliament passed the Economy Protection Bill, expected to save 4.8billion[44] through a number of measures including public sector wage reductions. On 23 April 2010, the Greek government requested that the EU/IMF bailout package be activated.[45] The IMF had said it was "prepared to move expeditiously on this request".[46] Greece needed money before 19 May, or it would face a debt roll over of $11.3bn.[47] [48] [49] On 2 May 2010, a loan agreement was reached between Greece, the other eurozone countries, and the International Monetary Fund. The deal consisted of an immediate 45 billion in loans to be provided in 2010, with more funds available later. A total of 110 billion has been agreed.[50] [51] The interest for the eurozone loans is 5%, considered to be a rather high level for any bailout loan. The government of Greece agreed to impose a fourth and final round of austerity measures. These include:[52] Public sector limit of 1,000 introduced to bi-annual bonus, abolished entirely for those earning over 3,000 a month. An 8% cut on public sector allowances and a 3% pay cut for DEKO (public sector utilities) employees. Limit of 800 per month to 13th and 14th month pension installments; abolished for pensioners receiving over 2,500 a month. Return of a special tax on high pensions. Changes were planned to the laws governing lay-offs and overtime pay. Extraordinary taxes imposed on company profits. Increases in VAT to 23%, 11% and 5.5%. 10% rise in luxury taxes and taxes on alcohol, cigarettes, and fuel. Equalization of men's and women's pension age limits. General pension age has not changed, but a mechanism has been introduced to scale them to life expectancy changes. A financial stability fund has been created. Average retirement age for public sector workers has increased from 61 to 65.[53] Public-owned companies to be reduced from 6,000 to 2,000.[53] On 5 May 2010, a nationwide general strike was held in Athens to protest to the planned spending cuts and tax increases. Three people were killed, dozens injured, and 107 arrested.[54] According to research published on 5 May 2010, by Citibank, the EMU loans will be pari passu and not senior like those of the IMF. In fact the seniority of the IMF loans themselves has no legal basis but is respected nonetheless. The loans should cover Greece's funding needs for the next three years (estimated at 30billion for the rest of 2010 and 40billion each for 2011 and 2012). Citibank finds the fiscal tightening "unexpectedly tough". It will amount to a total of 30billion (i.e. 12.5% of 2009 Greek GDP) and consist of 5% of GDP tightening in 2010 and a further 4% tightening in 2011.[55]

Danger of default
Without a bailout agreement, there was a possibility that Greece would have been forced to default on some of its debt. The premiums on Greek debt had risen to a level that reflected a high chance of a default or restructuring. Analysts gave a 25% to 90% chance of a default or restructuring.[56] [57] A default would most likely have taken the form of a restructuring where Greece would pay creditors only a portion of what they were owed, perhaps 50 or 25 percent.[58] This would effectively remove Greece from the euro, as it would no longer have collateral with the European Central Bank. It would also destabilise the Euro Interbank Offered Rate, which is backed by government securities.[59] Because Greece is a member of the eurozone, it cannot unilaterally stimulate its economy with monetary policy. For example, the U.S. Federal Reserve expanded its balance sheet by over $1.3trillion USD since the global financial

European sovereign debt crisis (2010present) crisis began, essentially printing new money and injecting it into the system by purchasing outstanding debt.[60] The overall effect of a probable Greek default would itself be small for the other European economies. Greece represents only 2.5% of the eurozone economy.[61] The more severe danger is that a default by Greece will cause investors to lose faith in other eurozone countries. This concern is focused on Portugal and Ireland, both of whom have high debt and deficit issues.[62] Italy also has a high debt, but its budget position is better than the European average, and it is not considered among the countries most at risk.[63] Recent rumours raised by speculators about a Spanish bail-out were dismissed by Spanish Prime Minister Mr. Zapatero as "complete insanity" and "intolerable".[64] Spain has a comparatively low debt among advanced economies, at only 53% of GDP in 2010, more than 20 points less than Germany, France or the US, and more than 60 points less than Italy, Ireland or Greece,[65] and it doesn't face a risk of default.[66] Spain and Italy are far larger and more central economies than Greece; both countries have most of their debt controlled internally, and are in a better fiscal situation than Greece and Portugal, making a default unlikely unless the situation gets far more severe.[67]

40

Objections to proposed policies

See also May 2010 Greek protests The crisis is seen as a justification for imposing fiscal austerity[68] on Greece in exchange for European funding which would lower borrowing costs for the Greek government.[69] The negative impact of tighter fiscal policy could offset the positive impact of lower borrowing costs and social disruption could have a significantly negative impact on investment and growth in the longer term. Joseph Stiglitz has also criticised the EU for being too slow to help Greece, insufficiently supportive of the new government, lacking the will power to set up sufficient "solidarity and stabilisation framework" to support countries experiencing economic difficulty, and too deferential to bond rating agencies.[70]

As an alternative to the bailout agreement, Greece could have left the eurozone. Wilhelm Hankel, professor emeritus of economics at the University of Frankfurt am Main suggested[71] in an article published in the Financial Times that the preferred solution to the Greek bond 'crisis' is a Greek exit from the euro followed by a devaluation of the currency. Fiscal austerity or a euro exit is the alternative to accepting differentiated government bond yields within the Euro Area. If Greece remains in the euro while accepting higher bond yields, reflecting its high government deficit, then high interest rates would dampen demand, raise savings and slow the economy. An improved trade performance and less reliance on foreign capital would be the result. In the documentary Debtocracy made by a group of greek journalists, it is argued that Greece should create an audit commission, and force bondholders to suffer from losses, like Ecuador did. This documentary had a tremedous success in Greece, as it was watched at least by 500,000 people in few weeks.

PIGS: Portugal, Italy, Greece and SpainPIIGS: with IrelandPIIGGS: with United Kingdom (Great-Britain)

European sovereign debt crisis (2010present)

41

Spread beyond Greece

One of the central concerns prior to the bailout was that the crisis could spread beyond Greece. The crisis has reduced confidence in other European economies. Ireland, with a government deficit of 14.3% of GDP, the U.K. with 12.6%, Spain with 11.2%, and Portugal at 9.4% are most at risk.[72] [73] [74] On the positive side, The Economist acknowledged on 27 May 2010 that while Europe's "profligate economies will struggle ... as austerity kicks in," it also pointed out that "waning confidence will be mitigated by the boost that exports receive from the euros plunge."[75] Financing needs for the eurozone in 2010 come to a total of 1.6trillion, while the US is expected to issue US$1.7trillion more Treasury securities in this period,[76] and Japan has 213 trillion of government bonds to roll over.[77] The countries most at risk are those that rely on foreign investors to fund their government sector. According to Ferguson similarities between the U.S. and Greece should not be dismissed.[78]
The government surplus or deficit of United Kingdom, Portugal, Italy, Ireland, Greece, United Kingdom, and Spain against the European Union and the eurozone 20022009

For 2010, the OECD forecasts $16,000bn will be raised in government bonds among its 30 member countries. Greece has been the notable example of an industrialised country that has faced difficulties in the markets because of rising debt levels. Even countries such as the US, Germany and the UK, have had fraught moments as investors shunned bond auctions due to concerns about public finances and the economy.[79] According to Niall A graph showing the economic data from Portugal, Italy, Ireland, Greece, United Kingdom, Spain Ferguson in the Financial Times: "Only two things have thus far (PIIGGS), Germany, the EU and the eurozone for stood between the US and higher bond yields: purchases of 2009. The data is taken from Eurostat. Treasuries by the Federal Reserve and reserve accumulation by the Chinese monetary authorities. But now the Fed is phasing out such purchases and is expected to wind up quantitative easing. Meanwhile, the Chinese have sharply reduced their purchases of Treasuries from around 47 per cent of new issuance in 2006 to 20 per cent in 2008 to an estimated 5 per cent last year."[80]

Ireland
In April 2010, following a marked increase in Irish 2-year bond yields, Ireland's NTMA state debt agency said that it had "no major refinancing obligations" in 2010. Its requirement for 20 billion in 2010 was matched by a 23 billion cash balance, and it remarked: "We're very comfortably circumstanced".[81] On 18 May the NTMA tested the market and sold a 1.5billion issue that was three times oversubscribed.[82] The December 2008 hidden loans controversy within Anglo Irish Bank led to the resignations of three executives, including chief executive Sean FitzPatrick. A mysterious "Golden Circle" of ten businessmen are being investigated over shares they purchased in Anglo Irish Bank in 2008. An article of emergency legislation, known as the Anglo Irish Bank Corporation Bill 2009 was passed to nationalise Anglo Irish Bank was voted through Dil ireann and passed through Seanad ireann without a vote on 20 January 2009.[83] President Mary McAleese then signed the bill at ras an Uachtarin the following day, confirming the bank's nationalisation.[84]

European sovereign debt crisis (2010present)

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Spain
Shortly after the announcement of the EU's new "emergency fund" for eurozone countries in early May 2010, Spain's government announced new austerity measures designed to further reduce the country's budget deficit.[85] The socialist government had hoped to avoid such deep cuts, but weak economic growth as well as domestic and international pressure forced the government to expand on cuts already announced in January. As one of the largest eurozone economies the condition of Spain's economy is of particular concern to international observers, and faced pressure from the United States, the IMF, other European countries and the European Commission to cut its deficit more aggressively.[86] [87]

Portugal
A report published in January 2011 by the Dirio de Notcias, a leading Portuguese newspaper, demonstrated that in the period between the Carnation Revolution in 1974 and 2010, the democratic Portuguese Republic governments have encouraged over expenditure and investment bubbles through unclear public-private partnerships, funding numerous ineffective and unnecessary external counsultancy and advising committees and firms, allowing considerable slippage in state-managed public works, inflating top management and head officers's bonuses and wages, persistent and lasting recruitment policy that boosts the number of redundant public servants, along with the help of risky credit, public debt creation, and mismanaged European structural and cohesion funds across almost four decades, that the Prime Minister Scrates's cabinet was not able to forecast or prevent at first hand in 2005, and later was incapable of doing anything to remediate the situation when the country was on the verge of bankruptcy by 2011.[88] Robert Fishman, in the New York Times article "Portugal's Unnecessary Bailout", points that Portugal fell victim of successive waves of speculation by pressure from bond traders, rating agencies and speculators. In the first quarter of 2010, before markets pressure, Portugal had one of the best rates of economic recovery in the EU. Industrial orders, exports, entrepreneurial innovation and high-school achievement the country matched or even suppressed its neighbors in Western Europe.[89]

Iceland
Iceland had to suffer the failure of its banking system and a subsequent economic crisis. Before the crash of the three largest banks in Iceland, with Glitnir, Landsbanki and Kaupthing, jointly owing about 14 billion ($19 billion)or 6 times Iceland's GDP.[90] [91] In October 2008, the Icelandic parliament passed emergency legislation to minimise the impact of the financial crisis. The Financial Supervisory Authority of Iceland used permission granted by the emergency legislation to take over the domestic operations of the three largest banks.[92] On 28 October 2008, the Icelandic government raised interest rates to 18%, (as of August 2010, it was 7%) a move which was forced in part by the terms of acquiring a loan from the IMF.

Slovenia
On June the 4th, 2009, several Slovene companies and banks were planning to issue bonds that year to get fresh funding at more favourable credit terms. The issuing of corporate bonds had been rare in Slovenia until then, but the largest fuel retailer Petrol (PETG.LJ) planned to issue a 50 million ($70,920,000) 5 year auction bond later in June 2009. In May 2010 Slovenia went heavily into debt paying for its part of the 110 billion ($145 billion) rescue package for Greece. Slovenia had scrapped its International Bond Sale Plan as the economy returned to positive growth in the October of 2010. The government had planned to borrow as much as 4.39 billion ($5.6 billion), compared with 4 billion in 2009. Slovenia also sold 1.5 billion worth of 10-year bonds in January and 1 billion of five-year securities in March.[93] [94] [95] [96] [97] [98]

European sovereign debt crisis (2010present)

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United Kingdom
On Friday 14 September 2007, the first day branches opened following the news (that Northern Rock had called on emergency funding from the Bank of England to help it negotiate the credit market crisis), many Northern Rock customers queued outside branches to withdraw their savings (a run on the bank).[99] This bank run did not take the traditional form, where depositors withdraw money in a snowball effect, leading to a liquidity crisis; instead, it occurred in the aftermath of the liquidity crisis.[100] It was estimated that 1 billion was withdrawn by customers that day about 5% of the total bank deposits held by Northern Rock.[101] This became emblematic of the level of economic panic in the UK at the time. Despite not being in the eurozone, the UK contributed 7 billion to the Irish bailout in December 2010. According to the Financial Times: "So far, investors have concentrated their ire on peripheral eurozone economies because of the zone's inability to resolve cleanly the Greek crisis. That is understandable, say many economists, but they add that the focus on continental Europe is unfair."[102] The European Commission predicted that the UK budget deficit would surpass Greece's and be the worst in the EU in 2010.[103]

Latvia, Lithuania, and Estonia

The Baltic States have been among the worst hit by the global financial crisis. In December 2008, the Latvian unemployment rate stood at 7%.[104] By December 2009, the figure had risen to 22.8%.[105] The number of unemployed has more than tripled since the onset of the crisis, giving Latvia the highest rate of unemployment growth in the EU.

Belgium
In 2010, Belgium's public debt was 100% of its GDP - the third highest in the Euro zone after Greece and Italy[106] and there were doubts about the financial stability of the banks.[107] After inconclusive elections in June, by November the country still had no government and no budget for 2011 as parties from the two main language groups in the country (Flemish and Walloon) were unable reach agreement on how to deal with the economy.[106] Financial analysts forecast that Belgium would be next country to be hit by the financial crisis as Belgium's borrowing costs rose.[107] However the government deficit of 5% was relatively modest and Belgian government 10-year bond yields in November 2010 of 3.7% were still below those of Ireland (9.2%), Portugal (7%) and Spain (5.2%).[107]

EU emergency measures
On 9 May 2010 the 27 member states of the European Union agree to create the European Financial Stability Facility (EFSF), a legal instrument[108] aiming at preserving financial stability in Europe by providing financial assistance to eurozone states in difficulty.[109] In order to reach these goals the Facility is devised in the form of a special purpose vehicle (SPV) that will sell bonds and use the money it raises to make loans up to a maximum of 440 billion to eurozone nations in need. The bonds will be backed by guarantees given by the European Commission representing the whole EU, the eurozone member states, and the IMF. The new entity will sell debt only after an aid request is made by a country.[110] The EFSF will be combined to a 60billion loan coming from the European financial stabilisation mechanism (reliant on guarantees given by the European Commission using the EU budget as collateral) and to a 250billion loan backed by the IMF in order to obtain a financial safety net up to 750 billions.[111] [112] The agreement allows the European Central Bank to start buying government debt which is expected to reduce bond yields.[113] (Greek bond yields fell from over 10% to just over 5%;[114] Asian bonds yields also fell with the EU bailout.[115] ) The ECB has announced a series measures aimed at reducing volatility in the financial markets and at improving liquidity:[116] First, it began open market operations buying government and private debt securities.

European sovereign debt crisis (2010present) Second, it announced two 3-month and one 6-month full allotment of Long Term Refinancing Operations (LTRO's). Thirdly, it reactivated the dollar swap lines[117] with Federal Reserve support.[118] Subsequently, the member banks of the European System of Central Banks started buying government debt.[119] Stocks worldwide surged after this announcement as fears that the Greek debt crisis would spread subsided,[120] some rose the most in a year or more.[121] The Euro made its biggest gain in 18 months,[122] before falling to a new four-year low a week later.[123] Commodity prices also rose following the announcement.[124] The dollar Libor held at a nine-month high.[125] Default swaps also fell.[126] The VIX closed down a record almost 30%, after a record weekly rise the preceding week that prompted the bailout.[127] Despite the moves by the EU, the European Commissioner for Economic and Financial Affairs, Olli Rehn, called for "absolutely necessary" deficit cuts by the heavily indebted countries of Spain and Portugal.[128] Private sector bankers and economists also warned that the threat from a double dip recession has not faded. Stephen Roach, chairman of Morgan Stanley Asia, warned about this threat saying "When you have a vulnerable post-crisis economic recovery and crises reverberating in the aftermath of that, you have some very serious risks to the global business cycle."[129] Nouriel Roubini said the new credit available to the heavily indebted countries did not equate to an immediate revival of economic fortunes: "While money is available now on the table, all this money is conditional on all these countries doing fiscal adjustment and structural reform."[130] After initially falling to a four-year low early in the week following the announcement of the EU guarantee packages, the euro rose as hedge funds and other short-term traders unwound short positions and carry trades in the currency.[131] While the aid package has so far averted a financial panic, international credit rating agencies consider that eurozone countries such as Portugal continue to have economic difficulties.[132]

44

Long-term solutions
European Union leaders have made two major proposals for ensuring fiscal stability in the long term. The first proposal is the creation of the European Financial Stability Facility.[133] The second is a single authority responsible for tax policy oversight and government spending coordination of EU member countries, temporarily called the European Treasury.[134] The stability facility is financially backed by the EU and the IMF. The European Parliament, the European Council, and especially the European Commission, can all provide some support for the treasury while it is still being built. However, strong European Commission oversight in the fields of taxation and budgetary policy and the enforcement mechanisms that go with it have sometimes been described as potential infringements on the sovereignty of eurozone member states[135] Some senior German policy makers went as far as to say that emergency bailouts should bring harsh penalties to EU aid recipients such as Greece.[136] Others argue that an abrupt return to "non-Keynesian" financial policies is not a viable solution and predict the deflationary policies now being imposed on countries such as Greece and Italy might prolong and deepen their recessions.[137] The Economist has suggested that ultimately the Greek "social contract," which involves "buying" social peace through public sector jobs, pensions, and other social benefits, will have to be changed to one predicated more on price stability and government restraint if the euro is to survive.[138] As Greece can no longer devalue its way out of economic difficulties it will have to more tightly control spending than it has since the inception of theThird Hellenic Republic. Regardless of the corrective measures chosen to solve the current predicament, as long as cross border capital flows remain unregulated in the Euro Area,[139] asset bubbles[140] and current account imbalances are likely to continue. For example, a country that runs a large current account or trade deficit (i.e., it imports more than it exports) must also be a net importer of capital; this is a mathematical identity called the balance of payments. In other words, a country that imports more than it exports must also borrow to pay for those imports. Conversely, Germany's large

European sovereign debt crisis (2010present) trade surplus (net export position) means that it must also be a net exporter of capital, lending money to other countries to allow them to buy German goods.[141] The 2009 trade deficits for Italy, Spain, Greece, and Portugal were estimated to be $69.5billion, $34.4B and $18.6B, respectively ($122.5B total), while Germany's trade surplus was $109.7B.[142] A similar imbalance exists in the U.S., which runs a large trade deficit (net import position) and therefore is a net borrower of capital from abroad. Ben Bernanke warned of the risks of such imbalances in 2005, arguing that a "savings glut" in one country with a trade surplus can drive capital into other countries with trade deficits, artificially lowering interest rates and creating asset bubbles.[143] [144] A country with a large trade surplus would generally see the value of its currency appreciate relative to other currencies, which would reduce the imbalance as the relative price of its exports increases. This currency appreciation occurs as the importing country sells its currency to buy the exporting country's currency used to purchase the goods. However, many of the countries involved in the crisis are on the Euro, so this is not an available solution at present. Alternatively, trade imbalances might be addressed by changing consumption and savings habits. For example, if a country's citizens saved more instead of consuming imports, this would reduce its trade deficit. Likewise, reducing budget deficits is another method of raising a country's level of saving. Capital controls that restrict or penalize the flow of capital across borders is another method that can reduce trade imbalances. Interest rates can also be raised to encourage domestic saving, although this benefit is offset by slowing down an economy and increasing government interest payments.[145] The suggestion has been made that long term stability in the eurozone requires a common fiscal policy rather than controls on portfolio investment.[146] In exchange for cheaper funding from the EU, Greece and other countries, in addition to having already lost control over monetary policy and foreign exchange policy since the euro came into being, would therefore also lose control over domestic fiscal policy. Finally, there has been some criticism over the austerity measures implemented by most European nations to counter this debt crisis. Apart from arguments over whether or not austerity, rather than increased or frozen spending, is a macroeconomic solution, there has also been a sense of unjust crisis management which mostly stems from the notion that, as a direct consequence of the Financial crisis of 20072010, the working population should not be held responsible for the economic mismanagement errors of economists, investors, and bankers. Over 23 million EU workers have become unemployed as a consequence of the global economic crisis of 2007-2010, whilst thousands of bankers across the EU have become millionaires despite collapse or nationalisation (ultimately paid for by taxpayers) of institutions they worked for during the crisis, a fact that has lead many to call for additional regulation of the banking sector across not only Europe, but the entire world.[147] In November, as concerns started to resurface about the fiscal health of Ireland, Greece and Portugal, EU President Herman Van Rompuy said "If we dont survive with the euro zone we will not survive with the European Union."[148] In March 2011 was initiated a new reform of the Stability and Growth Pact aiming at straightening the rules by adopting an automatic procedure for imposing of penalties in case of breaches of either the deficit or the debt rules.[149] [150] Subsequently a the proposed European treasury was implemented as the temporary European Financial Stability Facility that will function until the permanent European Stability Mechanism is established following ratification of the European Stability Mechanism treaty.

