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This is Greece, a fantastic European Mediterranian nation that has been famed in recent years for its not so fantastic economy.
Greece in the 21st century looks like many other middle-of-the-road developed economies, it has had and still does have a lot of things going for it, it has a huge tourism industry, one of the largest per capita in the world, and its exotic islands and ancient landmarks still attract millions every year bringing with them all those wonderful tourist dollars. In this video, we explore how a once healthy nation got everything so wrong.
📚 Want to learn more about the economy of Greece? We recommend reading “The Last Bluff: How Greece came face-to-face with financial catastrophe & the secret plan for its euro exit”, by Viktoria Dendrinou and Eleni Varvitsioti 👉 (as an Amazon Associate, we earn from qualifying purchases)
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Sources & Citations –
Κάτσιος, Σ., 2015. The shadow economy and corruption in Greece. South-Eastern Europe Journal of Economics
Fakiolas, R., 2000. Migration and unregistered labour in the Greek economy. In Eldorado or fortress? Migration in southern Europe
Petrakis, P., 2012. The Greek Economy and the Crisis. In The Greek Economy and the Crisis. Springer, Berlin, Heidelberg
Provopoulos, G.A., 2014. The Greek economy and banking system: recent developments and the way forward. Journal of Macroeconomics
Baltas, N.C., 2013. The Greek financial crisis and the outlook of the Greek economy. The Journal of Economic Asymmetries
Rogers, C. and Vasilopoulou, S., 2012. Making sense of Greek austerity. The Political Quarterly
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China: Economy failing? no problem, procedes to load international money and getting huge debts and not paying back
I'm listening to the intro, recognizing Greece's' strengths, only to realize how EXTRA awful Covid must've been for them.
10:05 What the actual f*ck is going on there?! 😂
If Greece didn't join EU, their economy would be millions of times better
Greeks in america are hard workers . In Greece they are lazy socialist
As someone that has visited Greece 6 times, coming from a theoretically poorer country (Romania), I can tell you that tax evasion is a nation sport in Greece. In 10 days we only saw a proper receipt once (at Lidl). I think that if we had asked for this in a restaurant they would have laughed us out of the building…
What is the piano music at the start? Please help, need it in my life
No one notices the sign at 10:08 eh….. 😉
Greece will become great again when it leaves the EU and the euro. Then it will honor its ancestors who fought for centuries to be free and independent and not slaves.
Greece, as many mediterranean countries, is a country where you ask your neighbour to build you pool, and pay him under the table away from any taxes.
That also includes my country, France.
in the joey analogy, who is the bank repossessing greece's apartment???
Why half of the pictures are from Santorini?it also appears to be mostly Oia
This sounds like my own country… sad to see so many of our world “leaders” operate in the same way
Worst part other european country had to bail Greece.
Hard Times Create Strong Men
Strong Men Create Good Times
Good Times Create Weak Men
Weak Men Create Hard Times
I hate how this video ends on such a happy and hopeful note… Then you realize the date it was published.
let me put this in context, as the creator has not done his research. Shipping in Greece has given economy as much as Amazon has given to the US, nearly zero.
We’ve rebound from much more vicious situations than that…
Greece has an economy?
this video is from Feb 2020, pre-covid lockdown.
" Greece will continue to recover " LOL!
Aug 8 2021 and Delta Variant Covid is entering the ring! 🙂
Kevin Rudd is a legend
I JUST LOVE THE WAY THAT YOU SAY "HUGE"
Once again EE gets most things wrong shifting the blame.
Greek politicians got approval for massive loans for the Olympics.
Then they carried on borrowing illegally borrowing beyond their means with the aid of corrupt officials from Goldman Sachs and the likes of standard and poor's the international auditors who say how each countries economies are performing.they both lied about Greeces ability to service debt.They and the big banks owned and dined Greek politician on these shipping magnates super hatches the loans were way beyond Greeces ability to pay.
When the GFC exposed this all the corrupt bankers and auditors ran for cover the head of goldman sachs was appointed the EU finance minister and all the corruption was swept under the carpet and the goldman sachs whistle blower was sacked.
The German Banks the main lenders took a massive loss but claimed nearly 60% of the debt.
The Greeks being a very small economy had to wear the austerity/ Pain.
This guy is full of it.
Economics Explained has just published the cover up story.
Greece must leave the EU and the Drachma. Free Greece
On one hand, my first desire is to support austerity due to wanting to punish them for bad decisions. But I know that if you keep beating them while they're down, there's no way for them to repay their debt ever. I think the move is to extend the term of their debt indefinitely, and reduce the interest rate
"Greece has terrible soil."
Ahem, taste their tomatoes. Perfection
I love Greece. Everyone is called Spiros, is absurdly hospitable and laid back. They're more interested in talking and bringing you a great service than money. Best holiday destination ever.
Sounds like canada, except the lowering taxes part
Ugh this was uploaded before Rona crashed the scene.
Oh man, just as Greece was faring better, covid hit. And on a land where tourism is so important.
it's not the greek peoples fault about the economy it's just that our politicians only care about their salary
Plato utopia is better than this. The slaves in his ideal doesn't count since he would be killed if he didn't include em
They are not stoic enough as they didn't expect the crisis.
Greek economy:
The last year:
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True Story
“This is Greece”
Shows oil
Tourism is a lousy business. The Indonesian dictator Sukarno said it was like a cake. The frosting goes to the owners and the workers nibble on the cake. Just sayin
That friends part , made my day
There was another twist to the story of Greece joining the Euro zone – it should have not been allowed into it in the first place, since Greece cheated to hid the actual situation of its finances. Ofcourse, that did not exactly serve to ensure trust in them.
When did Ozzy man started economic channel, double earning?
And then corona happened, oof.
Greece need to stop using euro as their currency.
Very interesting, but the only thing stuck in my mind is the guy holding a placard saying "Keep Masturbation Legal"!
Will their government isn’t really helping at all…
The United States will follow with $24 trillion debt , expenditures are out of control.
Terrible soil? Greece could cover its own needs for agricultural products twice. The fact that it imports most of its food while its own products rot in storage it's because of European law
Ship owners don't pay taxes
"Brain Drain" is no new problem. One of the more extreme ones was East Germany in 1960-1961. They chose a "short term" solution and built the Berlin Wall to plug the leakage. A better solution is to change your society and your country in a way that people are more interested to stay than to leave the country.
Trivia: There is no longer a wall dividing Berlin in two. The social, financial and political situation has improved and people are no longer mass fleeing from East Berlin.
Hate to point this out but micro and macro economics aren't the same. Dr Varoufakis explains this simply. When you spend money at the bar that money doesn't represent a proportion of your income. Your income and your outgoings are completely separate. Macroeconomics doesn't work like this.
A bit misleading to say Australia survived the crisis of its own making. It's intricately tied to China which increased investment. That's why many eastern nations with links to China didn't feel the crash.