Total GDP of Greece
GDP per capita of Greece
Economic growth of Greece
Unemployment rate of Australia
Government of Greece
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Greece is a Parliamentary Republic. The President, elected by Parliament every five years, is Head of State. The Prime Minister is Head of Government. The Ministerial Council, consisting of the Prime Minister, Ministers, Deputy Ministers and Ministers without portfolio, is the collective decision-making body that constitutes the Government of Greece.
Legislative power is exercised by Parliament and the President of the Republic. Executive power is exercised by the President of the Republic and the Government. Judicial power is vested in the courts of law, whose decisions are executed in the name of the people. Although the President of the Republic has limited political power, as most power lies with the government, his duties include formally appointing the Prime Minister, on whose recommendation he also appoints or dismisses other members of government, he represents the State in its relations to other States, proclaims referendums etc.
General elections are normally held every four years unless the Parliament is dissolved earlier. The electorate consists of all Greek citizens who are 18 years of age. Each new Government, after a general election or after the previous government’s resignation, has to appear before Parliament and request a vote of confidence. The modern Greek government aims to adhere to the democratic ideal of its citizens.
Legislative power is exercised by Parliament and the President of the Republic. Executive power is exercised by the President of the Republic and the Government. Judicial power is vested in the courts of law, whose decisions are executed in the name of the people. Although the President of the Republic has limited political power, as most power lies with the government, his duties include formally appointing the Prime Minister, on whose recommendation he also appoints or dismisses other members of government, he represents the State in its relations to other States, proclaims referendums etc.
General elections are normally held every four years unless the Parliament is dissolved earlier. The electorate consists of all Greek citizens who are 18 years of age. Each new Government, after a general election or after the previous government’s resignation, has to appear before Parliament and request a vote of confidence. The modern Greek government aims to adhere to the democratic ideal of its citizens.
Central bank and the monetary system of Greece
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The deterioration of public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in 2009. This resulted in a financial crisis of the country. Under great pressure from the European Union and international market participants, the government adopted a “medium-term austerity program” which includes cutting government spending, decreasing tax evasion, adjusting the health-care and pension systems, and reforming the labor and product markets; particularly because Greece had joined the European Union shortly before the breakout of crisis, the economy of the other participant nations of EU, which is integrated by the united currency Euro, could adversely be affected by the crisis in Greece.
Despite of the huge shift in the government’s monetary system, Athens, The capital of Greece, had faced long-term challenges to continue pushing through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the public.
In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund (IMF) and Euro-Zone governments provided Greece emergency short and medium term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, along with the existing tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF.
As a result, European leaders and the IMF agreed in October 2011 to provide Athens a second bailout loan of $169 billion. The second deal however, called for holders of Greek government bonds to write down a significant portion of their holdings. As Greek banks possessed a significant portion of major debt, the banking system was harshly affected by this and €41 billion of the second bailout package was set aside to ensure the banking system was adequately capitalized. In exchange for the second loan Greece promised to introduce an additional $7.8 billion in austerity measures during the years from 2013 to 2015. However, the massive austerity cuts have prolonged Greece's economic recession and exacerbated tax revenues.
To sum up, the economic policies conducted by the Greek government before and during the crisis have proved to be unsuccessful.
Despite of the huge shift in the government’s monetary system, Athens, The capital of Greece, had faced long-term challenges to continue pushing through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the public.
In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund (IMF) and Euro-Zone governments provided Greece emergency short and medium term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, along with the existing tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF.
As a result, European leaders and the IMF agreed in October 2011 to provide Athens a second bailout loan of $169 billion. The second deal however, called for holders of Greek government bonds to write down a significant portion of their holdings. As Greek banks possessed a significant portion of major debt, the banking system was harshly affected by this and €41 billion of the second bailout package was set aside to ensure the banking system was adequately capitalized. In exchange for the second loan Greece promised to introduce an additional $7.8 billion in austerity measures during the years from 2013 to 2015. However, the massive austerity cuts have prolonged Greece's economic recession and exacerbated tax revenues.
To sum up, the economic policies conducted by the Greek government before and during the crisis have proved to be unsuccessful.