45

European sovereign debt crisis (2010present)

46

Controversies
Credit rating agencies
The international credit rating agencies Moody's, S&P and Fitch have played a central[151] and controversial role[152] in the current European bond market crisis.[153] As with the housing bubble[154] [155] and the Icelandic crisis,[156] [157] the ratings agencies have been under fire. The agencies have been accused of giving overly generous ratings due to conflicts of interest.[158] Ratings agencies also have a tendency to act conservatively, and to take some time to adjust when a firm or country is in trouble.[159] In the case of Greece, the market responded to the crisis before the downgrades, with Greek bonds trading at junk levels several weeks before the ratings agencies began to describe them as such.[151] Government officials have criticised the ratings agencies and the German finance minister has said traders should not take global rating agencies "too seriously" following downgrades of Greece, Spain and Portugal. Guido Westerwelle, German foreign minister, called for an "independent" European rating agency, which could avoid the conflicts of interest that he claimed US-based agencies faced.[160] According to the Financial Times "The latest furore over the agencies' role in the sovereign debt market"[160] is likely to bring about more supervision of these agencies. Germany's foreign minister suggested the European Union should create its own rating agency. He spoke after downgrades of Greece and Portugal roiled financial markets.[151] European leaders are reportedly studying the possibility of setting up a European ratings agency in order that the private U.S.-based ratings agencies have less influence on developments in European financial markets in the future.[161] [162] Due to the failures of the ratings agencies, European regulators will be given new powers to supervise ratings agencies.[152] These supervisory powers will come into effect in December 2010. In a response to the actions of the private U.S. based ratings agencies the ECB announced on 3 May that it will accept as collateral all outstanding and new debt instruments issued or guaranteed by the Greek government, regardless of the nation's credit rating.[163]

Media
There has been considerable controversy about the role of the English-language press in the regard to the bond market crisis.[164] [165] Spanish Prime Minister Jos Luis Rodrguez Zapatero ordered the Centro Nacional de Inteligencia intelligence service to investigate the role of the "Anglo-Saxon media" in fomenting the crisis.[166] [167] [168] [169] No results have so far been reported as a result of this investigation. According to the Madrid daily El Pas, "the National Intelligence Center (CNI) was investigating 'whether investors' attacks and the aggressiveness of some Anglo-Saxon [sic] media are driven by market forces and challenges facing the Spanish economy, or whether there is something more behind this campaign.'"[170] [171] [172] The Spanish Prime Minister has suggested[173] that the recent financial market crisis in Europe is an attempt to draw international capital away from the euro[174] in order that countries, such as the U.K. and the U.S., can continue to fund their large external deficits which are matched by large government deficits.[7] The U.S. and U.K. do not have large domestic savings pools to draw on and therefore are dependent on external savings.[175] This is not the case in the eurozone which is self funding.[176] Greek Prime Minister Papandreou is quoted as saying that there was no question of Greece leaving the euro and suggested that the crisis was politically as well as financially motivated. "This is an attack on the eurozone by certain other interests, political or financial".[177] On the same time, a statistic on the articles referenced here shows that only "bad" news were propagated by the media and never "good" news.

European sovereign debt crisis (2010present)

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Role of speculators
Financial speculators and hedge funds engaged in selling euros have also been accused by both the Spanish and Greek Prime Ministers of worsening the crisis.[178] [179] Angela Merkel has stated that "institutions bailed out with public funds are exploiting the budget crisis in Greece and elsewhere."[180] The role of Goldman Sachs[181] in Greek bond yield increases is also under scrutiny.[182] It is not yet clear to what extent this bank has been involved in the unfolding of the crisis or if they have made a profit as a result of the sell-off on the Greek government debt market. In response to accusations that speculators were worsening the problem, some markets banned naked short selling for a few months.[183]

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[52] (Greek) "Fourth raft of new measures" (http:/ / www. in. gr/ news/ article. asp?lngEntityID=1132263& lngDtrID=251). In.gr. 2 May 2010. . Retrieved 6 May 2010. [53] Friedman, Thomas L. (14 May 2010). "Greece's newest odyssey" (http:/ / www. nytimes. com/ 2010/ 05/ 12/ opinion/ 12friedman. html). San Diego, California: San Diego Union-Tribune. pp.B6. . [54] Judy Dempsey (5 May 2010). "Three Reported Killed in Greek Protests" (http:/ / www. nytimes. com/ 2010/ 05/ 06/ world/ europe/ 06greece. html?src=me). The New York Times. . Retrieved 5 May 2010. [55] Global Economics Flash, Greek Sovereign Debt Restructuring Delayed but Not Avoided for Long, 5 May 2010, "The amount of fiscal tightening announced over the next three years is even larger than we expected: 30 bn worth of spending cuts and tax increases, around 12.5% of the 2009 Greek GDP, and an even higher percentage of the average annual GDP over the next three years (20102012). 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[109] (http:/ / www. consilium. europa. eu/ uedocs/ cms_Data/ docs/ pressdata/ en/ misc/ 114976. pdf) "The 27 Member States agreed on 9 May 2010 that the Commission will be allowed to be tasked by the euro area Member States in the context of the assistance decided through a special purpose vehicle (the European Financial Stability Facility (EFSF)) up to EUR 440billion and aiming at preserving financial stability in Europe. For the purposes of this support, the euro area Member States entrust the Commission, where appropriate in liaison with the ECB, with the task of: (i) negotiating and signing on their behalf after their approval the memoranda of understanding related to this support; (ii) providing proposals to them on the loan facility agreements to be signed with the beneficiary Member State(s);

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(iii) assessing the fulfilment of the conditionality laid down in the memoranda of understanding; (iv) providing input, together with the EIB, to further discussions and decisions in the Eurogroup on EFSF related matters and, in a transitional phase, in which the EFSF is not yet fully operational, on building up its administrative and operational capacities. In addition, the Commission may be entrusted with certain additional tasks relating to the implementation of the support in accordance with the framework agreement to be concluded between the EFSF and the euro area Member States. The Commission shall also ensure consistency between EFSF operations and other operations of assistance by the EU. The role of the Commission will not imply an increase in the expenditure of the Commission or of any other item of expenditure under the EU budget. The Commission and the ECB are invited to nominate an observer to the Board of Directors of the EFSF." 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[131] Kitano, Masayuki (21 May 2010). "Euro surges in short-covering rally, Aussie soars" (http:/ / uk. finance. yahoo. com/ news/ forex-euro-surges-in-short-covering-rally-aussie-soars-targetukfocus-163f24240f58. html). Reuters. . Retrieved 21 May 2010. [132] "Moody's followed suit on Tuesday and became the third and final international ratings agency to cut the sovereign debt of Portugal, which, like Italy, Greece, and Spain, faces formidable economic and fiscal challenges" (http:/ / www. ibtimes. com/ articles/ 35240/ 20100713/ portugal-cut-by-all-3-agencies-faces-serious-challenges. htm). Ibtimes.com. 2010-07-13. . Retrieved 2011-01-02. [133] "The European Financial Stability Facility'" (http:/ / www. efsf. europa. eu/ ). . Retrieved 15 July 2010. [134] " Elcano" (http:/ / www. realinstitutoelcano. org/ wps/ portal/ rielcano_eng/ Content?WCM_GLOBAL_CONTEXT=/ elcano/ elcano_in/ zonas_in/ international+ economy/ ari31-2009). . Retrieved 2 May 2010. 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[143] "Ben Bernanke-U.S. Federal Reserve-The Global Savings Glut and U.S. Current Account Balance-March 2005" (http:/ / www. federalreserve. gov/ boarddocs/ speeches/ 2005/ 20050414/ default. htm). Federalreserve.gov. . Retrieved 2011-04-15. [144] Krugman, Paul (2 March 2009). "Revenge of the Glut" (http:/ / www. nytimes. com/ 2009/ 03/ 02/ opinion/ 02krugman. html). The New York Times. . [145] Krugman, Paul (7 September 1998). "Saving Asia: It's Time To Get Radical The IMF plan not only has failed to revive Asia's troubled economies but has worsened the situation. It's now time for some painful medicine" (http:/ / money. cnn. com/ magazines/ fortune/ fortune_archive/ 1998/ 09/ 07/ 247884/ index. htm). CNN. . [146] 'Failure is not an option when it comes to Greece' (http:/ / www. thenational. ae/ apps/ pbcs. dll/ article?AID=/ 20100222/ BUSINESSCOLUMNISTS/ 702219964/ 1058/ BUSINESS& template=columnists), , retrieved 24 February 2010 [147] "European cities hit by anti-austerity protests" (http:/ / www. bbc. co. uk/ news/ world-europe-11432579). BBC News. 29 September 2010. . [148] Neuger, James G. (2010-11-16). "Ireland Weighs Aid as EU Spars Over Debt-Crisis Remedy" (http:/ / www. bloomberg. com/ news/ 2010-11-16/ ireland-discusses-financial-bailout-as-eu-struggles-to-defuse-debt-crisis. html). Bloomberg. . Retrieved 2011-04-15. [149] "Council reaches agreement on measures to strengthen economic governance" (http:/ / www. consilium. europa. eu/ uedocs/ cms_data/ docs/ pressdata/ en/ ecofin/ 119888. pdf) (PDF). . Retrieved 2011-04-15. [150] Jan Strupczewski (2011-03-15). "EU finmins adopt tougher rules against debt, imbalance" (http:/ / uk. finance. yahoo. com/ news/ EU-finmins-adopt-tougher-reuters_molt-1023414724. html?x=0). Uk.finance.yahoo.com. . Retrieved 2011-04-15. [151] "Credit-rating agencies under fire in Europe crisis Yahoo! News" (http:/ / news. yahoo. com/ s/ ap/ 20100429/ ap_on_bi_ge/ us_ratings_agencies). . Retrieved 2 May 2010. [152] Waterfield, Bruno (28 April 2010). "European Commission's angry warning to credit rating agencies as debt crisis deepens Telegraph" (http:/ / www. telegraph. co. uk/ news/ worldnews/ europe/ greece/ 7646434/ European-Commissions-angry-warning-to-credit-rating-agencies-as-debt-crisis-deepens. html). The Daily Telegraph (London). . Retrieved 2 May 2010. [153] Wachman, Richard (28 April 2010). "Greece debt crisis: the role of credit rating agencies" (http:/ / www. guardian. co. uk/ business/ 2010/ apr/ 28/ greece-debt-crisis-standard-poor-credit-agencies). The Guardian (London). . Retrieved 2 May 2010. [154] Lowenstein, Roger (27 April 2008). "Moody's Credit Rating Mortgages Investments Subprime Mortgages New York Times" (http:/ / www. nytimes. com/ 2008/ 04/ 27/ magazine/ 27Credit-t. html). New York Times. . Retrieved 2 May 2010. [155] "FT.com / US / Politics & Foreign policy Moody's chief admits failure over crisis" (http:/ / www. ft. com/ cms/ s/ 0/ 9456f280-4f03-11df-b8f4-00144feab49a. html). Financial Times. . Retrieved 2 May 2010. [156] "Iceland row puts rating agencies in firing line" (http:/ / www. thisislondon. co. uk/ standard-business/ article-23572533-iceland-row-puts-rating-agencies-in-firing-line. do). . Retrieved 2 May 2010. [157] "BBC NEWS" (http:/ / news. bbc. co. uk/ 2/ hi/ business/ 7856929. stm). BBC News. 28 January 2009. . Retrieved 2 May 2010. [158] "Greek crisis: the world would be a better place without credit rating agencies Telegraph Blogs" (http:/ / blogs. telegraph. co. uk/ finance/ jeremywarner/ 100005241/ the-world-would-be-a-better-place-without-credit-rating-agencies/ ). Daily Telegraph (UK). 28 April 2010. .

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European sovereign debt crisis (2010present)

Retrieved 2 May 2010. [159] "Are the ratings agencies credit worthy?" (http:/ / edition. cnn. com/ 2010/ BUSINESS/ 05/ 04/ credit. ratings. agencies/ index. html?hpt=C1). CNN. . [160] "FT.com / Europe Rethink on rating agencies urged" (http:/ / www. ft. com/ cms/ s/ 0/ e2e2f732-53bd-11df-aba0-00144feab49a. html). Financial Times. . Retrieved 2 May 2010. [161] "EU Gets Tough on Credit-Rating Agencies" (http:/ / www. businessweek. com/ globalbiz/ content/ apr2009/ gb20090424_056975. htm). BusinessWeek. . Retrieved 2 May 2010. [162] "European indecision: Why is Germany talking about a European Monetary Fund?" (http:/ / www. economist. com/ blogs/ charlemagne/ 2010/ 03/ european_indecision?page=1). . Retrieved 2 May 2010. [163] 11:17 a.m. Today11:17 a.m. 5 May 2010 (5 March 2010). "ECB suspends rating threshold for Greece debt" (http:/ / www. marketwatch. com/ story/ ecb-suspends-rating-threshold-for-greek-debt-2010-05-03-3400). MarketWatch. . Retrieved 5 May 2010. [164] "euro zone rumours: There is no conspiracy to kill the euro" (http:/ / www. economist. com/ blogs/ charlemagne/ 2010/ 02/ euro_zone_rumours). The Economist. . Retrieved 2 May 2010. [165] "Greek Debt Crisis Worsens" (http:/ / www. thenewamerican. com/ index. php/ world-mainmenu-26/ europe-mainmenu-35/ 3274-greek-debt-crisis-worsens). . Retrieved 2 May 2010. [166] Tremlett, Giles (14 February 2010). "Anglo-Saxon media out to sink us, says Spain" (http:/ / www. guardian. co. uk/ world/ 2010/ feb/ 14/ jose-zapatero-media-spain-recession). The Guardian (London). . Retrieved 2 May 2010. [167] "Spain and the Anglo-Saxon press: Spain shoots the messenger" (http:/ / www. economist. com/ blogs/ charlemagne/ 2010/ 02/ spain_and_anglo-saxon_press). The Economist. . Retrieved 2 May 2010. [168] "Spanish Intelligence Investigating Anglo-Saxon Media" (http:/ / washingtonindependent. com/ 76705/ spanish-intelligence-investigating-anglo-saxon-media). The Washington Independent. . Retrieved 2 May 2010. [169] "Spanish intelligence probe 'debt attacks' blamed for sabotaging country's economy" (http:/ / www. dailymail. co. uk/ news/ worldnews/ article-1251136/ Spanish-intelligence-probe-debt-attacks-blamed-sabotaging-countrys-economy. html). Daily Mail (UK). 15 February 2010. . Retrieved 2 May 2010. [170] "A Media Plot against Madrid?: Spanish Intelligence Reportedly Probing 'Attacks' on Economy" (http:/ / www. spiegel. de/ international/ europe/ 0,1518,677904,00. html). Der Spiegel. . Retrieved 2 May 2010. [171] Roberts, Martin (14 February 2010). "Spanish intelligence probing debt attacks-report" (http:/ / www. reuters. com/ article/ idUSLDE61D04V20100214). . Retrieved 2 May 2010. [172] Cendrowicz, Leo (26 February 2010). "Conspiracists Blame Anglo-Saxons, Others for Euro Crisis" (http:/ / www. time. com/ time/ world/ article/ 0,8599,1968308,00. html). Time. . Retrieved 2 May 2010. [173] Barbara Kollmeyer (15 February 2010). "Spanish secret service said to probe market swings" (http:/ / www. marketwatch. com/ story/ spanish-secret-service-said-to-probe-market-swings-2010-02-15). MarketWatch. . Retrieved 13 May 2010. [174] Gavin Hewitt (16 February 2010). "Conspiracy and the euro" (http:/ / www. bbc. co. uk/ blogs/ thereporters/ gavinhewitt/ 2010/ 02/ conspiracy_and_the_euro. html). BBC News. . Retrieved 13 May 2010. [175] Larry Elliot (28 January 2009). "London School of Economics' Sir Howard Davies tells of need for painful correction" (http:/ / www. guardian. co. uk/ business/ 2009/ jan/ 28/ davies-global-economy-davos). The Guardian (London). . Retrieved 13 May 2010. [176] "Euro area balance of payments (December 2009 and preliminary overall results for 2009)" (http:/ / www. ecb. europa. eu/ press/ pr/ stats/ bop/ 2010/ html/ bp100219. en. html). European Central Bank. 19 February 2010. . Retrieved 13 May 2010. [177] Larry Elliot (28 January 2010). "No EU bailout for Greece as Papandreou promises to "put our house in order"" (http:/ / www. guardian. co. uk/ business/ 2010/ jan/ 28/ greece-papandreou-eurozone). The Guardian (London). . Retrieved 13 May 2010. [178] Sean O'Grady (2 March 2010). "Soros hedge fund bets on demise of the euro" (http:/ / www. independent. co. uk/ news/ business/ news/ soros-hedge-fund-bets-on-demise-of-the-euro-1914356. html). The Independent (London). . Retrieved 11 May 2010. [179] Alex Stevenson (2 March 2010). "Soros and the bullion bubble" (http:/ / ftalphaville. ft. com/ blog/ 2010/ 03/ 02/ 162286/ soros-and-the-bullion-bubble/ ). FT Alphaville. . Retrieved 11 May 2010. [180] Donahue, Patrick (23 February 2010). "Merkel Slams Euro Speculation, Warns of 'Resentment'" (http:/ / www. businessweek. com/ news/ 2010-02-23/ merkel-slams-euro-speculation-warns-of-resentment-update1-. html). BusinessWeek. . Retrieved 11 May 2010. [181] "Kevin Connor: Goldman's Role in Greek Crisis Is Proving Too Ugly to Ignore" (http:/ / www. huffingtonpost. com/ kevin-connor/ goldmans-role-in-greek-cr_b_479511. html). Huffington Post. 27 February 2010. . Retrieved 2 May 2010. [182] Andrew Clark, Heather Stewart, and Elena Moya (26 February 2010). "Goldman Sachs faces Fed inquiry over Greek crisis" (http:/ / www. guardian. co. uk/ business/ 2010/ feb/ 25/ markets-pressure-greece-cut-spending). The Guardian (London). . Retrieved 11 May 2010. [183] Wearden, Graeme (19 May 2010). "European debt crisis: Markets fall as Germany bans 'naked short-selling'" (http:/ / www. guardian. co. uk/ business/ 2010/ may/ 19/ debt-crisis-markets-fall-germany-naked-short-selling). The Guardian (UK). . Retrieved 27 May 2010.

