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Book part
Publication date: 4 November 2021

Vasileios Vlachos and Aristidis Bitzenis

Greece's slow recovery from the severe economic depression caused by the great global financial and economic crisis that erupted in late 2000s was interrupted by the effects of…

Abstract

Greece's slow recovery from the severe economic depression caused by the great global financial and economic crisis that erupted in late 2000s was interrupted by the effects of COVID-19 pandemic on economic activity. This chapter looks into the factors shaping Greece's competitive position and discusses the potential to achieve a V-shaped recovery at the end of the pandemic.

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Modeling Economic Growth in Contemporary Greece
Type: Book
ISBN: 978-1-80071-123-5

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Book part
Publication date: 15 November 2018

Aristidis Bitzenis and Vasileios Vlachos

A report of the International Labour Organization on undeclared work in Greece refers to failures of formal institutions which contribute to the asymmetry between state and civic…

Abstract

A report of the International Labour Organization on undeclared work in Greece refers to failures of formal institutions which contribute to the asymmetry between state and civic morality. The particular asymmetry is explored through the context of tax morale, which is one of the major determinants of the shadow economy. Although several papers have been published on the Greek shadow economy, tax morale in Greece has not been adequately explored. This research aims to investigate the effect of the economic downturn on the factors determining the level of tax morale through primary data from a European Union-funded research project on the Greek shadow economy. The findings provide policy orientations toward transferring activities from the shadow to the official economy, a goal which is part of Europe 2020 strategy.

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Advances in Taxation
Type: Book
ISBN: 978-1-78756-416-9

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Book part
Publication date: 4 November 2021

Fotios Pasiouras and Minas-Polyvios Tsagkarakis

The Greek sovereign debt crisis had a substantial impact on the real economy and the Greek banking sector. From a period of growth in the economy and high levels of profitability…

Abstract

The Greek sovereign debt crisis had a substantial impact on the real economy and the Greek banking sector. From a period of growth in the economy and high levels of profitability, Greek banks experience a major decrease in demand in the local market, and a large increase in non-performing loans. This had a negative effect on the financing of the Greek firms and households, especially after the PSI and the recapitalisations of the Greek Banks. The Greek banking system has been restructured into four large systemic banking groups and after a long time of depression, the efforts are now being directed into restarting the economy through the financing of firms and individuals. However, the recent and on-going experience with substantial volumes of non-performing loans and strategic defaults, poses many challenges. The same can be said for stricter regulation that was introduced in the aftermath of the financial crisis, business model transformation, developments in the fintech and IT arena, and most recently COVID-19 pandemic, all introducing challenges to bank managers. This chapter provides an overview of these issues.

Book part
Publication date: 4 November 2021

Stathis Klonaris

Since Greece became a member of the EU and after the implementation of plethora of structural funds programs regarding the agricultural sector, the situation has remained more or…

Abstract

Since Greece became a member of the EU and after the implementation of plethora of structural funds programs regarding the agricultural sector, the situation has remained more or less the same as far as the structural characteristics of the agricultural sector is concerned.

The agricultural sector in Greece accounts for €6.67 billion and contributes 4.3% to the total GVA which is double compared with the average European one (1.6%). The Agricultural Factor income per annual work unit (AWU) has reached 94% of the EU average. During the economic crisis (2009–2013) the value of this index decreased 22% while in the next years an upward trend followed and in 2019 reached the same level as before the economic crisis. During the period 2005–2018, productivity in Greece showed moderate and negative TFP growth numbers while in the same period, the TFP growth was stronger in the EU presenting an increase of 10%. The trade balance of agri-food products in Greece is negative, although recently this trade deficit has been reduced following an improvement in the agri-food sector's export performance. The value of agri-food products exports amount to €6.04 billion, which are the third largest category of exported goods. Also, the value of exports of manufactured products rose 70% during the period 2009–2019 against the exports of commodities, which also rose with a lower rate (25%), something that it is positive for the Greek economy, given the higher added value of manufactured products. Under the current Common Agricultural Policy Action Plan (2014–2020), Greece has a guaranteed flow of around €20 billion for direct support of agricultural income through direct payments (Pillar I) and has earmarked €15 billion and the remaining €5 billion under the Rural Development Program, (Pillar II). However, the direct payments are not allocated fairly.

The COVID-19 pandemic crisis hit the entire Greek economy and the agri-food sector which has just recovered from the recent economic crisis. However, during this crisis, the Greek agro-food chain has demonstrated great resilience to guarantee the supply of food to consumers. In the era of COVID-19, the key factors that can be employed by agri-food industry as a strategy for penetrating in global markets, are (1) Focus on developed markets, (2) Marketing in branded form (not bulk), and ideally emphasis on the uniqueness of the raw material, and (3) Sufficient volume of products to gain a leading share in the premium segment of the market. In addition, knowledge and innovation have a key role to play in helping farmers and rural communities meet future challenges. Finally, the only way in order to achieve economies of scale in the agri-food sector is to increase the level of cooperation at all levels by any available means.

