Study of Greece Term Paper

Pages: 11 (3813 words)  ·  Bibliography Sources: 8  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

There are also laws present to govern the monopoly power and it is the government that has the power to set a ceiling price on products. Hellenic Competition Commission has to be told about the cartels as it is the one that oversees arrangements of such sort.

The right to own and establish business enterprises lies with the domestic as well as foreign entities. They can take part in all kinds of remunerative activities such as acquire, establish or even dispose of their businesses. With regards to the access to various business operations and business markets the private enterprises enjoy the same criteria as the public enterprises. It is only when an investor wants to benefit from the investments/tax incentives that are provided by the government that he has to take the foreign investments through a screening procedure. There is same screening procedure for the foreign as well as domestic investors. There are a number of different kinds of business enterprises which can be made such as corporations, general partnerships, limited partnerships and limited liability companies (Legal Landscape, 2012).

Section 2 Business Characteristics and Suitability

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Greece is a country whose open economy relies heavily on the service sector as, 85% of the GDP comes from it. Agricultural and industrial sector is responsible for rest of the national economic output with agricultural sector responsible for 3% and industrial sector responsible for 12% of the national economic output. Even though in European region Greece is responsible for significant production of fisheries and agricultural products but it is the tourist industry that is mainly responsible for the economy of the country. According to a survey that was conducted by United Nations World Tourism Organization, in the European region Greece is that 7th most visited country while it came at 16th position globally (Greek Business Culture, 2014).

Skill Levels, Labor Cost and Competitiveness of the Labor Environment:

Term Paper on Study of Greece Assignment

In 2012 the average rate of unemployment in Greece was calculated to be 23.6% however, by October 2012 it went up to 26.8% because of recession. The number of skilled, semi-skilled, and unskilled labor is huge in Greece; however, it might be difficult to find people with some of the very high technical abilities. 1.2 million are the total immigrants number in the country from amongst whom about one-fifth belong to the workforce. About 30% of these immigrants are either not documented or have residence permits which have expired.

The rights of the workers are protected in the country with the approved ILO Conventions. The rights to organize, strike and bargain as well as the association rights are provided by the specific legislation. Minimum age to work is 15 and it has been set by the Greek labor laws along with the employment wage, acceptable working conditions, and safety and health standards at the work place, working hours, and particular rules regarding the firing of employees. It was in 2012 that a lot of these rules were altered by the legislation and executive orders so that the labor markets could be made more flexible. There is also a restriction on the firing or letting go of a bunch of employees at once and according to this restriction only 20 employees can be dismissed at a time by any public or private company (2013 Investment Climate Statement-Greece, 2013)

In Greece the minimum wage didn't change from June to December of 2013 and remained 683.80 EUR. The average minimum wage in the country was 692.69 EUR from 1999 till 2013. It was highest in December 2011 when it went as high as 876.60 EUR and it was lowest in June of 1999 when it was 522 EUR (Greece Minimum Wages, 2014)

Consumer Characteristics:

According to many studies Greek consumers are the most pessimistic consumers in Europe and there pessimism is understandable. In 2012, for the 5th consecutive year contraction of the Greek economy took place and the unemployment rate increased to 24.3% while the levels of disposable income declined. Because of such economic conditions there was a drastic decline in the consumer spending (Euro monitor International)

A decline was seen in the confidence of consumers from -51 in July 2014 to -54.70 in August 2014. The average consumer confidence from1985 to 2014 is -35.62, it reached its highest point in May of 1985 when it came up to -3.20 and reached its lowest in Oct of 2011 when it went as low as -83.80(Greece Consumer Confidence, 2014).

The consumer spending in the 4th quarter of 2013 was 26383.50 EUR million which increased in the 1st quarter of 2014 and went as high as 27885.90 EUR million. The average consumer spending in the country from 2000 to 2014 was 32294.55 EUR million and it was in the 2nd quarter of 2008 that it reached its highest at 38755.90 EUR million while, it was in the 4th quarter of 2013 when it went as low as 26383.50 EUR million (Greece Consumer Spending, 2014).

Infrastructure and Utilities:

The infrastructure of the country is very modern with up-to-date railways, airports, well developed highways and roads. There are 80 airports in the country from amongst which 64 have paved runways. The railways comprise of 2,548 kilometers while the highways are made of 117,000 kilometers from amongst which 107,406 kilometers are paved. There are 12 ports and harbors in Greece and a merchant fleet of about 700 ships (Greece - Infrastructure, Power, and Communications, 2012)

Since 2007 renting and buying accommodation in the country has become very easy. The foreigners who invest more than 250,000 EUR in Greek property are eligible to apply for residency in the country.

For an apartment with 2/3 bedrooms, air conditioning, water heater, electric cooker and a family of 4 the electricity costs 50€ to 80€ on average each month. The local taxes are also included in this electricity bill. It is through the electric bill that the emergency property tax is collected the tax isn't included in the suggested costs. The tenants do not have to pay the emergency property tax as, it is the duty of the house owner. The starting costs of landline as well as fast broadband internet packages are approximately 20€ each month (Avgerou, 2014)

Taxes and Fees:

The basic taxation rules in the Greek law are present A) in article 4 § 1 & 5 of the Greek Constitution, according to which "In eyes of the law all Greeks are equal"; 4 §5 "Contributions are made by the citizens of Greece to the public fees according to their authority and without any discrimination" B) According to the article 78 § 1 & 2 of the Greek Constitution: 1) No tax is collected or imposed short of the formal law which sets the object of income, taxation, property's nature or the transactions which are related to the tax, 2) the income that has been produced the year before can only be looked at when taxation is being imposed.

According to the income tax code of the country a permanent establishment is considered to be held by a foreign company in the county if it is a part of the following activities:


Running a warehouse, shop, branch, workshop, office, factory, or some installation with the intent of using natural resources;


Processing agricultural products or raw materials;


Rendering services or conducting business though an agent who has the certification to conclude and negotiate contracts in his name;


Having a merchandize stock from which execution of the orders is done; and e)

Taking part in an EPE or Greek partnership.

Section 3 Cultural Factors

So far we have looked at the more technical aspects of the country such as its infrastructure, economic scenario, taxation etc. Now we will be looking at Greece from a traditional and cultural perspective with regards to its people, consumers, buyers and sellers.

General Cultural Characteristics:

Greece is a country with many cultures. A lot of its traditions and cultures are influenced by its location as well since it is situated at the East as well as the West. People of Greece feel very strongly about their traditions and cultures as they believe that their cultures and traditions make them who they are. Things such as music, religion, wines, food and language are a major part of the Greek culture. (Greece Culture, 2014)

The official language in the country is Greek and almost all of the citizens speak it. Majority of the minority population groups are considered to be bilingual. Arvanitika, which is an Albanian language; Ladino, which is a Jewish language; Turkish, which is a Slavic Macedonian; Vlach, which is a Romanian language; Romani, which is a Gypsy dialect; Bulgarian as well as Pomak are amongst the languages which are still spoken in the country. Many people are also familiar with the French and English language (Bucksutton, 2007)

Education has always been given a lot of importance. Education is free and is necessary for children between the ages of 6 and 15. Almost all of the… [END OF PREVIEW] . . . READ MORE

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