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External links
Interactive Map of the Debt Crisis (http://www.economist.com/blogs/dailychart/2011/02/ europes_economies) Economist Magazine, 9 February 2011 Map of European Debts (http://www.nytimes.com/interactive/2010/04/06/business/global/ european-debt-map.html) New York Times 20 December 2010 Budget deficit from 2007 to 2015 (http://www.eiu.com/eurodebt) Economist Intelligence Unit 30 March 2011 Protests in Greece in Response to Severe Austerity Measures in EU, IMF Bailout (http://www.democracynow. org/2010/5/4/protests_in_greece_in_response_to) video report by Democracy Now! Diagram of Interlocking Debt Positions of European Countries (http://www.nytimes.com/interactive/2010/05/ 02/weekinreview/02marsh.html) New York Times 1 May 2010 Argentina: Life After Default (http://www.soundsandcolours.com/articles/argentina/ argentina-lessons-learnt-from-the-aftermath-of-default/) Sand and Colours 2 August 2010 Google - public data (http://www.google.com/publicdata/overview?ds=ds22a34krhq5p_): Government Debt in Europe Stefan Collignon: Democratic requirements for a European Economic Government (http://library.fes.de/ pdf-files/id/ipa/07710.pdf) Friedrich-Ebert-Stiftung, December 2010 (PDF 625 KB)

Economic history of Greece and the Greek world

The economic history of the Greek World spans several millennia and encompasses many modern day nation states. Since the focal point of the center of the Greek World often changed it is necessary to enlarge upon all these areas as relevant to the time. The economic history of Greece refers to the economic history of the Greek nation state since 1883

Earliest Greek civilizations

Cycladic civilization
Cycladic civilization is the earliest known civilization to emerge on the Greek mainland, it was a Stone Age culture and knowledge of economic history is thus limited to archaeological evidence. It seems to have been a small scale trade in Cycladic art (which inspired later modernist artists), and essentials such as foodstuffs. Archaeological evidence suggests that Cycladic goods where extensively distributed throughout the Aegean region.[1]

Minoan civilization
The Minoan civilization emerged on Crete around the time the early Bronze Age, it had a wide range of economic interests and was something of a trade hub, exporting many items to mainland Greece as well as the Egyptian Empire of the period.[2] The Minoans were also innovators, developing (or adopting) a system of lead weights to facilitate economic transactions.[3] Despite this Minoan civilization remained, for the most part, an agriculturally driven one. Artisans and artists were an important part of the Minoan economy as they produced many goods that were valued in trade as well as within Crete itself. The Linear B tablets often refer to men or to their work, although, there were also female artisans, who mainly worked in the textile industry. We also know from archaeological evidence that Minoan artisans practised a large range of craftsmanship jobs including: scribes, potters, metalworkers, leather workers, glass and faience artists, painters, sculptors, engravers and jewelers. Due to only a small amount of evidence about occupation, we do not know whether a worker might have mastered in several trades, or fully specialized in one profession. There was an area set aside for artisans and their workshops in every palace, and in town like Malia, they

Economic history of Greece and the Greek world had both workshops in town and in the palace.[4] The production of oil was an important activity in which Minoan artisans were engaged. There were a large number of oil jars found in the destroyed palaces that tell us of the importance of this industry. Oil was an extremely important part of the perfume industry as it was used to clean dirt from the body, much like soap does today. Perfumes were also sprinkled on clothing, for aesthetic reasons. It is certain that perfumes were a luxury item of Minoan trade.[4] The bronze industries were also an important aspect of the Minoan economy and the art of bronze making was very common, suggested by the fact that evidence of bronze making was discovered in many towns, such as Phaistos and Zakro, but also as evidence in the area of Malia show that bronze making operations were flourishing in many of the palaces. It is believed that the Minoans imported tin and copper to make bronze ingots for other people. Evidence of this is shown in Egyptian tomb paintings where the Keftyw (people believed to be the Minoans) bring said ingots to the Egyptian king in gift exchange (The Egyptians and Minoans had a history of cultural exchange). Other objects made from bronze have been found in numbers at Knossos, these include bronze mirrors, labrys, votive figures, knives, cleavers and small bronze tools.[2] The stone carving industry produced many vases and lamps, examples of which have been found at palaces and palatial villas throughout Minoan Crete. Another industry that contributed to the Minoan economy was the wine industry, which is mentioned in Linear A, but the small amounts referred to suggest it was a commodity reserved for the wealthier class.

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Mycenaean civilization
The Mycenaean civilization emerged during the late Bronze Age, supplanting the Minoans as the dominant economic force in the area. The Mycenaean economy itself was based on agriculture. The tablets from both Pylos and Knossos demonstrate that there were two major food-grains produced; wheat and barley. Agriculture was highly organised and this becomes apparent by the written records of deliveries of land produce, taxes in kind due to the palace, a hare set aside for the gods and so forth. The land used for agriculture was basically of two types, represented by the terms ko-to-na (ktoina) ki-ti-me-na and ko-to-na ke-ke-me-na. The former refers to the privately owned land, the latter to the public one (owned by the damos). Cereals were used as the basis of the rations system both at Knossos and Pylos. At Knossos, for example, the rations are quoted for a work-group composed of 18 men and 8 boys as 97.5 units of barley. Apart from cereals, the Mycenaeans also produced wine, olive oil, oil from various spices and figs. As far as wine is concerned, it does not figure in the ordinary ration lists and may have been something of a luxury or possibly for export. Mycenaean trade was very advanced and there is even evidence of an amber trade from Britain Metals were also a very important part of the Mycenaean economy, during the Mycenaean period there were five metals in use: gold, silver, copper, tin and lead. Iron was not unknown but was very rare. Therefore bronze was the main metal for the making of tools and weapons. Although bronze was the most important metal for the Mycenaeans, it was relatively scarce and expensive. Our knowledge of the Mycenaean bronze industry comes entirely from Pylos where we have some information about smiths. Most of the tablets concerning bronze demonstrate a very tight control of the metal industry by the palace.[5]

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Ancient Greece and the emergence of the 'Polis'

Greece's "Dark Ages"
The Greek Dark Ages were a period of economic stagnation for the Greeks after the destruction of the complex Mycenaean economic system, the loss of the widespread written script Linear B meant that development was effectively stunted and living standards deteriorated. Basic trading patterns remained however.[6]

The Greek City States

The emergence of the 'Polis' as the model for ideal governance following the end of the Greek Dark Ages heavily influenced the economy of the Greeks at the time. This period, of the 8th century BCE to the 4th century BCE is conventionally termed as 'Ancient Greece'. Athens Athens emerged as the dominant economic power in Greece around the late 6th century BCE, this was further bolstered by the finding of several veins of silver in the neighbouring mountains which further added to their wealth. They facilitated an efficient trading system with other Greek city states. Again, pots and other forms of cooking utensils seem to have been the most quantitatively traded product (over 80,000 amphorae and other such things have been recovered from around Athens in archaeological digs). Marble and bronze artwork also seems to have been traded (though it was largely a luxury product, and this trade only really exploded after the rise of the Roman Republic, as Greek Art exerted a massive influence on Roman Culture on all levels). Athens began to import grain due to poor soil conditions however. The agricultural conditions which caused Athens to import grain began to create political turmoil around 600 BCE It is believed that tenant farmers were paying rent equivalent to a sixth of their production, hence they were known as "sixth-parters." Those who could not pay their rent could be sold by the landlord into slavery. In 594 Solon (one of the great reformers of Athens) would order the cancellation of debt and the freeing of those sold into slavery, a proclamation known as the "Seisactheia." While Solon's proclamation was a bold move, it could not really solve the problem of meager agricultural output and competition between workers for jobs. Debt and slavery, while problems in themselves, were also symptomatic of underlying agricultural problems.[7] From an economic perspective, poor soil was only one problem Athens had to deal with. There are indications that unemployment was a substantial and on-going problem for much of Athens' history. Solon's reforms encouraged economic diversity and trade. If more people began to leave agriculture, there are indications that Athens had problems keeping them employed. Even if they found work, there are indications that many were not fully benefiting from Athens' economy. Island republic of Rhodes The economy of Rhodes throughout the Ancient period was largely based on shipping (owing to its geographical position near to Asia Minor), it had one of the finest harbours in the Mediterranean and built up a booming economy based upon trade throughout this area, even into Roman times, until the Romans took a prize possession of Rhodes (Delos) and turned it into a free port, thus taking most of their trade - from this point onwards, the Rhodian economy shrivelled. In its prime, Rhodes was however, due to its status as a prize port, a frequent target of piracy and for this reason the Rhodian Government of the time set up a swift and efficient fleet of fast pirate chasing vessels to combat this.[8]

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The Hellenistic Age

The Hellenistic Age was a major turning point both in Greek economic history and Roman economic history, it opened the way for trade with the East, new agricultural techniques were developed and the spread of a relatively uniform currency throughout the near East began.

Macedon
The Ancient Greek state of Macedon rose to prominence in the Greek mainland with the reign of Philip I.

Alexander and the successors

Alexander the Great, hoping to strike revenge at a weak Persian Empire for their past attacks in Greece drove a path Eastwards across the Persian Empire, eventually defeating it and opening the way for trade with India, China and other civilizations.[9] This was accompanied by a huge expansion in maritime trade, these trade routes with the Far East were later solidified by the Roman Empire. The economy of the Hellenistic world, however, continued to be overwhelmingly agricultural. Colonial settlement was urban in character in Seleucid Asia, but predominantly rural in Ptolemaic Egypt. Traditional patterns of land tenure predominated in Asia, where large tracts of royal land were worked by peasants tied to it. Much of this land was assigned to prominent individuals, to temple estates, or to cities. The economy of the numerous Seleucid cities, however, followed the Greek model, with land owned by citizens who worked it with the help of slave labor. In Egypt, urban settlements were rare. Outside of the three cities of Naucratis, Ptolemais, and Alexandria, all land was theoretically owned by the king, divided into districts (nomes), and administered by both traditional civic officialsnomarch, royal scribe, komarchand by newly created financial officersthe dioiketes in the capital, and the oikonomos and his underlings in the nome. In addition, military officialsstrategos, hipparchos, and hegemonoversaw the nomes. Royal land was also assigned to individuals, to temple estates, and especially to small-holder soldiers (klerouchoi, later called katoikoi) who initially held the land in return for military service, but whose tenure eventually became permanent and hereditary. All land seems to have been worked by native peasants attached to it, chattel slavery being relatively rare in Ptolemaic Egypt. Ptolemaic policy was to increase agricultural production, and innovations in farming were largely the result of royal patronage. We are particularly well informed by the mid-third-century archive of Zenon about large-scale reclamation in the Fayym, where new crops and techniques were introduced. But most innovations, in both Egypt and Asia, were directed toward luxury items and, with the exception of new strains of wheat, had little effect on traditional agriculture. In Seleucid Asia the major challenge for agriculture was to feed the numerous new cities, in Egypt to feed the metropolis of Alexandria and to supply the grain used in Ptolemaic diplomacy. In the Greek homeland, established forms of agriculture continued. In most areas, free citizens farmed with the help of a slave or two, while other traditional forms of dependent labor also persistedhelots in Sparta, serfs in Crete. Changes did occur in the pattern of land tenure, with land being accumulated by the wealthy at the expense of marginal farmers.[10]

Roman Era Greek world

Mainland Greece gave way to Western Asia Minor and Alexandria as the economic and cultural centers of de ranging fame owing to the library and its significance in relation to Alexander the Great himself.[11] Pergamum was another famous city in the Roman province of Asia (today's Western Asia Minor) would become one of the most prosperous and famous cities in Asia Minor, noted for its architectural monuments, its fine library, and its schools.[12] Ephesus too, another large Greek city in the same geographical area, became a major source of trade and competed with the other metropolis' of the region for the title of 'First city of Asia'.

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The Byzantine Economy

The Byzantine economy was the economy of the Byzantine Empire which lasted from Constantine's foundation of Nova Roma (Constantinople) as the capital of a Hellenized, truly 'Graeco-Roman' Empire in 330 to 1453. Throughout its history it employed vast numbers of people in huge industries, particularly in the Capital and Thessaloniki (the second city of the empire), in all manner of trades, such as the silk industry.[13]

Early
The early Byzantine economy describes the economy of Roman Empire following the changing of its capital from Rome itself to the newly founded city of Constantinople (or Nova Roma) by the Emperor Constantine I. It was essentially a continuation of the old Roman economy but with a shift in trade flow towards the newly burgeoning Greek city on the Bosphorus rather than Rome itself.

Middle
During the 12th and 13th centuries, the Byzantines were forced to make a few trade concessions to their commercial rivals, the Venetians. Attempts by John Komnenus to revert these trade agreements led to Venetian naval action and the Byzantines forced to reinstate the trade agreements that were favorable to the Venetians.

Later
After Constantinople was sacked in 1204 the city continued to bring in trade albeit with fewer gains for Byzantium. The trouble the Byzantines had was that they needed the Italian fleet to assist them in wars where troops and ships were few. The Byzantines attempted to prevent the Venetians from achieveing complete economic supremacy by aiding their opponents in Milan and Genoa.

Ottoman Greece
During the period of Ottoman rule, Greeks in both the Western coast of Asia Minor as well as Greece proper played an important role in trade, especially maritime (of which the Ottomans had little experience). Centers of trade included Constantinople as well as Smyrna. The Ottoman Empire maintained trade routes with the Far East through the old silk road as well as throughout the Mediterranean. Greeks were active in other areas of the economy as well, such as owning coffee shops and other businesses in Constantinople. Following the Greek war of Independence however, Greeks were deemed to be untrustworthy by the Ottomans and their privileged economic status was eventually supplanted by that of the Armenians. Still, in the early part of the 20th century Greeks owned 45% of the capital in the Ottoman Empire despite being a minority.[14] Agricultural development however, remained stunted until the reforms that followed the Greek War of Independence.[15]

Modern Greece
Modern Greece began its history as a nation state in 1829 and was largely an undeveloped economic area mostly based around Agriculture. It has since developed into a modernised, developed nation.

19th century
Greece entered its period of new-won independence in a somewhat different state than Serbia, which shared many of the post-independence economic problems such as land and land reform. In 1833, the Greeks took control of a countryside devastated by war, depopulated in places and hampered by primitive agriculture and marginal soils. Just as in Serbia, communications were bad, presenting obstacles for any wider foreign commerce. Even by the late 19th century Agricultural development had not advanced as significantly as had been intended as William Moffet, the US Consul in Athens explained:

Economic history of Greece and the Greek world "agriculture is here in the most undeveloped condition. Even in the immediate neighborhood of Athens it is common to find the wooden plow and the rude mattock which were in use 2,000 years ago. Fields are plowed up or scratched over, and crops replanted season after season, until the exhausted soil will bear no more. Fertilizers are not used to any appreciable extent, and the farm implements are of the very rudest description. Irrigation is in use in some districts, and, as far as I can ascertain, the methods in use can be readily learned by a study of the practices of the ancient Egyptians. Greece has olives and grapes in abundance, and of quality not excelled; but Greek olive oil and Greek wine will not bear transportation." Greece had a substantial wealthy commercial class of rural notables and island shipowners, and access to 9000000acres (36000 km2) of land expropriated from Muslim owners who had been driven off during the War of Independence. Land reform Land reform represented the first real test for the new Greek kingdom. The new Greek government deliberately adopted land reforms intended to create of class of free peasants. The "Law for the Dotation of Greek Families" of 1835 extended 2,000 drachmas credit to every family, to be used to buy a 12-acre (49000 m2) farm at auction under a low-cost loan plan. The country was full of displaced refugees and empty Turkish estates. By a series of land reforms over several decades, the government distributed this confiscated land among veterans and the poor, so that by 1870 most Greek peasant families owned about 20acres (81000 m2). These farms were too small for prosperity but the land reform signaled the goal of a society in which Greeks were equals and could support themselves, instead of working for hire on the estates of the rich. The class basis of rivalry between Greek factions was thereby reduced.

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20th century
Industry The series of wars between 1912 and 1922 provided a catalyst for Greek industry, with a number of industries such as textiles; ammunition and boot-making springing up to supply the military. After the wars most of these industries were converted to civilian uses. Greek refugees from Asia Minor, the most famous of which is Aristotle Onassis who hails from Smyrna (modern Izmir) also had a tremendous impact on the evolution of Greek industry and banking. Greeks held 45% of the capital in the Ottoman Empire before 1914,[14] and many of the refugees expelled from Turkey had funds and skills which they quickly put to use in Greece. These refugees from Asia Minor also led to rapid growth of urban areas in Greece, as the vast majority of them settled in urban centers such as Athens and Thessaloniki. The 1920 census reported that 36.3% of Greeks lived in urban or semi-urban areas, while the 1928 census reported that 45.6% of Greeks lived in urban or semi-urban areas. It has been argued by many Greek economists that these refugees kept Greek industry competitive during the 1920s, as the surplus of labor kept real wages very low. Although this thesis makes economic sense, it is sheer speculation as there is no reliable data on wages and prices in Greece during this period.[16] Greek industry went into decline slightly before the country joined the EC, and this trend continued. Although worker productivity rose significantly in Greece, labor costs increased too fast for the Greek manufacturing industry to remain competitive in Europe. There was also very little modernization in Greek industries due to a lack of financing.[17] Dichotomization of the drachma Budgetary problems caused the Greek government to begin an interesting economic experiment, the dichotomization of the drachma. Unable to secure any more loans from abroad to finance the war with Turkey, in 1922 Finance Minister Protopapadakis declared that each drachma was essentially to be cut in half. Half of the value of the drachma would be kept by the owner, and the other half would be surrendered by the government in exchange for a 20 year 6.5% loan. World War II led to these loans not being repaid, but even if the war had not occurred it is

Economic history of Greece and the Greek world doubtful that the Greek government would have been able to repay such enormous debts to its own populace. This strategy led to large revenues for the Greek state, and inflation effects were minimal.[16] This strategy was repeated again in 1926 due to the governments inability to pay back loans incurred from the decade of war and the resettlement of the refugees. Deflation occurred after this dichotomization of the drachma, as well as a rise in interest rates.[16] These policies had the effect of causing much of the populace to lose faith in their government, and investment decreased as people began to stop holding their assets in cash which had become unstable, and began holding real goods. The Great Depression As the reverberations of the Great Depression hit Greece in 1932. The Bank of Greece tried to adopt deflationary policies to stave off the crises that were going on in other countries, but these largely failed. For a brief period the drachma was pegged to the US dollar, but this was unsustainable given the countrys large trade deficit and the only long term effects of this were Greeces foreign exchange reserves being almost totally wiped out in 1932. Remittances from abroad declined sharply and the value of the drachma began to plummet from 77 drachmas to the dollar in March 1931 to 111 drachmas to the dollar in April, 1931. This was especially harmful to Greece as the country relied on imports from the UK, France and the Middle East for many necessities. Greece went off the gold standard in April, 1932 and declared a moratorium on all interest payments. The country also adopted protectionist policies such as import quotas, which a number of European countries did during the time period. Protectionist policies coupled with a weak drachma, stifling imports, allowed Greek industry to expand during the Great Depression. In 1939 Greek Industrial output was 179% that of 1928.[16] These industries were for the most part built on sand as one report of the Bank of Greece put it, as without massive protection they would not have been able to survive. Despite the global depression, Greece managed to suffer comparatively little, averaging an average growth rate of 3.5% from 1932-1939. The fascist regime of Yannis Metaxas took over the Greek government in 1936, and economic growth was strong in the years leading up to the Second World War. Shipping The one industry in which Greece had major success was the shipping industry. Greeces geography has made the country a major player in maritime affairs from antiquity, and Greece has a strong modern tradition dating from the treaty of Kuchuk-Kajnardji in 1774 which allowed Greek ships to escape Ottoman domination by registering under the Russian flag. The treaty prompted a number of Greek commercial houses to be set up across the Mediterranean and the Black Sea, and after independence, Greece's shipping industry was one of the few bright spots in the modern Greek economy during the 19th century. After both world wars the Greek shipping industry was hit hard by the decline in world trade, but both times it revived quickly. The Greek government aided the revival of the Greek shipping industry with insurance promises following the Second World War. Tycoons such as Aristotle Onassis also aided in strengthening the Greek merchant fleet, and shipping has remained one of the few sectors in which Greece still excels. Today, the Greek merchant marine comes third globally both in the number of ships owned and in tonnage, and at times in the 90s Greece was first.[18] Greece is fifth in terms of registration, the reason for this is a number of Greek captains register their ships under the Cypriot flag, which is easy due to linguistic and cultural commonalities, and significantly where there are lower taxes. In terms of registration, Cyprus has the third largest merchant fleet, and the majority of these ships are actually owned by Greeks, but sailing under the Cypriot flag for tax purposes.

