Greece and Its Financial Risks

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Greece is a beautiful country that is glamourized in photographs, stories, and movies. While it may be a beautiful country, would a person want to live there and run a business there? Studying and researching the history of Greece, the country risks, the currency and financial risks, the commercial risks, and the culture with help make the decision on whether it would be wise to start a business or invest in a current business in Greece.

The political system of Greece is a democratic parliamentary republic and consists of three branches; the executive branch, the legislative branch, and the judicial branch. This government structure is very similar to the United States.

The Executive branch has a President, a Prime Minister, and a Cabinet. The Prime Minister is the head of the government and is an elected official by the citizens of Greece. In Greece a person must be eighteen years old to vote. The President is elected by parliament to a 5-year term with a two-term limit. The Cabinet of Greece is the main body of the government and includes the heads of all executive ministries, the Cabinet members are formally appointed by the president on the recommendation of the prime minister.

Starting or investing in a company in Greece would be dependent upon several factors such as the availability of good infrastructure, the government support of literacy and education, and the availability of a well-educated and trainable workforce.

Greece has a modern infrastructure complete with airports, railways, and paved roads and highways. There is a total of 80 airports, 64 have paved runways. There are 1,583 miles of railways and 72,703 miles of highways of those 66,742 miles are paved. A historically seafaring country, Greece has 12 ports and harbors and a large merchant fleet of more than 700 ships.

Communications are also modern. The end of the monopoly in the telecommunications market has resulted in a large number of telecom suppliers in landline, cellular, and Internet services. The market is now highly competitive, and services are of a high standard. The country’s telephone system is adequate, with networks reaching all areas for main telephone lines and mobile cellular phones. Cellular phone penetration in Greece is one of the highest in the European Union. Since 2007 Greece has been making good progress in adopting digital technologies, and the creation of a nationwide fiber optic network is being promoted. The penetration of broadband to the population of Greece reached 33.5% in 2016 (33.5 lines per 100 inhabitants).

Electrical power in Greece is supplied by coal-fueled power stations. Hydro-electric power, solar power, and wind power is also used. Natural gas is becoming a popular alternative to coal for electricity production. The gas comes from a pipeline shared by Greece and Russia and is considered more environmentally friendly and efficient than coal. In February 2000, the Ministries of the Environment, Natural Planning, and Public Works signed an agreement to replace coal with natural gas. Natural gas is a new energy source in Athens, and many homes and businesses are beginning to use it.

Water and sewage systems in Greece are adequate. To date, Greece has managed to avoid serious problems with its water supply. The biggest problems are that some islands have limited fresh water resources and must rely on transported water. There are water desalination projects that are planned for the future to provide water for those islands. Nearly100% of households have running water and almost 95% are connected to the sewage system.


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Greece and Its Financial Risks. (2021, Jun 27). Retrieved from https://samploon.com/greece-and-its-financial-risks/

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