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By Nicholas Pirounakis

The ecu Union's weakest economic system is in predicament. This makes Greece's participation in eu financial Union uncertain and weakens her safety opposed to mounting international pressures. She needs to enhance her monetary functionality dramatically. The booklet explains why Greece has misplaced floor and covers progress, inflation, public debt, banking, social safety, undefined, housing and tourism. The social and political roots of the difficulty are pointed out. the line for restoration is printed. Passionately written, it's also a wealthy resource of information on Greece now not easily stumbled on in different places.

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Extra info for The Greek Economy: Past, Present and Future

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NSSG, 1991 Census. 30. Employers, self-employed, family worken. 31. Eurostat, 1995a. 32. Pirounakis. 1990, p. 322. 33. Managtr. Nov. 1994, p. 52. 34. See Chapter 4 of this book. 35. This tight has begun to be challenged since 1992 but only as a result of EU pressures and in a very hesitant manner. There have even been relapses: When PASOK came back to office in October 1993, it renationalised urban bus transport, which had been privatised only a few months before, and re-employed those bus company employees who had been made redundant More poignantly.

48. These began in 1981. 49. Source: Bank of Greece Annual Reports. All Overview of the Modern Greek. Economy 33 50. In 1994 Greece gOi 3812 m. ecus in net receipls from the EU , against Spain's 3006 m .. Portugal's 1881 m. and Ireland's 1727 m. (Tile Economist, 1996d, p. ) 51. There are definitional and measurement problems here. as very often Ihe growth in services in advanced countries is qualilatively different from Ihat in leu advanced. For example, contracting OUI services like programming, security or calering, which in the past might have happened inhouse, statistically augmenls services and reduces industry, yet Ihe economic importance of the latter has anything bul diminished.

It is not enough to point 10 Ihe decrease in Greece's growth rates because (a) the OECD as a group suffered a drop also, and (b) in the long run, high growth rates are unsustainable. But then one cannot evaluate Greece's relative "'~ .. ~ . "f... 98 3. «ralia Italy Finland Norway Austria Gree~e I~eland Japan Tinkey Ireland Ponugal Canada 1966-1990 ('" i~li",~ Mean growth rate of real GOP. 1966-90. 60 Mean growth rate of real GOP. Standard deviation of growth rates.

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