60

Economic history of Greece and the Greek world Tourism It was during the 60s and 70s that tourism, which now account for 15% of Greece's GDP, began to become a major earner of foreign exchange. This was initially opposed by many in the Greek government, as it was seen as a very unstable source of income in the event of any political shocks. It was also opposed by many conservatives and by the Church as bad for the country's morals. Despite concerns, tourism grew significantly in Greece and was encouraged by successive governments as it was a very easy source of badly needed foreign exchange revenues. Agriculture The resolution of the Greco-Turkish War and the Treaty of Lausanne led to a population exchange between Greece and Turkey, which also had massive ramifications on the agricultural sector in Greece. The tsifliks were abolished, and Greek refugees from Asia Minor settled on these abandoned and partitioned estates. In 1920 only 4% of land holdings were of sizes more than 24acres (97000 m2), and only .3% of these were in large estates of more than 123acres (0.50km2). This pattern of small scale farm ownership has continued to the present day, with the small number of larger farms declining slightly.[16] Greece differed greatly from any other country in the EC at the time of its admission as agriculture, although in decline, was a much larger sector of the economy than in any other EC member. In 1981 Greek agriculture made up 17% of GDP and 30% of employment, in comparison to 5% of GDP and less than 10% of employment in EU countries excluding Ireland and Italy.[16] Greece managed to implement the reforms according to the Common Agricultural Policy (CAP) ahead of schedule, with prices generally rising to meet those in the rest of the EC. Previously Greece had heavily subsidized agriculture, and moving to the CAP meant that Greece moved from subsidies to price supports, so the consumer rather than the taxpayer would bear the burden of supporting farmers. Due to the CAP being formulated with other countries in mind, CAP subsidies had the effect of moving production away from products in which Greece had a comparative advantage, which hurt the countrys trade balance.[17] While farm incomes rose slightly after Greece's entry into the EC, this has not stopped the general trend of an ever decreasing agricultural sector which is in line with other European countries. Post-World War II Greece suffered comparatively much more than most Western European countries during the Second World War due to a number of factors. Heavy resistance led to immense German reprisals against civilians. Greece was also dependent on food imports, and a British naval blockade coupled with transfers of agricultural produce to Germany led to famine. It is estimated that the Greek population declined by 7% during the Second World War. Greece experienced hyperinflation during the war. In 1943, prices were 34,864% higher compared to those of 1940; in 1944, prices were 163,910,000,000% higher compared to the 1940 prices. The Greek hyperinflation is the fifth worst in economic history, after Hungarys following World War II, Zimbabwes in the late 2000s, Yugoslavias in the middle 1990s, and Germanys following World War I. This was compounded by the country's disastrous civil war from 1944-1950.[16] Greek economy was in an extremely poor state in 1950 (after the end of the Civil War), with its relative position dramatically affected. In that year Greece had a per capita GDP of $1,951, which was well below that of countries like Portugal ($2,132), Poland ($2,480), and even Mexico ($2,085). Greeces per capita GDP was comparable to that of countries like Bulgaria ($1,651), Japan ($1,873), or Morocco ($1,611).[18] Over the past 50 years Greece has grown much faster than most of the countries that had comparable per capita GDPs in 1950, reaching a per capita GDP of $30,603 today. This can be compared to the previously stated countries, $17,900 in Portugal, $12,000 in Poland, $9,600 in Mexico, $8,200 in Bulgaria and $4,200 in Morocco.[19] Greeces growth averaged 7% between 1950 and 1973, a rate second only to Japan's during the same period. In 1950 Greece was ranked 28th in the world for per capita GDP, while in 1970 it was ranked 20th.

61

Economic history of Greece and the Greek world

62

Late 20th century

During the 80s, despite membership in the EC, Greece suffered from poor macroeconomic performance due to expansionary fiscal policies that led to a tripling of the debt-to-GDP ratio, which went from the modest figure of 34.5% in 1981 to the triple digits by the 90s.[17] The second oil shock after the Iranian Revolution hurt Greece, and the 80s were racked by high inflation as politicians pursued populist policies. The average rate of inflation in Greece during the 80s was 19%, which was three times the EU average. The Greek budget deficit also rose very substantially during the 80s, peaking at 9% in 1985.[17] In the late 80s Greece implemented stabilization programs, cutting inflation from 25% in 1985 to 16% in 1987. The debt accumulated in the 80s was a large problem for the Greek government, and by 1991 interest payments on the public debt reached almost 12% of GDP.[17] When the Maastricht Treaty was signed in 1991, Greece was very far from meeting the convergence criteria. For example, the inflation rate of Greece was 19.8%, while the EU average was 4.07% and the government's deficit was 11.5% of GDP, while the EU average was 3.64%. Nonetheless, Greece was able to dramatically improve its finances during the 1990s, with both inflation and budget deficit falling below 3% by 1999. Thus, it met the criteria for entry into Eurozone (including the budget deficit criterion even after its recent revision calculated with the method in force at the time). The Greek economy also exhibited strong growth throughout the 90s, which has continued into the new millennium. Indeed, Greece had some of the highest growth rates in Europe, averaging near 4% during this period, well above the EU average. It was considered by many to have reached the stage of a 'mature' economy.[20]

Debt crisis of 2010

In early 2010, the Greek government admitted that it was having difficulties servicing its large sovereign debt. Speculation abounded that it would be unable to make required bond payments due in 2010, causing the Euro to drop in value versus the US dollar and pushing the Greek/German yield spread to almost 4%. Financial media widely speculated that Greece would require some kind of bailout from the IMF or European Union, though as of early February, no such bailout had been announced.

References
[1] CH 1 - The Dawn of the Bronze Age.doc (http:/ / etd. unisa. ac. za/ ETD-db/ theses/ available/ etd-08192005-084633/ unrestricted/ 02chapter1. pdf) [2] History of Minoan Crete (http:/ / www. ancient-greece. org/ history/ minoan. html) [3] Craftsmen and Traders at Thera: A View from Crete The Thera Foundation (http:/ / www. therafoundation. org/ articles/ economysociety/ craftsmenandtradersattheraaviewfromcrete) [4] Minoans: History (http:/ / www. wsu. edu:8080/ ~dee/ MINOA/ HISTORY. HTM) [5] Mycenaean Society: Structure and Economy, Georganas, I. [6] Thomas R. Martin, An Overview of Classical Greek History from Mycenae to Alexander (http:/ / www. perseus. tufts. edu/ cgi-bin/ ptext?doc=Perseus:text:1999. 04. 0009:head=#11) [7] Pericles Press online, Athenian Economy [8] Aaron L. Beek, The portrayal of Pirates in Literature and the reality of contemporary Political action [9] Hellenistic Age :: Economic developments - Britannica Online Encyclopedia (http:/ / www. britannica. com/ eb/ article-26554/ Hellenistic-Age) [10] The Encyclopedia of World History, The Hellenistc World - Economy [11] From the Gracchi to Nero: A History of Rome from 133 BC to AD 86, H. H. Scullard [12] Late Roman Republic - History of the Roman Empire (http:/ / www. unrv. com/ empire/ late-roman-republic. php) [13] The Economic History of Byzantium, Angeliki E. Laiou [14] Issawi, Charles, The Economic History of the Middle East and North Africa, Columbia University Press 1984 [15] American School of Classical Studies, A historical and economic geography of Ottoman Greece; the southwestern Morea in the 18th century. [16] Freris, A. F., The Greek Economy in the Twentieth Century, St. Martin's Press 1986 [17] Elisabeth Oltheten, George Pinteras, and Theodore Sougiannis, "Greece in the European Union: policy lessons from two decades of membership", The Quarterly Review of Economics and Finance Winter 2003 [18] www.nationmaster.com [19] www.cia.gov

Economic history of Greece and the Greek world

[20] http:/ / www. forbes. com/ free_forbes/ 2007/ 0723160. html?partner=yahoomag

63

Bank of Greece
Bank of Greece (Greek)

The main building of the Bank of Greece at Panepistimiou Street, Athens.

Headquarters Established Governor Central bank of Website Preceded by Succeeded by

1

Athens 1927 George Provopoulos Greece www.bankofgreece.gr [1]

National Bank of Greece (1928) European Central Bank (2001)1

The Bank of Greece still exists but many functions have been taken over by the ECB.

The Bank of Greece (Greek: , short ) is the national central bank of Greece, located in Athens on Panepistimiou Street, with several branches across the country. Founded in 1927. Its operations started officially in 1928.

Bank of Greece

64

Introduction
Bank of Greece, a member of the European System of Central Banks (ESCB), has a staff of more than 3,000 employees. The primary objective of the Bank of Greece is to ensure price stability in Greece. It also supervises the private banks and acts as a treasurer and fiscal agent for the Greek government. After law 3867/2010 was passed, the Bank of Greece is also responsible for supervising private insurance companies, merging in the Committee for the Supervision of Insurance Companies established by law 3229/2004. Its Euro banknotes printer identification code is Y.[2] Bank of Greece also sells Gold sovereigns. The entrance of the Bank of Greece features the Greek and the European Union flags. The current (as of 2008, June) governor is Georgios A. Provopoulos who manages the bank together with the deputy governors Panagiotis Aristidis Thomopoulos and Nikolaos D. Paleocrassas.
The entrance of Bank of Greece.

Governors

Economy of Greece Agriculture Bank of Greece Companies Shipping Stock Exchange

(companies listed)

Tourism Greece topics

Culture Education Geography History Politics Greece portal

The chief officer of the Bank of Greece is the governor (Greek: , dioikts), a governmental appointee. Alexandros Diomidis: April 21, 1928 - September 29, 1931 Emmanouil Tsouderos (1st period): October 31, 1931 - August 8, 1935 Emmanouil Tsouderos (2nd period): March 20, 1936 - July 9, 1939 Ioannis Drosopoulos: July 9, 1939 - July 28, 1939

Bank of Greece Kyriakos Varvaresos (1st period - dismissed by the Axis occupation government): August 4, 1939 - May 23, 1941) Kyriakos Varvaresos (2nd period: Nazi occupation - governor in exile): April 22, 1941 - (October 1944) Miltiades Negrepontis (Nazi occupation): April 24, 1941 - July 3, 1941 Demetrios Santis (Nazi occupation): July 2, 1941 - January 20, 1943 Theodoros Tourkovasilis (Nazi occupation): April 19, 1943 - April 13, 1944 Xenophon Zolotas (Co-Governor): October 12, 1944 - January 8, 1945 Kyriakos Varvaresos (3rd period): February 2, 1945 - September 19, 1945 Georgios Mantzavinos: February 11, 1946 - February 2, 1955 Xenophon Zolotas (2nd period): February 5, 1955 - August 5, 1967 Demetrios Galanis: August 7, 1967 - May 4, 1973 Konstantinos Papayiannis: May 7, 1973 - August 9, 1974 Panagotis Papaligouras: August 9, 1974 - October 23, 1974 Xenophon Zolotas (3rd period): November 27, 1974 - October 29, 1981 Gerasimos Arsenis: November 3, 1981 - February 20, 1984 Demetrios Chalikias: February 20, 1984 - February 20, 1992 Euthymios Christodoulou: February 20, 1992 - December 1, 1993 Ioannis Boutos: December 1, 1993 - October 26, 1994 Lucas Papademos: October 26, 1994 - May 31, 2002 Nikolaos Garganas: May 31, 2002 - June 20, 2008 George Provopoulos: June 20, 2008 - present

65

Deputy Governors
The deputy governor (Greek: , hypodioikts) is the Bank's second-in-line officer. Traditionally, the Deputy Governors' main remit is administration, whereas Governors supervise monetary policy at large. Emmanuel Tsouderos: April 21, 1928 - October 31, 1931 Emmanuel Kamaras: November 25, 1931 May 20, 1932 Kyriakos Varvaressos: March 1, 1933 August 4, 1939 Georgios Mantzavinos: September 28, 1936 - February 11, 1946 Ioannis Arvanitis: August 4, 1939 - April 16, 1941 Andreas Papademetriou (Nazi occupation): July 3, 1941 - November 18, 1941 Spyridon Hadjikyriakos (Nazi occupation): April 5, 1943 - October 5, 1944 Stylianos Gregoriou: March 28, 1945 - February 2, 1955 Vasilios Kyriakopoulos: February 5, 1955 - December 24, 1955 Demetrios Galanis: December 31, 1955 - August 7, 1967 Ioannis Pezmazoglou: February 11, 1960 - August 5, 1967 Konstantinos Thanos: January 5, 1968 - September 10, 1969 Eustathios Panas: September 11, 1969 - August 9, 1974 Nikolaos Kyriazidis: August 9, 1974 - January 5, 1977 Nikolaos Charissopoulos: October 21, 1975 - November 6, 1981 Evangelos Devletoglou: December 23, 1977 - November 8, 1978 Georgios Drakos: November 24, 1978 - October 20, 1981 Demetrios Chalikias: November 16, 1981 - February 6, 1984 Evangelos Kourakos (1st period): July 10, 1982 - February 11, 1986

Panagiotis Korliras: February 20, 1984 - August 30, 1985 Eustathios Papageorgiou: September 17, 1985 - September 17, 1989 Georgios Provopoulos: October 1, 1990 - November 29, 1993

Bank of Greece Vasilios Antonioudakis: October 1, 1990 - December 19, 1991 Panagiotis Pavopoulos: February 21, 1992 - November 29, 1993 Evangelos Kourakos (2nd period): December 1, 1993 - September 4, 1996 Lucas Papademos: December 1, 1993 - October 26, 1994 Panagiotis Thomopoulos: October 26, 1994 - March 3, 2009 Nikolaos Garganas: September 5, 1996 June 13, 2002 Nikolaos Paleocrassas: June 14, 2002 - June 14, 2008 Eleni Dendrinou-Louri: June 15, 2008 - present Ioannis M. Papadakis: March 3, 2009 - present

66

Notes
[1] http:/ / www. bankofgreece. gr [2] "Euro FAQ" (http:/ / www. ibiblio. org/ theeuro/ InformationWebsite. htm?http:/ / www. ibiblio. org/ theeuro/ faq. htm#Which_country_are_the_Euro_Banknotes_from). The Euro Information Website. . Retrieved 15 January 2009.

External links
(Greek) (English) Bank of Greece official site (http://www. bankofgreece.gr) Biography of Governor Garganas in English (http://www. bankofgreece.gr/en/bank/garganas.htm) Biography of Deputy Governor Thomopoulos in English (http:// www.bankofgreece.gr/en/bank/thomopoulos.htm) Biography of Deputy Governor Paleokrasas in English (http://www.bankofgreece.gr/en/bank/paleocrassas. htm)
75th anniversary of Bank of Greece commemorative coin

Tourism in Greece

67

Tourism in Greece

Economy of Greece Agriculture Bank of Greece Companies Shipping Stock Exchange

(companies listed)

Tourism Greece topics

Culture Education Geography History Politics Greece portal

Greece attracts more than 16 million tourists each year, contributing 15% to the nation's Gross Domestic Product. Greece has been an attraction for international visitors since antiquity for its rich and long history, Mediterranean coastline and beaches.[1] In 2005, 6,088,287 tourists alone visited the city of Athens, the capital city.

Visitors
In 2008, the country welcomed over 16.5 million tourists. According to a survey conducted in China in 2005, Greece was voted as the Chinese people's number one choice as a tourist destination.[2] [3] In November 2006, Austria, like China, announced that Greece was the favourite tourist destination for its citizens.[4] In line with these observations, Greece's former Minister of Tourism Aris Spiliotopoulos announced the opening of a GNTO office in Shanghai until 2010.

Santorini

Economic impact
At the same time, tourism consumption increased considerably since the turn of the

Mykonos

Tourism in Greece

68

millennium, from US$ 17.7 bn. in 2000 to US$ 29.6 bn. in 2004. The numbers of jobs directly or indirectly related to the tourism sector were 659,719 and represented 16.5% of the country's total employment for that year.

Infrastructure
As a developed country highly dependent on tourism, Greece offers a wide variety of tourist facilities.[5] Tourism infastructure in Greece has been greatly improved since the 2004 Athens Olympic Games and continues to expand with a number of important projects particularly in areas of less mass-tourism.[6]
Myrtos Beach on the island Kefalonia

Corfu town

Kalavryta.

View of Rhodes city.

Panoramic view Heraklion, Crete.

of

the

harbour

of

Hotels
According to the Hellenic Chamber of Hotels, the number of hotels in Greece was by classification (bedplaces):
Metsovo.

Tourism in Greece

69

Star rating 5 star 4 star 3 star 2 star 1 star Total

Number 176 994 [7] [7] [7] [7] [7] [7]

Beds 64,913 [7] [7] [7] [7]

176,631 163,077 231,333 57,298

1,804 4,460 1,677 9,111

[7] [7]

693,252

Marinas
Greece has 51 marinas and 14,661 mooring places that provide such services as berths, fuel, water and electricity, telephony, and repairs. Some of the most developed and busiest marinas in Greece are just a few kilometres from the centre of Athens. The marinas of Alimos and Flisvos, on the south coast of Athens, have an aggregated capacity of more than 1,800 vessels.

Spas and thermal springs

Greece has 752 thermosprings. Many have been classified as therapeutic by the National Institute for Geographical and Mineral Research.

Conference facilities
Conference tourism, targeted at academic, business, or cultural markets is a cornerstone of the Greek national tourism policy. As a result, the Greek government, with strong support from local authorities, has been offering lucrative cash grants, leasing and employment subsidies and tax allowances to establish new conference facilities and expand existing ones. In a recent report in Meeting and Incentive Travel, Greece was ranked eighth in the world in overnight stays for conferences. Figures from the Tourism Satellite Accounting Research, conducted by WTTC (World Travel & Tourism Council) project a worldwide increase in revenues in business travel to Greece from US $1.51 bn. in 2001 to US $2.69 bn. in 2011. In 1998, the figure stood at US $1.18 bn.

Promoting Greek tourism

The government intends to promote winter tourism in Greece, which could potentially increase international arrivals even further. Tourism in Greece is run by the Greek National Tourism Organisation (GNTO) who used Helena Paparizou, a famous Greek singer who won Eurovision Song Contest in 2005 as an ambassador. Singer Sakis Rouvas,[8] who represented Greece in the 2009 Eurovision song contest is currently the ambassador for Greek Tourism. The new logo of the Greek National Tourism Organisation consists of nine circles, which symbolize the nine new kinds of tourism that should be promoted to combat the tourism sector's seasonality. The new logo's slogan is "Greece, the true experience", which shows that the marketing campaign is nowadays directed towards experience seekers and not just mass tourism.[9] The drawback of the new logo is that at a first glance it cannot be associated with Greece. The advertisements displayed in the GNTO's web-site still focus on the triptych of sea, sun and sand. However, the tourism campaign is undergoing a significant change as city-breaks and conference tourism are promoted, along with cultural and wellness tourism. The impact of the new campaign will hopefully result in increased tourist revenues.

Tourism in Greece

70

References
[1] Greece (http:/ / books. google. com/ books?id=NusCmIGiCg8C& pg=PA369& dq="Glorious+ beaches"+ Greece& ei=DA4JSd-cJ5rStQPLqqyQAg) by Paul Hellander, Kate Armstrong, Michael Clark, Des Hannigan [2] SkyscraperCity - View Single Post (http:/ / www. skyscrapercity. com/ showpost. php?p=5623408& postcount=1) [3] Minister says Greece, China to be best tourist partners (http:/ / english. peopledaily. com. cn/ 200506/ 17/ eng20050617_190760. html) [4] http:/ / www. voiceofgreece. gr/ OmogeneiaMainNews_en. asp?ID=22066 [5] http:/ / travel. state. gov/ travel/ cis_pa_tw/ cis/ cis_1127. html [6] http:/ / www. costanavarino. com [7] "Table 2: Hotels classified by star rating, 2006" (http:/ / web. archive. org/ web/ 20071023143507/ http:/ / www. statistics. gr/ eng_tables/ S604B_STO_1_TB_AN_06_2_Y_en. pdf). NSSG/HCH. www.statistics.gr. 2006. Archived from the original (http:/ / www. statistics. gr/ eng_tables/ S604B_STO_1_TB_AN_06_2_Y_en. pdf) on 2007-10-23. . Retrieved 2007-09-21. [8] http:/ / www. enet. gr/ online/ online_text/ c=112,id=905204. Retrieved 2009-02-23 [9] http:/ / www. visitgreece. gr

External links
Official Greece tourism site (http://www.visitgreece.gr) Greece travel guide from Wikitravel Greece travel and tourism (http://www.dmoz.org/Regional/Europe/Greece/Travel_and_Tourism/) at the Open Directory Project Greek Hotels Online (http://www.rental.gr)

Euro

71

Euro
Euro
(Greek) (Bulgarian) wro (Maltese)

Banknotes ISO 4217 Code Official user(s) Unofficial user(s) Inflation Method Pegged by Symbol Nickname Plural Coins Freq. used Banknotes Freq. used Central bank Website Printer Website Mint Website

Coins EUR (num. 978)

2.7%, March 2011 HICP

The single currency

[1]

See Euro linguistic issues

1c, 2c, 5c, 10c, 20c, 50c, 1, 2

5, 10, 20, 50, 100, 200, 500 European Central Bank www.ecb.europa.eu
[2]

The euro (sign: ; code: EUR) is the official currency of the eurozone: 17 of the 27 member states of the European Union (EU). It is also the currency used by the EU institutions. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.[3] [4] The currency is also used in a further 6 European countries (Montenegro, Andorra, Monaco, San Marino, Kosovo and the Vatican) and is consequently used daily by some 327million Europeans.[5] Additionally, over 175million people worldwide use currencies which are pegged to the euro, including more than 150million people in Africa. The euro is the second largest reserve currency as well as the second most traded currency in the world after the US$.[6] [7] As of June 2010, with more than 800billion in circulation, the euro has the highest combined value of

Euro banknotes and coins in circulation in the world, having surpassed the U.S. dollar.[8] Based on IMF estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world.[9] The name euro was officially adopted on 16 December 1995.[10] The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002.[11]

72

Administration
The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all Member States, and the operation of the eurozone payment systems. The 1992 Maastricht Treaty obliges most EU Member States to adopt the euro upon meeting certain monetary and budgetary requirements, although not all states have done so. The United Kingdom and Denmark negotiated exemptions,[12] while Sweden turned down the euro in a 2003 referendum, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course.