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Modeling Economic Growth in Contemporary Greece
Type: Book
ISBN: 978-1-80071-123-5

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Book part
Publication date: 22 October 2020

Yiannis Mylonas

The Greek debt crisis (2009–2018) was an event that received unprecedented media attention worldwide. The media reproduced a highly negative image of Greece, addressing the crisis…

Abstract

The Greek debt crisis (2009–2018) was an event that received unprecedented media attention worldwide. The media reproduced a highly negative image of Greece, addressing the crisis in exceptionalist terms, usually under a moralistic and culturalist explanatory framework. Drawing on earlier research, this chapter focusses on the culturalist discourses developed by popular Greek mainstream news media, of conservative and liberal political orientation, such as Kathimerini, Athens Voice and Protagon.gr. Through what is understood as a ‘self-orientalising’ process, such media tend to reproduce the neo-orientalist hegemonic crisis and austerity discursive construction, as enunciated by the EU's political and economic establishment. Under this lens, austerity emerges as a modernising project that would presumably correct Greece's irregularities and would make Greece European and economically competitive for global capitalism. The period studied concerns the years of the crisis between 2010 and 2015. The analysis discloses the classist underpinnings of such discursive repertoires and their antipolitical and antidemocratic character. The analysis also discusses the disciplinary effects of such media practices, which mystify austerity and the processes of expropriation it unfolds, and passivises civic culture, and counterhegemonic resistances, by promoting a collective ‘self-bashing’ strategy.

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The Emerald Handbook of Digital Media in Greece
Type: Book
ISBN: 978-1-83982-401-2

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Book part
Publication date: 4 November 2021

Iordanis Katemliadis and Andreas Papatheodorou

The tourism industry in Greece has come a long way since its beginning as a distinct economic activity to reach the recent impressive results. It is a sector that has grown…

Abstract

The tourism industry in Greece has come a long way since its beginning as a distinct economic activity to reach the recent impressive results. It is a sector that has grown remarkably and became a major source of growth for the Greek economy. As such this chapter aims to discuss the importance and the potential of the sector, the unique characteristics of the Greek tourism industry and the future challenges ahead. Tables and suitable graphics are provided to visually enhance and inform the discussion. A wide range of articles, journals, books, and electronic sources has been reviewed to present as accurately and up to date information as possible. This chapter can therefore prove useful for academics and non-academics to use it as a reference point for the tourism sector in Greece.

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Modeling Economic Growth in Contemporary Greece
Type: Book
ISBN: 978-1-80071-123-5

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Book part
Publication date: 22 November 2019

Panagiota Gkofa

At a European level, despite the numerous policies developed in relation to the inclusion of Roma, Roma continue to be discriminated. With regard to education, Roma children…

Abstract

At a European level, despite the numerous policies developed in relation to the inclusion of Roma, Roma continue to be discriminated. With regard to education, Roma children remain among the lowest academic achievers in all European countries and the same is reported in Greece. This chapter discusses aspects of life for Roma living in Greece, with an emphasis on education: first, it details aspects of Greek Roma’s social and cultural life; second it focuses on Greek Roma’s education (educational situation, policies and supportive programmes for Roma children); third, it presents studies which have started to examine contexts where the Greek Roma have experienced some educational progression against the odds.

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Lifelong Learning and the Roma Minority in Western and Southern Europe
Type: Book
ISBN: 978-1-83867-263-8

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Environmental Security in Greece
Type: Book
ISBN: 978-1-80071-360-4

Book part
Publication date: 4 November 2021

Aristidis Bitzenis and Pyrros Papadimitriou

This paper discusses the nominal and real convergence regarding Greece being a country-member of the European Union (EU), and of the Economic and Monetary Union (EMU). We argued…

Abstract

This paper discusses the nominal and real convergence regarding Greece being a country-member of the European Union (EU), and of the Economic and Monetary Union (EMU). We argued that nominal convergence is relative to Maastricht criteria when real convergence has been investigated through six different axes: (1) the five Maastricht Criteria, (2) the GDP per capita in PPP prices, (3) the real GDP growth rates, (4) the minimum wages, (5) the HDI index development, and (6) the unemployment rates. We concluded for the case of Greece that by utilizing alternative indicators, such as the Maastricht criteria, and the above criteria only nominal convergence exists while real convergence appears to be a long-term target with many obstacles. In particular, Greece has managed to achieve the criteria proposed by the EMU (Maastricht Criteria) for membership, decisively different levels of unemployment, wages, and GDP growth rate/GDP per capita in PPP prices, and different human development indexes appear for the case of Greece.

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Modeling Economic Growth in Contemporary Greece
Type: Book
ISBN: 978-1-80071-123-5

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Book part
Publication date: 29 October 2014

Jesse Hembruff

Austerity in Greece has produced the ostensibly counterproductive effect of throwing the country into a deeper depression and rendering it more difficult to repay its debts. I…

Abstract

Austerity in Greece has produced the ostensibly counterproductive effect of throwing the country into a deeper depression and rendering it more difficult to repay its debts. I address this apparent paradox by examining both the integration of Greece into the European Monetary Union and post-crisis austerity measures with a particular focus on the Greek credit system. I do so by employing a historical materialist framework focusing on Marx’s concept of ‘fictitious capital’, capital not backed by a commodity transaction, but by a claim on future value. I argue that, while the crisis is overdetermined, one hitherto unexplored dimension is the rapid expansion of the Greek credit system in the 1990s and 2000s. More specifically, Greek banks expanded to neighbouring countries, and borrowing by households and firmed spiked dramatically after Greece adopted the Euro, but a number of domestic political-economic factors acted as drags to this process. In this context, I argue that the crisis has served as an opportunity to impose a radically accelerated restructuring of the Greek economy in line with the ideal neoliberal utopia. This can be understood as one of the three responses to a crisis of fictitious capital: internal devaluation, asset devaluation or upward. However, the success of this project is far from guaranteed, so far the austerity project pursued by the troika has failed to replace the old Greek balance of social forces that have dominated the post-junta political economy of Greece.

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Research in Political Economy
Type: Book
ISBN: 978-1-78441-007-0

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