Characteristics

The ECB in Frankfurt, Germany, is in charge of the eurozone's monetary policy

Coins and banknotes

The euro is divided into 100 cents (sometimes referred to as euro cents, especially when distinguishing them from other currencies, and referred to as such on the common side of all cent coins). In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage.[13] [14] Otherwise, normal English plurals are recommended and used,[15] with many local variations such as 'centime' in France. All circulating coins have a common side showing the denomination or value, and a map in the background. For the denominations except the All euro coins have a common side, and a 1-, 2- and 5-cent coins, that map only showed the 15 Member States national side chosen by the issuing bank. which were members when the euro was introduced. Beginning in 2007 or 2008 (depending on the country) the old map is being replaced by a map of Europe also showing countries outside the Union like Norway. The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the 15 Member States of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx. The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any Member State may be freely used in any nation which has adopted

Euro the euro. The coins are issued in 2, 1, 50c, 20c, 10c, 5c, 2c, and 1c denominations. In order to avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands (by voluntary agreement) and in Finland (by law).[16] This practice is discouraged by the Commission, as is the practice of certain shops to refuse to accept high value euro notes.[17] Commemorative coins with 2 face value have been issued with The common (top) and national sides of the 2 coin changes to the design of the national side of the coin. These include both commonly issued coins, such as the 2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, and nationally issued coins, such as the coin to commemorate the 2004 Summer Olympics issued by Greece. These coins are legal tender throughout the eurozone. Collector's coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the Member State that issued them.[18] The design for the euro banknotes has common designs on both sides. The design was created by the Austrian designer Robert Kalina.[19] Notes are issued in 500, 200, 100, 50, 20, 10, 5. Each banknote has its own colour and is dedicated to an artistic period of European architecture. The front of the note features windows or gateways while the back has bridges. While the designs are supposed to be devoid of any identifiable characteristics, the initial designs by Robert Kalina were of specific bridges, including the Rialto and the Pont de Neuilly, and were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic.[20] Some of the highest denominations such as the 500 are not issued in all countries due to criminal use, though they remain legal tender throughout the eurozone.

73

Payments clearing, electronic funds transfer

Capital within the EU may be transferred in any amount from one country to another. All intra-EU transfers in euro are considered as domestic payments and bear the corresponding domestic transfer costs.[21] This includes all Member States of the EU, even those outside the eurozone providing the transactions are carried out in euro.[22] Credit/debit card charging and ATM withdrawals within the eurozone are also charged as domestic, however paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. The ECB has also set up a clearing system, TARGET, for large euro transactions.[23]

Currency sign
A special euro currency sign () was designed after a public survey had narrowed the original ten proposals down to two. The European Commission then chose the design created by the Belgian Alain Billiet. The official story of the design history of the euro sign is disputed by Arthur Eisenmenger, a former chief graphic designer for the EEC, who claims to have created it as a generic symbol of Europe.[24] Inspiration for the symbol itself came from the Greek epsilon ()[25] a reference to the cradle of European civilisation and the first letter of the word Europe, crossed by two parallel lines to certify the stability of the euro. European Commission[13] The European Commission also specified a euro logo with exact proportions and foreground/background colour tones.[26] While the Commission intended the logo to be a prescribed glyph shape, font designers made it clear that they intended to design their own variants instead.[27] Typewriters lacking the euro sign can create it by typing a
The euro sign; logotype and handwritten.

Euro capital 'C', backspacing and overstriking it with the equal ('=') sign. Placement of the currency sign relative to the numeric amount varies from nation to nation, but for texts in English the symbol (and the ISO-standard "EUR") should precede the amount.[28]

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Introduction of the euro

Preceding national currencies of the Eurozone
Currency Austrian schilling Belgian franc Dutch guilder Finnish markka French franc German mark Irish pound Italian lira Luxembourgian franc Monegasque franc Portuguese escudo Sammarinese lira Spanish peseta Vatican lira Greek drachma Slovenian tolar Cypriot pound Maltese lira Slovak koruna Estonian kroon Code ATS BEF NLG FIM FRF DEM IEP ITL LUF MCF PTE SML ESP VAL GRD SIT CYP MTL SKK EEK Rate Fixed on Yielded 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2002 2007 2008 2008 2009 2011

13.7603 31 December 1998 40.3399 31 December 1998 2.20371 31 December 1998 5.94573 31 December 1998 6.55957 31 December 1998 1.95583 31 December 1998 0.787564 31 December 1998 1,936.27 31 December 1998 40.3399 31 December 1998 6.55957 31 December 1998 200.482 31 December 1998 1,936.27 31 December 1998 166.386 31 December 1998 1,936.27 31 December 1998 340.750 239.640 0.585274 0.429300 30.1260 15.6466 19 June 2000 11 July 2006 10 July 2007 10 July 2007 8 July 2008 13 July 2010

The euro was established by the provisions in the 1992 Maastricht Treaty. To participate in the currency, Member States are meant to meet strict criteria, such as a budget deficit of less than three per cent of their GDP, a debt ratio of less than sixty per cent of GDP, low inflation, and interest rates close to the EU average. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which would result in the introduction of the euro. Economists who helped create or contributed to the euro include Fred Arditti, Neil Dowling, Wim Duisenberg, Robert Mundell, Tommaso Padoa-Schioppa and Robert Tollison. (For macro-economic theory, see below.) The name euro was devised on 4 August 1995 by Germain Pirlot, a Belgian Esperantist and ex-teacher of French and history,[29] and officially adopted in Madrid on 16 December 1995.[10] [30] Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. The definitive values in euro of these subdivisions (which represent the exchange rates at which the currency entered the euro) are shown at right.

Euro The rates were determined by the Council of the European Union,[31] based on a recommendation from the European Commission based on the market rates on 31 December 1998. They were set so that one European Currency Unit (ECU) would equal one euro. The European Currency Unit was an accounting unit used by the EU, based on the currencies of the Member States; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally the pound sterling) that day. The procedure used to fix the irrevocable conversion rate between the drachma and the euro was different, since the euro by then was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand.[32] The currency was introduced in non-physical form (traveller's cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. Their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from Member State to Member State. The earliest date was in Germany, where the mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted for two months more. Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to forever (the latter in Austria, Germany, Ireland and Spain). The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022.

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US economists on the euro, 19892002

A survey of US economists and their views on the EMU and euro from 19892002 found that the euro had gone much better than many expected.[33] Academic economists, overall, were more skeptical than Federal Reserve economists who adopted a more pragmatic approach. The skepticism appears to have resulted from the strong influence of the optimum currency area theory; other reasons include similar skepticism of monetary unification as an evolutionary process as opposed to a political project that ignored fundamental elements of economics and a distrust of pegged currency exchange rates (as opposed to floating exchange rates) as a basis and an alternative to a single European currency. Fred Bergsten of the Peterson Institute for International Economics in Washington DC was one of a few American economists optimistic about the euro.[34] His analysis focused on European political economy rather than technical considerations like the theory of optimum currency area seeing its implications as ambiguous enough to permit a basically political decision. In the same vein, Jeffry Frieden, Political Scientist at Harvard, points out that most US economists failed to systematically include political factors in their analysis.[35] By focusing only on the pure economics of the matter, they led themselves to unrealistic predictions. Charles Goodhart of the London School of Economics echoes a similar sentiment.[36] Some believed that a strong central state, which a sound euro seemingly required, would impede European economic liberalization.[37] On the other hand, some credit the euro's success to the European Central Bank's (ECB) ability to follow a stability-oriented monetary policy without undue influence from national interests.[38] This would not be possible without a certain amount of centralized power and decent incentives. George Selgin suggests that the ECB had an incentive to keep inflation low out of a desire to secure for the euro a prominent position in the international monetary market.[39]

Euro

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Direct and indirect usage

Andorra Bulgaria Czech Rep. Denmark

Eurozone
Hungary Kosovo Latvia Lithuania Monaco Monten. Poland Romania San Marino Sweden United Kingdom Vatican A&D Eurozone

Euro ERM II members unilaterally adopted other EU members via treaty special adoption agreement

77

Direct usage
The euro is the sole currency of 17 EU Member States: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. These countries comprise the "eurozone", some 326million people in total. With all but two of the remaining EU members obliged to join, together with future members of the EU, the enlargement of the eurozone is set to continue further. Outside the EU, the euro is also the sole currency of Montenegro and Kosovo and several European micro states (Andorra, Monaco, San Marino and Vatican City) as well as in three overseas territories of EU states that are not themselves part of the EU (Mayotte, Saint Pierre and Miquelon and Akrotiri and Dhekelia). Together this direct usage of the euro outside the EU affects over 3million people. It is also gaining increasing international usage as a trading currency, in Cuba,[40] North Korea and Syria.[41] There are also various currencies pegged to the euro (see below). In 2009 Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar.[42]

Use as reserve currency

Since its introduction, the euro has been the second most widely held international reserve currency after the U.S. dollar. The share of the euro as a reserve currency has increased from 17.9% in 1999 to 26.5% in 2008, at the expense of the U.S. dollar (its share fell from 70.9% to 64.0% in the same timeframe) and the Yen (it fell from 6.4% to 3.3%). The euro inherited and built on the status of the second most important reserve currency from the German mark. The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the IMF[43] the total of euro held as a reserve in the world at the end of 2008 was equal to USD 1.1trillion, with a share of 22% of all currency reserves in advanced economies, but a total of 31% of all currency reserves in emerging and developing economies. The possibility of the euro becoming the first international reserve currency is now widely debated among economists.[44] Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that it is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency."[45] In contrast to Greenspan's 2007 assessment the euro's increase in the share of the worldwide currency reserve basket has slowed considerably since the year 2007 and since the beginning of the worldwide credit crunch related recession and sovereign debt crisis.[43]

Euro

78

Currencies pegged to the euro

Outside the eurozone, a total of 23 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa (CFA franc and Moroccan dirham), two African island countries (Comorian franc and Cape Verdean escudo), three French Pacific territories (CFP franc) and another Balkan country, Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark). On 28 July 2009, So Tom and Prncipe signed an agreement with Portugal which will eventually tie its currency to the euro.[46]

Worldwide use of the euro and the U.S. dollar: EurozoneExternal adopters of the euroCurrencies pegged to the euroCurrencies pegged to the euro within narrow bandUnited StatesExternal adopters of the US dollarCurrencies pegged to the US dollarCurrencies pegged to the US dollar within narrow bandNote that the Belarusian ruble is pegged to the Euro, Russian ruble and US$ in a currency basket.

With the exception of Bosnia (which pegged its currency against the German mark) and Cape Verde (formerly pegged to the Portuguese escudo) all of these non-EU countries had a currency peg to the French Franc before pegging their currencies to the euro. Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation and encourages foreign investment due to its stability. Within the EU several currencies have a peg to the euro, in most instances as a precondition to joining the eurozone. The Bulgarian Lev was formerly pegged to the German mark, other EU memberstates have a direct peg due to ERM II: the Danish krone, the Lithuanian litas and the Latvian lats. In total, over 150million people in Africa use a currency pegged to the euro, 25million people outside the eurozone in Europe and another 500,000 people on Pacific islands.

Economics
Optimal currency area
In economics, an optimum currency area (or region) (OCA, or OCR) is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. There are two models, both proposed by Robert A. Mundell: the stationary expectations model and the international risk sharing model. Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro.[47] However, even before the creation of the single currency, there were concerns over diverging economies. Yet the chances of a state leaving the euro, or the chances that the whole zone would collapse, are extremely slim.[48]

Euro

79

Transaction costs and risks Most traded currencies

Currency distribution of global foreign exchange market turnover Rank Currency ISO 4217 code (Symbol) % daily share (April 2010) 84.9% 39.1% 19.0% 12.9% 7.6% 6.4% 5.3% 2.4% 2.2% 1.6% Other [50] Total 18.6% 200% [49]

1 2 3 4 5 6 7 8 9 10

United States dollar USD ($) Euro Japanese yen Pound sterling Australian dollar Swiss franc Canadian dollar Hong Kong dollar Swedish krona EUR () JPY () GBP () AUD ($) CHF (Fr) CAD ($) HKD ($) SEK (kr)

New Zealand dollar NZD ($)

The most obvious benefit of adopting a single currency is to remove the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades. For consumers, banks in the eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e.g., credit cards, debit cards and cash machine withdrawals). The absence of distinct currencies also removes exchange rate risks. The risk of unanticipated exchange rate movement has always added an additional risk or uncertainty for companies or individuals that invest or trade outside their own currency zones. Companies that hedge against this risk will no longer need to shoulder this additional cost. This is particularly important for countries whose currencies had traditionally fluctuated a great deal, particularly the Mediterranean nations. Financial markets on the continent are expected to be far more liquid and flexible than they were in the past. The reduction in cross-border transaction costs will allow larger banking firms to provide a wider array of banking services that can compete across and beyond the eurozone.

Price parity
Another effect of the common European currency is that differences in prices in particular in price levels should decrease because of the 'law of one price'. Differences in prices can trigger arbitrage, i.e. speculative trade in a commodity across borders purely to exploit the price differential. Therefore, prices on commonly traded goods are likely to converge, causing inflation in some regions and deflation in others during the transition. Some evidence of this has been observed in specific markets.[51]

Euro

80

Macroeconomic stability
Low levels of inflation are the hallmark of stable and modern economies. Because a high level of inflation acts as a tax (seigniorage) and theoretically discourages investment, it is generally viewed as undesirable. In spite of the downside, many countries have been unable or unwilling to deal with serious inflationary pressures. Some countries have successfully contained them by establishing largely independent central banks. One such bank was the Bundesbank in Germany; as the European Central Bank is modelled on the Bundesbank,[52] it is independent of the pressures of national governments and has a mandate to keep inflationary pressures low. Member countries that join the bank commit to lower inflation, hoping to enjoy the macroeconomic stability associated with low levels of expected inflation. The ECB (unlike the Federal Reserve in the United States of America) does not have a second objective to sustain growth and employment. Many national and corporate bonds denominated in euro are significantly more liquid and have lower interest rates than was historically the case when denominated in legacy currencies. While increased liquidity may lower the nominal interest rate on the bond, denominating the bond in a currency with low levels of inflation arguably plays a much larger role. A credible commitment to low levels of inflation and a stable debt reduces the risk that the value of the debt will be eroded by higher levels of inflation or default in the future, allowing debt to be issued at a lower nominal interest rate. Trade The consensus from the studies of the effect of the introduction of the euro is that it has increased trade within the eurozone by 5% to 10%.[53] On the lower bound, one study suggested an increase of 3%.[54] A recent study estimates this effect to be between 9 and 14%.[55] Nevertheless, a recent meta-analysis of all available studies suggests that the prevalence of positive estimates is caused by publication bias and that the underlying effect may be negligible.[56] Investment Studies have found a negative effect of the introduction of the euro on investment as of 2008 economic collapse and the continued currency speculation by Goldman Sachs . Physical investment seems to have increased by 5% in the eurozone due to the introduction.[57] Regarding foreign direct investment, a study found that the intra-eurozone FDI stocks have increased by about 20% during the first four years of the EMU.[58] Concerning the effect on corporate investment, there is evidence that the introduction of the euro has resulted in an increase in investment rates and that it has made it easier for firms to access financing in Europe. The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies. A study found that the introduction of the euro accounts for 22% of the investment rate after 1998 in countries that previously had a weak currency.[59] The effect is however less clear for firms coming from the strong currency countries; the introduction has not been beneficial for most of them. Inflation The introduction of the euro has led to extensive discussion about its possible effect on inflation. In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices. Paradoxically, this impression has not been supported by general indices of inflation, showing no major effect of the introduction of the euro. A study of this paradox has found that it is due to an asymmetric effect of the introduction of the euro on prices: while it had no effect on most goods, it had an effect on cheap goods which have seen their price round up after the introduction of the euro. The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased.[60] It has also been suggested that the jump in small prices may be because prior to the introduction, retailers made fewer upward adjustments and waited for the introduction of the euro to do so.[61]

Euro Exchange rate risk One of the advantages of the adoption of a common currency is the reduction of the risk associated with changes in currency exchange rates. It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside of Europe"[62] These reductions in market risk "were concentrated in firms domiciled in the eurozone and in non-Euro firms with a high fraction of foreign sales or assets in Europe". These changes were however "statistically and economically small". Financial integration The introduction of the euro seems to have had a strong effect on European financial integration. According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets [...] However, the real and policy barriers to integration in the retail and corporate banking sectors remain significant, even if the wholesale end of banking has been largely integrated."[63] Specifically, the euro has significantly decreased the cost of trade in bonds, equity, and banking assets within the eurozone. [64] On a global level, there is evidence that the introduction of the euro has led to an integration in terms of investment in bond portfolios, with eurozone countries lending and borrowing more between each other than with other countries.[65] Effect on interest rates The introduction of the euro has decreased the interest rates of most members countries, in particular those with a weak currency. As a consequence the market value of firms from countries which previously had a weak currency has very significantly increased.[66] The countries whose interest rates fell most as a result of the euro are Greece, Ireland, Portugal, Spain, and Italy.[67] Price convergence The evidence on the convergence of prices in the eurozone with the introduction of the euro is mixed. Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s.[68] [69] Other studies have found evidence of price convergence,[70] [71] in particular for cars.[72] A possible reason for the divergence between the different studies is that the processes of convergence may not have been linear, slowing down substantially between 2000 and 2003, and resurfacing after 2003 as suggested by a recent study (2009).[73]

81

Euro Tourism A study suggests that the introduction of the euro has had a positive effect on tourism flows within the EMU, with an increase of 6.5%.[74]

82

Exchange rates
Flexible exchange rates
The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets, because of the implications of the Mundell-Fleming Model which suggest that a central bank cannot maintain interest rate and exchange rate targets simultaneously because increasing the money supply results in a depreciation of the currency. In the years following the Single European Act, the EU has liberalised its capital markets, and as the ECB has chosen monetary autonomy, the exchange rate regime of the euro is flexible, or floating.

Euro-US Dollar exchange rate, 19992011

Against other major currencies

The Euro is one of the major reserve currencies together with the United States dollar, Japanese yen, Pound sterling and Swiss franc. After its introduction in 4 January 1999 the exchange rate of the Euro against the other major currencies fell reaching its historical lowest exchange rates in 2000 (25 Oct vs the US Dollar, 26 Oct vs Japanese Yen, 3 May vs Pound Sterling). Afterwards the Euro regained and its exchange rate reached its historical highest point in 2008 (15 July vs US Dollar, 23 July vs Japanese Yen, 29 Dec vs Pound Sterling). With the advent of the current global financial crisis the exchange rates of the Euro initially fell, only to regain later (below its maximum value but above its lowest value). Current and historical exchange rates against 29 other currencies (European Central Bank) [75]

Euro-Japanese Yen exchange rate, 19992011

Euro-Swiss Franc exchange rate, 19992011

Euro Current dollar/euro exchange rates (BBC) [76] Historical exchange rate from 1971 until now [77]

83

Linguistic issues
The formal titles of the currency are euro for the major unit and cent for the minor (one hundredth) unit and for official use in most eurozone languages; according to the ECB, all languages should use the same spelling for the nominative singular.[78] This may contradict normal rules for word formation in some languages; e.g., those where there is no eu diphthong. Bulgaria has negotiated an exception; euro in the Cyrillic alphabet is spelled as e (evro) and not e (euro) in all official documents.[79] The European Commission's Directorate-General for Translation states clearly that the plural forms euros and cents should be used in English.[80]

Alloys
The euro 1 and 2 coins are two-toned. The "gold" is an alloy, 75% copper, 20% zinc and 5% nickel. The "silver" is cupronickel, 75% copper, 25% nickel.[81] The 10, 20 and 50-cent coins are a proprietary alloy known as "Nordic gold", consisting of 89% copper, 5% aluminium, 5% zinc and 1% tin.[82] The 1, 2 and 5-cent coins are copper-coated steel fourres.[81] No constituent metal is toxic to human beings. The copper alloys make the coinage antimicrobial. The nickel alloy could cause contact dermatitis in sensitive people, but this condition could only be a problem if a Euro-1 or 2 is worn next to the skin for an extended period, perhaps as jewelry. The alloys are hypoallergenic.

Notes
[1] Official documents and legislation refer to the euro as "the single currency". "Council Regulation (EC) No 1103/97 of 17 June 1997 on certain provisions relating to the introduction of the euro" (http:/ / eur-lex. europa. eu/ LexUriServ/ LexUriServ. do?uri=CELEX:31997R1103:EN:HTML). Official Journal L 162, 19June 1997 P. 0001 0003. European Communities. 19 June 1997. . Retrieved 1 April 2009. This term is sometimes adopted by the media ( Google hits for the phrase (http:/ / www. google. com/ search?q="the+ single+ currency")) [2] http:/ / www. ecb. europa. eu [3] Rosenberg, Matt (23 May 2010). "Euro Countries: 22 Countries use the Euro as their Official Currency" (http:/ / geography. about. com/ od/ lists/ a/ euro. htm). About.com. . Retrieved 27 December 2010. [4] "EU ministers back Estonia bid to join euro" (http:/ / news. bbc. co. uk/ 2/ hi/ business/ 10264800. stm). BBC News. 8 June 2010. . Retrieved 19 July 2010. [5] "What is EMU?" (http:/ / www. eurodesigncontest. eu/ emu. cfm?lang=en). Eurodesigncontest.eu. . Retrieved 23 November 2008. [6] "Triennial Central Bank Survey 2007 BIS December 2007" (http:/ / www. bis. org/ publ/ rpfxf07t. pdf). BIS. 19 December 2007. . Retrieved 25 July 2009. [7] Aristovnik, Aleksander; e, Tanja (30 March 2009). "Compositional Analysis Of Foreign Currency Reserves In The 19992007 Period. The Euro vs. The Dollar As Leading Reserve Currency" (http:/ / mpra. ub. uni-muenchen. de/ 14350/ 1/ MPRA_paper_14350. pdf). Munich Personal RePEc Archive, Paper No. 14350. . Retrieved 27 December 2010. [8] As of 30 October 2009: Total EUR currency (coins and banknotes) in circulation 771.5 (banknotes) + 21.032 (coins) =792.53billion EUR * 1.48 (exchange rate) = 1,080billion USD Total USD currency (coins and banknotes) in circulation 859billion USD "Table 2: Euro banknotes, values (EUR billions, unless otherwise indicated, not seasonally adjusted)" (https:/ / stats. ecb. europa. eu/ stats/ download/ bkn_notes_val/ bkn_notes_val/ bkn_notes_val. pdf) (PDF). European Central Bank. . Retrieved 13 December 2009. "2009, October: Total banknotes: 771.5 (billion EUR)" "Table 4: Euro coins, values (EUR millions, unless otherwise indicated, not seasonally adjusted)" (https:/ / stats. ecb. europa. eu/ stats/ download/ bkn_coins_val/ bkn_coins_val/ bkn_coins_val. pdf) (PDF). European Central Bank. . Retrieved 13 December 2009. "2009, October: Total coins: 21,032 (million EUR)" "Money Stock Measures" (http:/ / federalreserve. gov/ releases/ h6/ current/ h6. htm). Federal Reserve Statistical Release. Board of Governors of the Federal Reserve System. . Retrieved 13 December 2009. "Table 5: Not Seasonally Adjusted Components of M1 (Billions of dollars), not seasonally adjusted, October 2009: Currency: 859.3 (billion USD)"

Euro
"Euro foreign exchange reference rates" (http:/ / www. ecb. europa. eu/ stats/ eurofxref/ eurofxref-hist-90d. xml). European Central Bank. . Retrieved 13 December 2009. "Exchange rate 2009-10-30: 1 EUR = 1.48 USD" [9] "Report for Selected Country Groups and Subjects" (http:/ / www. imf. org/ external/ pubs/ ft/ weo/ 2008/ 02/ weodata/ weorept. aspx?sy=2008& ey=2008& scsm=1& ssd=1& sort=country& ds=. & br=1& c=163& s=PPPGDP& grp=1& a=1& pr. x=63& pr. y=7). Imf.org. 14 September 2006. . Retrieved 5 January 2009. "Report for Selected Countries and Subjects" (http:/ / www. imf. org/ external/ pubs/ ft/ weo/ 2008/ 02/ weodata/ weorept. aspx?sy=2008& ey=2008& scsm=1& ssd=1& sort=country& ds=. & br=1& c=111& s=PPPGDP& grp=0& a=& pr. x=42& pr. y=7). Imf.org. 14 September 2006. . Retrieved 5 January 2009. "Report for Selected Country Groups and Subjects" (http:/ / www. imf. org/ external/ pubs/ ft/ weo/ 2008/ 02/ weodata/ weorept. aspx?sy=2008& ey=2008& scsm=1& ssd=1& sort=country& ds=. & br=1& c=163& s=NGDPD& grp=1& a=1& pr. x=42& pr. y=3). Imf.org. 14 September 2006. . Retrieved 5 January 2009. [10] "Madrid European Council (12/95): Conclusions" (http:/ / www. europarl. europa. eu/ summits/ mad1_en. htm). European Parliament. . Retrieved 14 February 2009. [11] "Initial changeover (2002)" (http:/ / www. ecb. int/ euro/ changeover/ 2002/ html/ index. en. html). European Central Bank. . Retrieved 5 March 2011. [12] "The Euro" (http:/ / ec. europa. eu/ economy_finance/ the_euro/ index_en. htm?cs_mid=2946). Economic and Financial Affairs. . Retrieved 29 January 2009. [13] "European Commission Economic and Financial Affairs How to use the euro name and symbol" (http:/ / ec. europa. eu/ economy_finance/ euro/ cash/ symbol/ index_en. htm). Ec.europa.eu. . Retrieved 7 April 2010. [14] European Commission. "Spelling of the words "euro" and "cent" in official Community languages as used in Community Legislative acts" (http:/ / ec. europa. eu/ economy_finance/ publications/ publication6336_en. pdf) (PDF). . Retrieved 26 November 2008. [15] European Commission Directorate-General for Translation. "English Style Guide: A handbook for authors and translators in the European Commission" (http:/ / ec. europa. eu/ translation/ writing/ style_guides/ english/ style_guide_en. pdf) (PDF). . Retrieved 16 November 2008.; European Union. "Interinstitutional style guide, 7.3.3. Rules for expressing monetary units" (http:/ / publications. europa. eu/ code/ en/ en-370303. htm). . Retrieved 16 November 2008. [16] European Commission (January 2007). "Euro cash: five and familiar" (http:/ / ec. europa. eu/ economy_finance/ een/ 005/ article_4324_en. htm). Europa (web portal). . Retrieved 26 January 2009. [17] Pop, Valentina (22 March 2010) Commission frowns on shop signs that say: '500 notes not accepted' (http:/ / euobserver. com/ ?aid=29737), EU Observer [18] European Commission (15 February 2003). "Commission communication: The introduction of euro banknotes and coins one year after COM(2002) 747" (http:/ / europa. eu/ legislation_summaries/ economic_and_monetary_affairs/ introducing_euro_practical_aspects/ l25058_en. htm). Europa (web portal). . Retrieved 26 January 2009. [19] "Robert Kalina, designer of the euro banknotes, at work at the Oesterreichische Nationalbank in Vienna" (http:/ / www. ecb. int/ euro/ changeover/ 2002/ photos/ html/ image12. en. html). Ecb.int. . Retrieved 30 May 2010. [20] Schmid, John (3 August 2001). "Etching the Notes of a New European Identity International Herald Tribune" (http:/ / www. iht. com/ articles/ 2001/ 08/ 03/ euro_ed3_. php?page=2). International Herald Tribune. . Retrieved 29 May 2009. [21] "Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro" (http:/ / eur-lex. europa. eu/ LexUriServ/ LexUriServ. do?uri=CELEX:32001R2560:EN:HTML). EUR-lex European Communities, Publications office, Official Journal L 344, 28 December 2001 P. 0013 0016. . Retrieved 26 December 2008. [22] "Cross border payments in the EU, Euro Information, The Official Treasury Euro Resource" (http:/ / www. euro. gov. uk/ crossborder. asp). United Kingdom Treasury. . Retrieved 26 December 2008. [23] European Central Bank. "TARGET" (http:/ / web. archive. org/ web/ 20080121081217/ http:/ / www. ecb. int/ paym/ target/ html/ index. en. html). Archived from the original (http:/ / www. ecb. int/ paym/ target/ html/ index. en. html) on 21 January 2008. . Retrieved 25 October 2007. [24] Connolly, Kate (23 December 2001). "Inventor who coined euro sign fights for recognition" (http:/ / observer. guardian. co. uk/ print/ 0,3858,4325292-102275,00. html). The Guardian (UK). . Retrieved 27 December 2010. [25] In the quotation, the epsilon is actually represented with the Cyrillic capital letter Ukrainian ye (, U+0404) instead of the technically more appropriate Greek lunate epsilon symbol (, U+03F5). [26] "The uro: Our Currency" (http:/ / web. archive. org/ web/ 20071011043046/ http:/ / ec. europa. eu/ economy_finance/ euro/ notes_and_coins/ symbol_en. htm). europa.eu. Archived from the original (http:/ / ec. europa. eu/ economy_finance/ euro/ notes_and_coins/ symbol_en. htm) on 11 October 2007. . Retrieved 25 October 2007. [27] Siebert, Jrgen (2002). "The Euro: From Logo to Letter" (http:/ / www. fontshop. com/ features/ fontmag/ 002/ 02_euro/ ). Font Magazine (2). . [28] "Position of the ISO code or euro sign in amounts" (http:/ / publications. europa. eu/ code/ en/ en-370303. htm#position). Interinstitutional style guide. Bruxelles, Belgium: Europa Publications Office. 5 February 2009. . Retrieved 10 January 2010. [29] "Germain Pirlot 'uitvinder' van de euro" (http:/ / www. agendaplus. info/ artikeleuro. jpg) (in Dutch). De Zeewacht. 16 February 2007. . Retrieved 14 February 2009. [30] This was seen by some as the second diplomatic defeat of the French, who wanted the name Ecu. Also, their candidate for the initial president lost out to the German candidate, Duisenberg. [31] by means of Council Regulation 2866/98 (EC) of 31 December 1998.

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Euro
[32] by Council Regulation 1478/2000 (EC) of 19 June 2000. [33] Jonung, Lars and Eoin Drea. "It Can't Happen, It's a Bad Idea, It Won't Last: U.S. Economists on the EMU and the Euro, 19892002". Econ Journal Watch 7(1): 452. (http:/ / econjwatch. org/ articles/ it-can-t-happen-it-s-a-bad-idea-it-won-t-last-us-economists-on-the-emu-and-the-euro-1989-2002) [34] Bergsten, C. Fred. "I Was a Euro Enthusiast". Econ Journal Watch 7(1): 5355. (http:/ / econjwatch. org/ articles/ i-was-a-euro-enthusiast) [35] Frieden, Jeffry. "A Political Scientist's Perspective". Econ Journal Watch 7(1): 5658. (http:/ / econjwatch. org/ articles/ a-political-scientist-s-perspective) [36] Goodhart, Charles. "Understanding the Euro Requires Political Economy, Not Just Economics". Econ Journal Watch 7(1): 5960. (http:/ / econjwatch. org/ articles/ understanding-the-euro-requires-political-economy-not-just-economics) [37] Hanke, Steve H. "Reflections on Currency Reform and the Euro". Econ Journal Watch 7(1): 6652. (http:/ / econjwatch. org/ articles/ Reflections-on-currency-reform-and-the-euro) [38] Issing, Otmar. "It Has HappenedAnd It Will Continue to Succeed". Econ Journal Watch 7(1): 6672. (http:/ / econjwatch. org/ issues/ volume-7-issue-1-january-2010) [39] Selgin, George. "The Secret of the Euro's Success". Econ Journal Watch 7(1): 7881. (http:/ / econjwatch. org/ issues/ volume-7-issue-1-january-2010) [40] "Cuba to adopt Euro in foreign trade" (http:/ / news. bbc. co. uk/ 1/ hi/ world/ americas/ 210441. stm). BBC News. 8 November 1998. . Retrieved 2 January 2008. [41] "US row leads Syria to snub dollar" (http:/ / news. bbc. co. uk/ 1/ hi/ business/ 4713622. stm). BBC News. 14 February 2006. . Retrieved 2 January 2008. [42] "Zimbabwe: A Critical Review of Sterp" (http:/ / allafrica. com/ stories/ 200904170690. html). 17 April 2009. . Retrieved 30 April 2009. [43] "Currency Composition of Official Foreign Exchange Reserves (COFER) Updated COFER tables include first quarter 2009 data. June30, 2009" (http:/ / www. imf. org/ external/ np/ sta/ cofer/ eng/ cofer. pdf) (PDF). . Retrieved 8 July 2009. [44] "Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency?" (http:/ / www. wage. wisc. edu/ uploads/ Working Papers/ chinnfrankel_NBER_eurotopcurrency. pdf) (PDF). . [45] "Euro could replace dollar as top currency Greenspan" (http:/ / www. reuters. com/ article/ bondsNews/ idUSL1771147920070917). Reuters. 17 September 2007. . Retrieved 17 September 2007. [46] "S.Tom e Princpe ancora-se ao euro" (http:/ / euobserver. com/ 9/ 26096). euobserver.com. (28 July 2009). . Retrieved 29 July 2009. [47] A Plan for a European Currency, 1973 by Mundell [48] "The Breakup of the Euro Area" (http:/ / papers. ssrn. com/ sol3/ papers. cfm?abstract_id=1014341). . [49] "Report on global foreign exchange market activity in 2010" (http:/ / bis. org/ publ/ rpfxf10t. pdf) (PDF). Triennial Central Bank Survey. Basel, Switzerland: Bank for International Settlements. December 2010. p. 12. . Retrieved 2 May 2011. [50] The total sum is 200% because each currency trade always involves a currency pair. [51] "Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market" (http:/ / www. nber. org/ papers/ w8402). Nber.org. . Retrieved 5 January 2009. [52] de Haan, Jakob (2000). The History of the Bundesbank: Lessons for the European Central Bank (http:/ / books. google. com/ ?id=EaIV0OWlaokC). London: Routledge. ISBN978-0-415-21723-1. . Retrieved 24 July 2009. [53] "The euro's trade effects" (http:/ / www. ecb. de/ pub/ pdf/ scpwps/ ecbwp594. pdf) (PDF). . Retrieved 2 October 2009. [54] "Trend27.dvi" (http:/ / www1. fee. uva. nl/ pp/ klaassen/ index_files/ trend27_forthcoming. pdf) (PDF). . Retrieved 2 October 2009. [55] "SSRN-Estimating the Euro Effects on Trade with Propensity Score Matching by Pandej Chintrakarn" (http:/ / papers. ssrn. com/ sol3/ papers. cfm?abstract_id=1079383). Papers.ssrn.com. . Retrieved 2 October 2009. [56] "Rose effect and the euro: is the magic gone?" (http:/ / www. springerlink. com/ content/ 670658078011l5r1/ ). Review of World Economics. . Retrieved 13 July 2010. [57] "G:\investment7.dvi" (http:/ / www. eu-financial-system. org/ fileadmin/ content/ Dokumente_Events/ second_conference/ Dvorak. pdf) (PDF). . Retrieved 2 October 2009. [58] "AFSE.fr" (http:/ / www. afse. fr/ docs/ congres_2005/ docs2005/ Sousa. pdf) (PDF). . Retrieved 30 May 2010. [59] "WU-Wien.ac.at" (http:/ / www2. wu-wien. ac. at/ rof/ papers/ pdf/ Bris-Koskinen-Nilsson_Euro Effects. pdf) (PDF). . Retrieved 30 May 2010. [60] "The Euro Changeover and Its Effects on Price Transparency and Inflation" (http:/ / www3. interscience. wiley. com/ journal/ 121658067/ abstract). InterScience.Wiley.com. . Retrieved 12 November 2010. [61] "Quarterly Journal of Economics Abstract" (http:/ / www. mitpressjournals. org/ doi/ abs/ 10. 1162/ qjec. 121. 3. 1103). MIT Press Journals. . Retrieved 2 October 2009. [62] "The impact of the introduction of the Euro on foreign exchange rate risk exposures" (http:/ / www. sciencedirect. com/ science?_ob=ArticleURL& _udi=B6VFG-4KB14MN-1& _user=121712& _rdoc=1& _fmt=& _orig=search& _sort=d& _docanchor=& view=c& _acct=C000009979& _version=1& _urlVersion=0& _userid=121712& md5=9da59b5525252985a70618a2dafbc141). Journal of Empirical Finance. ScienceDirect. . Retrieved 2 October 2009. [63] "Front Quark EURO.qxd" (http:/ / www. tcd. ie/ iiis/ documents/ discussion/ pdfs/ iiisdp139. pdf) (PDF). . Retrieved 2 October 2009. [64] "The geography of asset trade and the euro: Insiders and outsiders" (http:/ / www. sciencedirect. com/ science?_ob=ArticleURL& _udi=B6WMC-4TXF7WY-1& _user=10& _rdoc=1& _fmt=& _orig=search& _sort=d& _docanchor=& view=c& _acct=C000050221& _version=1& _urlVersion=0& _userid=10& md5=2c6125b54140decec22b1a1afcb622e0). Journal of the Japanese and International

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Economies. ScienceDirect. . Retrieved 2 October 2009. [65] "SSRN-Global Bond Portfolios and EMU by Philip R. Lane" (http:/ / papers. ssrn. com/ sol3/ papers. cfm?abstract_id=925858). Papers.ssrn.com. 22 August 2006. . Retrieved 2 October 2009. [66] "Rev. Financ. Stud. Sign In Page" (http:/ / rfs. oxfordjournals. org/ cgi/ content/ full/ hhn101). Rfs.oxfordjournals.org. . Retrieved 2 October 2009. [67] "Microsoft Word plane Title page.doc" (http:/ / www. eabcn. org/ research/ documents/ lane. pdf) (PDF). . Retrieved 2 October 2009. [68] "Price setting and inflation dynamics: did EMU matter" (https:/ / www. ecb. eu/ events/ pdf/ conferences/ emu/ sessionV_Angeloni_Paper. pdf) (PDF). . Retrieved 13 March 2011. [69] "Price convergence in the EMU? Evidence from micro data" (http:/ / opus. zbw-kiel. de/ volltexte/ 2009/ 7575/ pdf/ 200906dkp. pdf) (PDF). . Retrieved 2 October 2009. [70] "July8helene.dvi" (http:/ / faculty. london. edu/ hrey/ IMRRtele. pdf) (PDF). . Retrieved 2 October 2009. [71] "Uni-Muenchen.de" (http:/ / mpra. ub. uni-muenchen. de/ 835/ 1/ MPRA_paper_835. pdf) (PDF). . Retrieved 30 May 2010. [72] "Fedea.es" (http:/ / www. fedea. es/ pub/ Papers/ 2005/ dt2005-22. pdf) (PDF). . Retrieved 30 May 2010. [73] Fritsche, Ulrich; Lein, Sarah; Weber, Sebastian (April 2009). "Do Prices in the EMU Converge (Non-linearly)?" (http:/ / www. wiso. uni-hamburg. de/ hepdoc/ macppr_4_2009. pdf). University of Hamburg, Department Economics and Politics Discussion Papers, Macroeconomics and Finance Series. . Retrieved 28 December 2010. [74] "SSRN-The Effect of EMU on Tourism by Salvador Gil-Pareja, Rafael Llorca-Vivero, Jos Martnez-Serrano" (http:/ / papers. ssrn. com/ sol3/ papers. cfm?abstract_id=983231). Papers.ssrn.com. . Retrieved 2 October 2009. [75] http:/ / www. ecb. int/ stats/ exchange/ eurofxref/ html/ index. en. html [76] http:/ / newsvote. bbc. co. uk/ 1/ shared/ fds/ hi/ business/ market_data/ currency/ 13/ 12/ twelve_month. stm [77] http:/ / www. kshitij. com/ graphgallery/ eurmth. shtml [78] "European Central Bank, Covergence report May 2007" (http:/ / www. ecb. int/ pub/ pdf/ conrep/ cr200705en. pdf) (PDF). . Retrieved 29 December 2008. "The euro is the single currency of the Member States that have adopted it. To make this singleness apparent, Community law requires a single spelling of the word euro in the nominative singular case in all Community and national legislative provisions, taking into account the existence of different alphabets." [79] SofiaEcho.com (http:/ / sofiaecho. com/ 2007/ 10/ 19/ 656777_evro-dispute-over-portuguese-foreign-minister), "EVRO" Dispute over Portuguese Foreign Minister. [80] For example, see European Commission, Directorate General for Translation: English Style Guide section 20.8 "The euro. Like 'pound', 'dollar' or any other currency name in English, the word 'euro' is written in lower case with no initial capital and, where appropriate, takes the plural 's' (as does 'cent')." European Commission Directorate-General for Translation English Style Guide (http:/ / ec. europa. eu/ translation/ writing/ style_guides/ english/ style_guide_en. pdf). [81] Consumer coins, at copper.com (http:/ / www. copperinfo. com/ cproducts/ consumer. coins. euros. html) 17 November 2010 [82] "What is Nordic Gold (http:/ / www. copperinfo. co. uk/ faqs/ faqs-applications. shtml#q2) Copper Development Association

86

References Further reading

Buti, Marco; Deroose, Servaas; Gaspar, Vitor; Nogueira Martins, Joo (2010). The Euro. Cambridge: Cambridge University Press. ISBN9789279098420. Baldwin, Richard; Wyplosz, Charles (2004). The Economics of European Integration. New York: McGraw Hill. ISBN0077103947. Jonung, Lars and Eoin Drea. "It Can't Happen, It's a Bad Idea, It Won't Last: U.S. Economists on the EMU and the Euro, 19892002". Econ Journal Watch 7(1): 452. "It Can't Happen, It's a Bad Idea, It Won't Last: U.S. Economists on the EMU and the Euro, 19892002" (http://econjwatch.org/articles/ it-can-t-happen-it-s-a-bad-idea-it-won-t-last-us-economists-on-the-emu-and-the-euro-1989-2002). Econjwatch.org. 19 January 2010. Retrieved 12 November 2010. Jordan,Helmuth. "Fehlschlag Euro". Dorrance Publishing. 2010. "Fehlschlag Euro" (http://dorrance.stores. yahoo.net/feeurzufleuk.html). Dorrance Publishing.

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External links
Official websites The euro (http://ec.europa.eu/economy_finance/euro/index_en.htm) Europa European Central Bank (http://www.ecb.int/home/html/index.en.html) Security features (http://web.archive.org/web/20071225074514/http://www.ecb.int/bc/flash/security/ index_en.html) Exchange rates (http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html) Other The Euro Information Site (http://www.ibiblio.org/theeuro/faq) ibiblio The symbolic power of the euro (http://www.eurotopics.net/en/magazin/euro-2008-02/euro-debatte-2008-02/ ) Bundeszentrale fr politische Bildung Historical Documentation of EMU and the euro (http://ec.europa.eu/economy_finance/emu_history/ documentation.htm) Euro in crisis (http://www.english.rfi.fr/economy/20100628-eurozone-crisis) dossier by Radio France Internationale in English June 2010 Euro against other major currencies from 1971 ltg:Eura

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Eurozone
Eurozone (euro area)

Eurozone as of 2011 Non-eurozone areas using the euro Currency Union type Established Members Governance Political control Euro Group euro Economic & Monetary 1.1.1999

Group president Jean-Claude Juncker Issuing authority European Central Bank ECB president Affiliated with Jean-Claude Trichet European Union Statistics Population GDP (PPP) Interest rate Inflation Unemployment Trade balance 328,597,348 8.4trillion 1% [2] [3] [4] [1]

1.6% 10%

[5] [6]

22.3 bn surplus

The eurozone (pronunciation), officially the euro area,[7] is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro () as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Of the 10 EU member states outside the eurozone, seven states are obliged to join, once they fulfil the strict entrance requirements. Three EU member states have exceptions (that is, states not obligated to join the Zone), including Sweden, which has a de facto opt out; Denmark, which has an opt out that may be abolished in the future; and the United Kingdom, which also has an opt out provision. Monetary policy of the zone is the responsibility of the European Central Bank, though there is no common representation, governance or fiscal policy for the currency union. Some co-operation does however take place

Eurozone through the euro group, which makes political decisions regarding the eurozone and the euro. The eurozone can also be taken informally to include third countries that have adopted the euro, for example Montenegro (see details on these countries below). Three European microstatesMonaco, San Marino and the Vatican Cityhave concluded agreements with the European Union permitting them to use the euro as their official currency and mint coins,[8] but they are neither formally part of the eurozone[9] [10] nor represented on the board of the European Central Bank.

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Members
In 1998 eleven European Union member states had met the convergence criteria, and the eurozone came into existence with the official launch of the euro on 1 January 1999. Greece qualified in 2000 and was admitted on 1 January 2001. Physical notes and coins were introduced on 1 January 2002. Slovenia qualified in 2006 and was admitted on 1 January 2007. Cyprus and Malta qualified in 2007 and were admitted on 1 January 2008. Slovakia qualified in 2008 and joined on 1 January 2009. Estonia qualified in 2010 and joined on 1 January 2011. That makes 17 member states with 329million people in the eurozone.

EU Eurozone (17)EU states obliged to join the Eurozone (8)EU state with an Opt-outs in the European Unionopt-out on Eurozone participation (United KingdomUK)EU state with an opt-out which may be abolished by Denmark and the euro#Future euro referenduma future referendum (Denmark)International status and usage of the euro#States with issuing rightsStates outside the EU with issuing rights (3)International status and usage of the euro#Other usersOther non-EU users (4)

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State Austria Belgium Cyprus Estonia Finland France

Adopted 1 January 1999 1 January 1999 1 January 2008 1 January 2011 1 January 1999 1 January 1999

Population Nominal GDP (2009) World Bank 8356707 384,908 10741048 468,522 801622 24,910 1340274 19,120 5325115 237,512 64105125 2,649,390

Exceptions

[11] Northern Cyprus

[12] New Caledonia [12] French Polynesia [12] Wallis and Futuna

Germany Greece Ireland Italy

1 January 1999 1 January 2001 1 January 1999 1 January 1999

82062249 3,330,032 11262539 329,924 4517758 227,193 60090430 2,112,780 491702 52,449 412614 7,449 16481139 792,128 [14] Aruba [15] Curaao [15] Sint Maarten [16] Caribbean Netherlands [13] Campione d'Italia

Luxembourg 1 January 1999 Malta Netherlands 1 January 2008 1 January 1999

Portugal Slovakia Slovenia Spain Eurozone

1 January 1999 1 January 2009 1 January 2007 1 January 1999

10631800 227,676 5411062 87,642 2053393 48,477 47021031 1,460,250 329937622 12,475,099

Enlargement
Ten countries (Bulgaria, the Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, and the United Kingdom) are EU members but do not use the euro. Before joining the eurozone, a state must spend two years in the European Exchange Rate Mechanism (ERM II). Since 1 January 2009, the National Central Banks (NCBs) of Estonia, Latvia, Lithuania, and Denmark have participated in ERM II. The remaining currencies are expected to follow as soon as they meet the criteria. Few countries have declared a target date, and only Estonia gained approval[17] and succeeded in adopting the euro on 1 January 2011. Denmark and the United Kingdom obtained special opt-outs in the original Maastricht Treaty. Both countries are legally exempt from joining the eurozone unless their governments decide otherwise, either by parliamentary vote or referendum. The current Danish government has announced plans to hold a referendum on the issue following the adoption of the Treaty of Lisbon.[18] [19] [20] Sweden gained a de facto opt-out by using a legal loophole. It is required to join the eurozone as soon as it fulfils the convergence criteria, which include being part of ERM II for two years; joining ERM II is voluntary.[21] [22] Sweden has so far decided not to join ERM II.

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91

The 2008 financial crisis increased interest in Denmark and initially in Poland to join the eurozone, and in Iceland to join the European Union, a pre-condition for adopting the euro.[24] Since Latvia requested help from the International Monetary Fund (IMF), as a precondition, it may be forced to drop its currency peg. This would take Latvia out of ERM II and possibly move the euro adoption date even further from 2013 than currently planned.[25] However, by 2010, the debt crisis in the euro zone caused interest from Poland and the Czech Republic to cool.[26]

A clickable Euler diagram showing the relationships between various multinational [23] European organisations.v d e

Non-member usage
The euro is also used in countries outside the EU. Three states (i.e., Monaco, San Marino, and Vatican City)[27] [28] have signed formal agreements with the EU to use the euro and mint their own coins. Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group. Some countries (i.e., Andorra, Kosovo,[a] and Montenegro) have officially adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights. Andorra is currently negotiating an agreement with the EU. These states are not considered part of the eurozone by the ECB. However, in some usage, the term eurozone is applied to all territories that have adopted the euro as their sole currency.[29] [30] [31] Further unilateral adoption of the euro (euroisation), by both non-euro EU and non-EU members, is opposed by the ECB and EU.[32]

Administration and representation

The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the Eurosystem which comprises the ECB and the central banks of the EU states who have joined the euro zone. Countries outside the eurozone are not represented in these institutions. Whereas all EU member states are part of the European System of Central Banks (ESCB). Non EU member states have no say in all three institutions, even those with monetary agreements such as Monaco. The ECB is entitled to authorise the design and printing of euro banknotes and the volume of euro coins minted, and its president is currently Jean-Claude Trichet. The eurozone is represented politically by its finance ministers, known collectively as the Euro Group, and is presided over by a president, currently Jean-Claude Juncker. The finance ministers of the EU member states that use the euro meet a day before a meeting of the Economic and Financial Affairs Council Jean-Claude Juncker is the current (Ecofin) of the Council of the European Union. The Group is not an official Euro Group president Council formation but when the full EcoFin council votes on matters only affecting the eurozone, only Euro Group members are permitted to vote on it.[33] [34] [35]

Eurozone On 15 April 2008 in Brussels, Juncker suggested that the eurozone should be represented at the International Monetary Fund as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene."[36] However Finance Commissioner Joaqun Almunia stated that before there is common representation, a common political agenda should be agreed.[36]

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Economy
Comparison table Comparison of eurozone with other economies, 2006.[1]
Population eurozone EU (27) United States Japan 317million 494million 300million 128million GDP 8.4trillion % world 14.6% Exports Imports

21.7% GDP 20.9% GDP 14.3% GDP 15.0% GDP 10.8% GDP 16.6% GDP 16.8% GDP 15.3% GDP

11.9trillion 21.0% 11.2trillion 19.7% 3.5trillion 6.3%

GDP in PPP, exports/imports as goods and services excluding intra-EU trade.

Inflation
HICP figures from the ECB:[37]
Mid 1999: 1.0% Mid 2000: 2.0% Mid 2001: 2.8% Mid 2002: 1.9% Mid 2003: 1.9% May 2004: 2.5% May 2005: 2.0% May 2006: 2.5% May 2007: 1.9% May 2008: 3.7% May 2009: 0.0% May 2010: 1.6%

Interest rates
Interest rates for the eurozone, set by the ECB since 1999. Levels are in percentages per annum. Prior to June 2000, the main refinancing operations were fixed rate tenders. This was replaced by variable rate tenders, the figures indicated in the table after that refer to the minimum interest rate at which counterparties may place their bids.[3]

eurozone interest rates

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93

Date 1 Jan 1999 4 Jan 1999

Deposit facility Main refinancing operations Marginal lending facility 2.00 [38] 2.75 2.00 1.50 2.00 2.25 2.50 2.75 3.25 3.25 3.50 3.75 3.50 3.25 2.75 2.25 1.75 1.50 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.25 2.75 3.25 3.25 2.75 2.00 1.00 0.50 0.25 0.25 0.50 3.75 3.25 2.50 2.00 1.50 1.25 1.00 1.25 3.00 3.00 3.00 2.50 3.00 3.25 3.50 3.75 4.25 4.25 4.50 4.75 4.50 4.25 3.75 3.25 2.75 2.50 2.00 2.25 2.50 2.75 3.00 3.25 3.50 3.75 4.00 4.25 4.50 3.25 4.50 3.50 4.00 4.25 4.50 4.75 5.25 5.25 5.50 5.75 5.50 5.25 4.75 4.25 3.75 3.50 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 4.75 4.25 4.25 3.75 3.00 3.00 2.50 2.25 1.75 2.00

22 Jan 1999 9 Apr 1999 5 Nov 1999 4 Feb 2000 17 Mar 2000 28 Apr 2000 9 Jun 2000 28 Jun 2000 1 Sep 2000 6 Oct 2000 11 May 2001 31 Aug 2001 18 Sep 2001 9 Nov 2001 6 Dec 2002 7 Mar 2003 6 Jun 2003 6 Dec 2005 8 Mar 2006 15 Jun 2006 9 Aug 2006 11 Oct 2006 13 Dec 2006 14 Mar 2007 13 Jun 2007 9 Jul 2008 8 Oct 2008 9 Oct 2008 15 Oct 2008 12 Nov 2008 10 Dec 2008 21 Jan 2009 11 Mar 2009 8 Apr 2009 13 May 2009 13 April 2011

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Public debt
The following table states the ratio of public debt to GDP in percent for EU and other selected European states. Eurozone and non-eurozone EU members are marked as Euro and EU respectively.
Country Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy [39] [40] [41] [42] [43] [44] CIA 2007 OECD 2009 IMF 2009 CIA 2009 EuroStat 2009 59.10 84.60 59.60 3.40 35.90 63.90 64.90 89.50 24.90 104.00 52.6 87.1 76.5 120.2 72.7 127.7 18.0 64.00 115.8 16.40 [51] [52] [53] 44.00 78.10 72.50 [48] [49] [50] 72.7 100.4 67.10 93.70 56.20 [45] [46] [47] 66.40 101.00 56.20 7.10 40.30 77.60 77.20 113.40 64.80 115.80 14.60 69.00 45.50 63.60 35.90 23.60 36.20 69.4 86.3 39.8 44.1 62.4 53.20 [57] 58.90 75.80 35.70 [54] [55] [56] 60.90 76.80 35.70 31.30 53.20 67.50 96.20 58.00 7.20 43.80 78.10 73.40 126.80 65.50 116.00 14.50 68.60 60.80 76.10 35.40 35.40 53.20

Luxembourg 6.40 Malta Netherlands Portugal Slovakia Slovenia Spain

Fiscal policies
The primary means for fiscal coordination within the EU lies in the Broad Economic Policy Guidelines which are written for every member state, but with particular reference to the 17 current members of the eurozone. These guidelines are not binding, but are intended to represent policy coordination among the EU member states, so as to take into account the linked structures of their economies. For their mutual assurance and stability of the currency, members of the eurozone have to respect the Stability and Growth Pact, which sets agreed limits on deficits and national debt, with associated sanctions for deviation. The Pact originally set a limit of 3% of GDP for the yearly deficit of all eurozone member states; with fines for any state which exceeded this amount. In 2005, Portugal, Germany, and France had all exceeded this amount, but the Council of Ministers had not voted to fine those states. Subsequently, reforms were adopted to provide more flexibility and ensure that the deficit criteria took into account the economic conditions of the member states, and additional factors. The Organisation for Economic Cooperation and Development downgraded its economic forecasts on 20 March 2008 for the eurozone for the first half of 2008. Europe does not have room to ease fiscal or monetary policy, the 30-nation group warned. For the euro zone, the OECD now forecasts first-quarter GDP growth of just 0.5%, with no improvement in the second quarter, which is expected to show just a 0.4% gain.

Eurozone

95

Late 2000s recession and reform

As a result of the global financial crisis that began in 2007/2008, the eurozone entered its first official recession in the third quarter of 2008, official figures confirmed in January 2009.[58] On 11 October 2008 the Euro Group heads of state and government (rather than finance ministers) held an extraordinary summit in Paris to define a joint action plan for the eurozone and the European Central Bank to stabilise the European economy. The leaders hammered out a plan to confront the financial crisis which will involve hundreds of billions of euros of new initiatives to head off a feared "meltdown". They agreed a bank rescue plan: governments would buy into banks to boost their finances and guarantee interbank lending. Coordination against the crisis is considered vital to prevent the actions of one country harming another and exacerbating the bank solvency and credit shortage problems. In the Great Depression, so-called "beggar-thy-neighbour" measures taken unilaterally by countries are considered to have deepened the economic loss.[59] Despite initial fears by speculators in early 2009 that the stress of such a large recession could lead to the break up of the eurozone, the euro's position actually strengthened as the year progressed. Far from the poorer performing economies moving further away and becoming a default risk, bond yield spreads between Germany and the weakest economies decreased easing the strain on these economies. The ECB has been attributed much of the credit for the turn around in fortunes, injecting 500bn into the banks in June.[60] In early 2010, fears of a sovereign debt crisis developed concerning eurozone countries such as Greece, Spain, Ireland, Portugal and Italy.[61] See also Eurozone debt crisis. With Greece facing severe economic difficulties, the EU adopted a plan to help its recovery, including surveillance from the ECB and loans. The European Council also stated for the first time that if it came to it, the EU would bail out the country if needed.[62] The crisis has sparked renewed discussion of fiscal integration as the lack of a federal treasury and budget being seen as a major weakness of the eurozone[63] and there is the possibility the upcoming 10-year economic plan may lay the foundations for fiscal co-ordination.[64] The attack by speculators on Greece was seen by some, including the Greek government, as an attack on the eurozone, using Greece as the weak-link.[65] [66] A 30billion euro bailout for Greece was triggered in April 2010.[67]

Agreements and proposals

The economic crisis prompted calls for a more integrated eurozone,[68] from bailing out member states to fiscal union. Peer review and sanctions agreed Strong European Union oversight in the fields of taxation and budgetary policy and the enforcement mechanisms that go with it have sometimes been described as potential infringements on the sovereignty of eurozone member states[69] However, in June 2010, broad agreement was finally reached on a controversial proposal for member states to peer review each others' budgets prior to their presentation to national parliaments. Although showing the entire budget to each other was opposed by Germany, Sweden and the UK, each government would present to their peers and the Commission their estimates for growth, inflation, revenue and expenditure levels six months before they go to national parliaments. If a country was to run a deficit, they would have to justify it to the rest of the EU while countries with a debt more than 60% of GDP would face greater scrutiny.[70] The plans would apply to all EU members, not just the eurozone, and have to be approved by EU leaders along with proposals for states to face sanctions before they reach the 3% limit in the Stability and Growth Pact. Poland has criticised the idea of withholding regional funding for those who break the deficit limits, as that would only impact the poorer states.[70] In June 2010 France agreed to back Germany's plan for suspending the voting rights of members who breach the rules.[71]

Eurozone In March 2011 was initiated a new reform of the Stability and Growth Pact aiming at straightening the rules by adopting an automatic procedure for imposing of penalties in case of breaches of either the deficit or the debt rules.[72] [73] However, Bailout mechanism agreed On 25 March 2010, the European Council agreed on a bailout mechanism for Greece and, with the approval of the European Council, for any other country in need of it. The majority of the 22billion loan funds came from bilateral contributions from eurozone members, with substantial extra contributions from the IMF. Germany backed IMF involvement and a compromise with France saw the IMF's input limited. There was concern that a eurozone bailout would violate the EU treaties and German law, although the plan stresses that all actions will be carried out in accordance with those rules. The plan also provides for a greater role for the European Council and that "the European Council should become the economic government of the European Union and we [the European Council] propose to increase its role in economic surveillance." German finance minister Wolfgang Schuble recently called for eurozone rules to be significantly tightened, including the possibility of expelling members that repeatedly flaunt restrictions.[74] In April 2010, the bailout mechanism was triggered, with 30billion being loaned to Greece.[67] In May, the EU established a full fund of 750billion to stabilise the eurozone as a whole: 440billion from eurozone states, 60billion from emergency European Commission funds, and 250billion from the IMF.[75] A special purpose vehicle (SPV) called "European Financial Stability Facility" (EFSF) with base in Luxembourg was created. The EFSF will issue debt on capital markets, backed by guarantees from the eurozone states. Money raised will be lent to indebted eurozone governments after a restructuring programme is agreed.[70] In June 2010 there were reports that the EU was preparing to release funds to Spain. This was denied but German Chancellor Angela Merkel confirmed Spain could access the funds if necessary.[71] European Monetary Fund proposed There have been a number of proposals for greater fiscal union. This has come in the forms of a finance ministry or International Monetary Fund style body. Belgian Prime Minister Yves Leterme proposed a European Debt Agency which would manage eurozone government debt.[76] A similar plan came from Wolfgang Schuble, Germany's Minister of Finance, who proposed creating a European version of the International Monetary Fund (IMF) so IMF style resources and expertise could be used, while solving the problem within Europe. The plan is also backed by France, the Socialists and the Italian President who stated that "The European Central Bank [and] the European institutions are aware that there's something missing from our common tool box to tackle unforeseen and serious crises in one of the eurozone nations." The Commission is preparing a formal proposal on an EMF[77] however some see the plan as too far fetched as there is no appetite for treaty reform after Lisbon.[76] Regardless, an EMF or EDA would not be operational in time to help Greece. French President Sarkozy declared that "France is by the side of Greece in the most resolute fashion ... The euro is our currency. It implies solidarity. There can be no doubt on the expression of this solidarity" and that if the eurozone let a member fail, there would have been no point in creating the currency.[77] In the long term, Germany wants an EMF to be accompanied by stronger enforcement mechanisms: for example a country that does not reign in its debt can have its EU funds withdrawn or its voting rights suspended. However, such plans are opposed by key EU member states such as France and Italy.[78] The proposals may result in the biggest overhaul of the eurozone since the euro's launch. With the guarantee that a member state would be bailed out, the market based system where a state must keep its own finances in check is being replaced by a state-run system with the EU bailing out countries in return for oversight over their finances. This is seen as vital as a Greek collapse would bring the rest of the EU with it; although Germany would be a big

96

Eurozone financial contributor, its industry relies on exports and its banks have investments in Greece. It requires giving up another chunk of sovereignty, funds or financial independence and would give the eurozone a stronger base of a fiscal-political union that has been another weak point in its design.[79] The European Stability Mechanism is the expected implementation of some of the proposed measures. Other proposals Spain has proposed that the EU enact the article in the Lisbon Treaty which will create the European Public Prosecutor. Spain for its part wants this new EU organ to co-ordinate legal action against those speculators who were attacking the euro.[80] Finally, French President Nicolas Sarkozy called for the Eurogroup to be replaced by a "clearly identified economic government" for the eurozone, stating it was not possible for the eurozone to continue without it. The eurozone economic government would discuss issues with the European Central Bank, which would remain independent.[81] This government would come in the form of a regular meeting of the eurozone heads of state and government (similar to the European Council) rather than simply the finance ministers which happens with the current Eurogroup. Sarkozy stated that "only heads of state and government have the necessary democratic legitimacy" for the role. This idea was based on the meeting of eurozone leaders in 2008 who met to agree a co-ordinated eurozone response to the banking crisis.[82] This is in contrast to an early proposal from former Belgian Prime Minister Guy Verhofstadt who saw the European Commission taking a leading role in a new economic government, something that would be opposed by the less integrationist states.[34] Sarkozy's proposal was opposed by Eurogroup chair Jean-Claude Juncker who does not think Europe is ripe for such a large step[34] and opposition from Germany killed off the proposal.[71] [82] Merkel approved of the idea of an economic government, but for the whole of the EU, not just the eurozone as doing so could split the EU and relegate non-euro states to second class members.[71] The Euro Plus Pact implements some of these ideas.

97

Notes and references

a. Kosovo is the subject of a territorial dispute between the Republic of Serbia and the self-proclaimed Republic of Kosovo. It declared independence on 17 February 2008, while Serbia claims it as part of its own sovereign territory. Its independence is recognised by 75 UN member states. [1] "An international currency" (http:/ / ec. europa. eu/ economy_finance/ euro/ why/ international/ index_en. htm). Europa (web portal). . Retrieved 26 February 2011. [2] World interest rates table (http:/ / www. fxstreet. com/ fundamental/ interest-rates-table/ ), FX street [3] Key ECB interest rates (http:/ / www. ecb. int/ stats/ monetary/ rates/ html/ index. en. html), ECB [4] HICP all items annual average inflation rate (http:/ / epp. eurostat. ec. europa. eu/ tgm/ table. do?tab=table& language=en& pcode=tsieb060& tableSelection=1& footnotes=yes& labeling=labels& plugin=1) Eurostat [5] Harmonised unemployment rate by gender total [teilm020]; Total % (SA) (http:/ / epp. eurostat. ec. europa. eu/ tgm/ table. do?tab=table& language=en& pcode=teilm020& tableSelection=1& plugin=1) Eurostat [6] For the whole of 2009. Euroindicators 17 February 2010 (http:/ / epp. eurostat. ec. europa. eu/ cache/ ITY_PUBLIC/ 6-17022010-AP/ EN/ 6-17022010-AP-EN. PDF), Eurostat [7] "Countries, languages, currencies" (http:/ / publications. europa. eu/ code/ en/ en-370300. htm). Interinstitutional style guide. the EU Publications Office. . Retrieved 2 February 2009. The euro area (http:/ / www. ecb. int/ euro/ intro/ html/ map. en. html), European Central Bank [8] "Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra)" (http:/ / europa. eu/ legislation_summaries/ economic_and_monetary_affairs/ institutional_and_economic_framework/ l25040_en. htm). . Retrieved 26 May 2010. [9] A glossary (http:/ / www. ecb. int/ home/ glossary/ html/ glosse. en. html) issued by the ECB defines "euro area", without mention of Monaco, San Marino, or the Vatican. [10] The agreements contain provisions that do not apply to the eurozone proper. For example, banks in Monaco need the consent of the ECB to gain access to national payment systems in France. [11] The self-declared Turkish Republic of Northern Cyprus is not recognised by the EU and uses the Turkish lira. However the euro does circulate widely. [12] French Pacific territories use the CFP franc, which is pegged to the euro. [13] Uses the Swiss franc. However the euro is also accepted and circulates widely.

Eurozone
[14] Aruba is part of the Kingdom of the Netherlands, but not the EU. It uses the Aruban florin, which is pegged to the US dollar. [15] Currently uses the Netherlands Antillean guilder and plans to introduce the Caribbean guilder on 1 January 2012; both are pegged to the US dollar. [16] Uses the US Dollar. [17] "Ministers offer Estonia entry to eurozone January1" (http:/ / www. france24. com/ en/ 20100608-eu-ministers-offer-estonia-entry-eurozone-january-1-currency-europe). France24.com. 8 June 2010. . Retrieved 12 November 2010. [18] "Newsvine Denmark to Hold New Referendum on Euro" (http:/ / www. newsvine. com/ _news/ 2007/ 11/ 22/ 1115165-denmark-to-hold-new-referendum-on-euro). Newsvine.com. . Retrieved 2 January 2009. [19] Robert Anderson (22 November 2007). "FT.com / World Denmark to hold new referendum on euro" (http:/ / www. ft. com/ cms/ s/ 0/ 79799902-9909-11dc-bb45-0000779fd2ac. html). Financial Times. . Retrieved 2 January 2009. [20] "Denmark to hold second euro referendum EurActiv.com | EU European Information on Economy & Euro" (http:/ / www. euractiv. com/ en/ euro/ denmark-hold-second-euro-referendum/ article-168631). Euractiv.com. 23 November 2007. . Retrieved 2 January 2009. [21] "Swedish Parliament EU Information" (http:/ / www. eu-upplysningen. se/ Amnesomraden/ EMU/ Sverige-och-EMU/ ). Swedish Parliament. 4 December 2009. . Retrieved 16 January 2010. [22] "Information on ERM II" (http:/ / ec. europa. eu/ economy_finance/ euro/ adoption/ erm2/ index_en. htm). European Commission. 22 December 2009. . Retrieved 16 January 2010. [23] http:/ / en. wikipedia. org/ w/ index. php?title=Template:Supranational_European_Bodies& action=edit [24] Dougherty, Carter (1 December 2008). "Buffeted by financial crisis, countries seek euro's shelter" (http:/ / www. iht. com/ articles/ 2008/ 12/ 01/ business/ euro. php?page=1). International Herald Tribune (The New York Times). . Retrieved 2 December 2008. 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[35] Protocols (http:/ / eur-lex. europa. eu/ LexUriServ/ LexUriServ. do?uri=OJ:C:2008:115:0201:0328:EN:PDF), Official Journal of the European Union [36] Elitsa Vucheva (15 April 2008). "Eurozone countries should speak with one voice, Juncker says" (http:/ / euobserver. com/ 9/ 25984). EU Observer. . Retrieved 26 February 2011. [37] European Central Bank (14 December 2007). "Euro area (changing composition) HICP Overall index, Annual rate of change, Eurostat, Neither seasonally or working day adjusted" (http:/ / sdw. ecb. europa. eu/ quickview. do?SERIES_KEY=122. ICP. M. U2. N. 000000. 4. ANR). . Retrieved 2 January 2008. [38] The ECB announced on 22 December 1998 that, between 4 and 21 January 1999, there would be a narrow corridor of 50 base points interest rates for the marginal lending facility and the deposit facility in order to help the transition to the ECB's interest regime. [39] October 2008 "The World Factbook (Rank Order Public debt)" (http:/ / www. webcitation. org/ query?url=https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ rankorder/ 2186rank. html& date=15). Archived from the original (https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ rankorder/ 2186rank. html) on 15 October 2008. October 2008. Retrieved 15 October 2008. (all estimates 2007 data unless noted) [40] "Annex Table 33. General government net financial liabilities" (http:/ / www. oecd. org/ dataoecd/ 5/ 51/ 2483816. xls). 2 January 2011. . [41] cite web |url=http:/ / www. oecd. org/ document/ 61/ 0,3343,en_2649_34573_2483901_1_1_1_1,00. html |title="Annex Table 32. 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(http:/ / euobserver. com/ 7/ 29451), EU observer [64] Willis, Andrew (18 February 2010) Greek drama heightens debate on economic co-ordination (http:/ / euobserver. com/ 19/ 29501), EU Observer [65] Greece rejects bailout as eurozone worries grow (http:/ / www. euractiv. com/ en/ reece-rejects-bailout-as-eurozone-worries-grow), Euractiv [66] Sarkozy to 'speculators': Lay off Greece (http:/ / www. google. com/ hostednews/ ap/ article/ ALeqM5iXUJvBknZVGqsBenIusBgBvWj5WQD9EA22P00), Associated Press [67] Wray, Richard (11 April 2010) EU ministers agree Greek bailout terms (http:/ / www. guardian. co. uk/ world/ 2010/ apr/ 11/ eu-greece-bailout-terms) The Guardian [68] First step towards more integrated eurozone (http:/ / www. ft. com/ cms/ s/ 0/ 749db82c-2a1c-11df-b940-00144feabdc0. html), Financial Times [69] (English) see Ionescu Romeo, "Romania and Greece: Together or Alone", AJBM Vol. 4(19), p. 4197, December 2010 [Quoting Q1 2010 article (in French) by M. Nicolas J. 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[81] " Sarkozy pushes eurozone 'economic government' (http:/ / www. france24. com/ en/ 20081021-president-sarkozy-adress-eu-parliament-strasbourg-france-financial-crisis& navi=EUROPE), France 24 (21 October 2008) [82] Germany rejects idea of eurozone 'economic government': report (http:/ / www. eubusiness. com/ news-eu/ 1224604923. 01), EU Business (21 October 2008)

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External links
European Central Bank (http://www.ecb.europa.eu) European Commission Economic and Financial Affairs Eurozone (http://ec.europa.eu/economy_finance/ euro/index_en.htm)

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Greece Source: http://en.wikipedia.org/w/index.php?oldid=427528384 Contributors: -- April, -Inanna-, -Majestic-, 1111tomica, 119, 157.228.x.x, 18alex12, 2help, 334a, 3rdAlcove, 4ervoto, A Macedonian, A Softer Answer, A Voulgarakis, A Werewolf, A bit iffy, A-giau, A.Cython, A.kamburov, A2Kafir, ALMN, ARC Gritt, ASOTMKX, AVand, Abby, Abeg92, Acalamari, Acroterion, Action st, Acusilaus, Adam Bishop, Adam Carr, Adambro, Adashiel, Addshore, AdelaMae, Adeshkahn, Adidaz4eva, AdrianTM, Adricnet, Adsfj;eoivnapvujnrpvun, Aec is away, Aee1980, Aeolopluton, Aero1980, Aeropus II of Macedon, Aerospace1980, AerospaceM, Aeschines Socraticus, Aexon79, Afv2006, Aggelophoros, Ahassan05, Ahavat, Ahkond, Ahoerstemeier, Ainlina, Aitias, Aivazovsky, Ajaxmaster, Akanemoto, Akhilleus, Akisthegreat1985, Aklpts, Alan Au, Alansohn, Alarics, Albanau, Albertmost, Aldux, AlefZet, Alex '05, Alex LaPointe, AlexChad, Alexander Domanda, Alexandros, Alexf, Alexignatiou, Alexikoua, AlexiusHoratius, Alfie66, Alkid10, Altenmann, Alx bio, Amakuru, Amberrock, American1991, Amerika, Amitch, Amorymeltzer, Ams80, Anastasios, Ancientmacedon, Andershalden, Andonic, Andre Engels, AndreasJS, Andruzzo, Andrwsc, Andy M. 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Anderson, Suncloud, TFCforever, Tomjharris, Wingedsubmariner, 62 anonymous edits Bank of Greece Source: http://en.wikipedia.org/w/index.php?oldid=427608350 Contributors: Airodyssey, Andrew Dalby, Angelbo, Bryan Derksen, Chochopk, Cplakidas, D6, DMG413, Danny, Dexterleezh, Dimboukas, Dsp13, Dysprosia, Erud, Freecyprus, Georgios, Giorgos P, Grenavitar, Grunners, Hemlock Martinis, Jlin, KaragouniS, LG4761, Mandarax, Mic, Miguel.mateo, Optim, Rjwilmsi, Rockybiggs, Sardanaphalus, Sk741, Stepheng3, The Duke of Waltham, The Random Editor, Thewikipedian, Vikingstad, Wik, 19 anonymous edits Tourism in Greece Source: http://en.wikipedia.org/w/index.php?oldid=424584782 Contributors: 16@r, ASV47, Action st, Adam.J.W.C., Alexius08, Anastasios, AndrewBellis, Balthazarduju, Bellemonde, CLW, Cainefarrow, CalJW, Calliopejen1, Carlos28, Ceyockey, Closedmouth, Colonies Chris, Community, CuteHappyBrute, DVdm, Darkwind, Darth Panda, Darwinek, Editore99, El C, El Greco, Energon, ErKURITA, Erud, FKmailliW, Gfoley4, Giorgos P, Hellas719, Hottentot, JFKennedy, JHMM13, Jamie C, Jauerback, Jeffrey Smith, Jimzoun, Jkelly, LMB, Lk65, MER-C, Manos, MaxSem, Montchav, Mushroom, Nakon, Name444, NerdyNSK, Nevilley, Nipsonanomhmata, Noctibus, Olivier, Omicron, Orangemike, Pel thal, Philip Trueman, Plison, Pmanderson, Polysophia, Reach Out to the Truth, Rjwilmsi, RobM, Sameboat, Shanes, ShelfSkewed, SimonP, Sjakkalle, SkyDrinker, Sthenel, Sverdrup, Tabor, Taspapas, Tassedethe, TheLeopard, TheMindsEye, Thiseye, Tuppie4, Vanished user 03, Vic49, Warofdreams, Who, Wikisceptic, Wizardman, 122 anonymous edits Euro Source: http://en.wikipedia.org/w/index.php?oldid=427074981 Contributors: $1000000000ten0one1, 138.89.97.xxx, 159753, 16@r, 17Drew, 1millionbit, 21655, 2sc945, 93JC, A bit iffy, ABF, AJR, Aaron Schulz, Abigail alderate, Achmelvic, Addshore, Adi4094, Aesopos, AgarwalSumeet, Agateller, AgentCDE, Agnellous, Ahoerstemeier, Aidan W, Ajf311, Ajgorhoe, Akamad, Aladdin Sane, Alai, Alansohn, Alarm, Alastairgbrown, Albanaco, Aldux, Ale jrb, Aleron235, Alexkin, Alexpierrot, Alfio, Alinor, Almost-instinct, Alsandro, Altenmann, Altruic, Amakuru, Amalas, Andonic, Andrew Yong, AndrewRT, Andrewphelps, Androl, Andy G, Andypandy.UK, Angela, Angelbo, Anguswalker, Anirvan, Anonymous editor, Anonymous101, AnonymousEuropean, Anotherclown, Anothername, Antandrus, Anthere, Antipastor, Antonio Di Dio, ApprenticeFan, Archimerged, Arctic Night, Aris Katsaris, Armando, Arnoutf, Arpingstone, Arthena, Artyom, Arwel Parry, Asdavis, Ashmoo, Asn, Asztal, Atakdoug, Auntof6, AussieDingo1983, Avala, Avij, Axel Svensson, AxelBoldt, Axeman89, B-do123, B. 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File:Flag of Greece.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Greece.svg License: Public Domain Contributors: (of code) (talk) File:Coat of arms of Greece.svg Source: http://en.wikipedia.org/w/index.php?title=File:Coat_of_arms_of_Greece.svg License: Public Domain Contributors: User:Tonyjeff File:Location Greece EU Europe.png Source: http://en.wikipedia.org/w/index.php?title=File:Location_Greece_EU_Europe.png License: Public Domain Contributors: User:Quizimodo File:Increase2.svg Source: http://en.wikipedia.org/w/index.php?title=File:Increase2.svg License: unknown Contributors: Sarang File:Speaker Icon.svg Source: http://en.wikipedia.org/w/index.php?title=File:Speaker_Icon.svg License: Public Domain Contributors: Blast, G.Hagedorn, Mobius, 2 anonymous edits File:Parthenon.JPG Source: http://en.wikipedia.org/w/index.php?title=File:Parthenon.JPG License: Creative Commons Attribution-Sharealike 2.5 Contributors: User:Onkel Tuca File:BattleofIssus333BC-mosaic-detail1.jpg Source: http://en.wikipedia.org/w/index.php?title=File:BattleofIssus333BC-mosaic-detail1.jpg License: Public Domain Contributors: user:Ruthven File:The sortie of Messologhi by Theodore Vryzakis.jpg Source: http://en.wikipedia.org/w/index.php?title=File:The_sortie_of_Messologhi_by_Theodore_Vryzakis.jpg License: Public Domain Contributors: Badseed, Cedric B., Jkelly, Poulos, Yannismarou File:Konstantine Venizelos 1913.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Konstantine_Venizelos_1913.jpg License: Public Domain Contributors: Kerofilas File:Greekhistory.GIF Source: http://en.wikipedia.org/w/index.php?title=File:Greekhistory.GIF License: GNU Free Documentation License Contributors: User:Christophe cag File:GreecefightsonBig.jpg Source: http://en.wikipedia.org/w/index.php?title=File:GreecefightsonBig.jpg License: GNU Free Documentation License Contributors: Cplakidas, Sophoklis File:000 Greqia harta.PNG Source: http://en.wikipedia.org/w/index.php?title=File:000_Greqia_harta.PNG License: Public Domain Contributors: User:Hipi Zhdripi File:Flag of Albania.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Albania.svg License: Public Domain Contributors: User:Dbenbenn File:Flag of Macedonia.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Macedonia.svg License: Public Domain Contributors: User:Gabbe, User:SKopp File:Flag of Bulgaria.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Bulgaria.svg License: Public Domain Contributors: Avala, Denelson83, Fry1989, Homo lupus, Ikonact, Kallerna, Klemen Kocjancic, Martyr, Mattes, Neq00, Pumbaa80, SKopp, Scroch, Spacebirdy, Srtxg, Ultratomio, Vonvon, Zscout370, , 9 anonymous edits File:Flag of Turkey.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Turkey.svg License: Public Domain Contributors: User:Dbenbenn File: .jpg Source: http://en.wikipedia.org/w/index.php?title=File:_.jpg License: GNU Free Documentation License Contributors: User:Alexignatiou File:Olympus-fromOlympicbeach.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Olympus-fromOlympicbeach.jpg License: Creative Commons Attribution-Sharealike 3.0 Contributors: User:Edal File:Greece topo.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Greece_topo.jpg License: unknown Contributors: Electionworld, Juetho, PM, 1 anonymous edits File:Hellenic Parliament from high above.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Hellenic_Parliament_from_high_above.jpg License: Creative Commons Attribution 2.0 Contributors: Gerard McGovern File:Kapodistrias2.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Kapodistrias2.jpg License: Public Domain Contributors: unkonown File:Karolos Papoulias .jpg Source: http://en.wikipedia.org/w/index.php?title=File:Karolos_Papoulias_.jpg License: Creative Commons Attribution-Sharealike 2.0 Contributors: File:GreeceNumberedPerepheries.png Source: http://en.wikipedia.org/w/index.php?title=File:GreeceNumberedPerepheries.png License: GNU Free Documentation License Contributors: Erud, Jkelly, LadyInGrey, MarioM File:HS Psara F454.jpg Source: http://en.wikipedia.org/w/index.php?title=File:HS_Psara_F454.jpg License: Public Domain Contributors: U.S. Navy photo by Photographer's Mate 1st Class Jim Hampshire. 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Image Sources, Licenses and Contributors

File:Thermopyles.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Thermopyles.jpg License: Public Domain Contributors: . 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