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Greece achieved independence from the Ottoman Empire in 1829. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. In World War II, Greece was first invaded by Italy (1940) and subsequently occupied by Germany (1941-44); fighting endured in a protracted civil war between supporters of the king and Communist rebels. Following the latter's defeat in 1949, Greece joined NATO in 1952. In 1967, a group of military officers seized power, establishing a military dictatorship that suspended many political liberties and forced the king to flee the country. In 1974, democratic elections and a referendum created a parliamentary republic and abolished the monarchy. In 1981, Greece joined the EC (now the EU); it became the 12th member of the European Economic and Monetary Union in 2001. In 2010, the prospect of a Greek default on its euro-denominated debt created severe strains within the EMU and raised the question of whether a member country might voluntarily leave the common currency or be removed.
strategic location dominating the Aegean Sea and southern approach to Turkish Straits; a peninsular country, possessing an archipelago of about 2,000 islands
elections:
president elected by parliament for a five-year term (eligible for a second term); election last held on 3 February 2010 (next to be held by February 2015); president appoints leader of the party securing plurality of vote in election to become prime minister and form a government
election results:
Karolos PAPOULIAS reelected president; number of parliamentary votes, 266 out of 300
Coalition of the Radical Left or SYRIZA [Alexis TSIPRAS]; Communist Party of Greece or KKE [Aleka PAPARIGA]; Democratic Revival [Stelios PAPATHEMELIS]; Ecologist Greens [Nikos CHRYSOGELOS]; Fighting Socialist Party [Nikos KARGOPOULOS]; Greek Ecologists [Dimosthenis VERGIS]; New Democracy or ND [Antonis SAMARAS]; Panhellenic Socialist Movement or PASOK [Yiorgos PAPANDREOU]; Popular Orthodox Rally or LAOS [Yioryios KARATZAFERIS]; Union of Centrists [Vassilis LEVENTIS]
Civil Servants Confederation or ADEDY [Spyros PAPASPYROS]; Federation of Greek Industries or SEV [Dimitris DASKALOPOULOS]; General Confederation of Greek Workers or GSEE [Ioannis PANAGOPOULOS]
nine equal horizontal stripes of blue alternating with white; a blue square bearing a white cross appears in the upper hoist-side corner; the cross symbolizes Greek Orthodoxy, the established religion of the country; there is no agreed upon meaning for the nine stripes or for the colors; the exact shade of blue has never been set by law and has varied from a light to a dark blue over time
Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But growth dropped to 2% in 2008. The economy went into recession in 2009 and contracted by 2%, as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit, which was triggered by falling state revenues, and increased government expenditures. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 10.7% of GDP. Public debt, inflation, and unemployment are above the euro-zone average while per capita income is below; debt and unemployment rose in 2009, while inflation subsided. Eroding public finances, a credibility gap stemming from inaccurate and misreported statistics, and consistent underperformance on following through with reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, which has led to increased financial instability. Under intense pressure by the EU and international market participants, the government has adopted a medium-term austerity program that includes cutting government spending, reducing the size of the public sector, decreasing tax evasion, reforming the health care and pension systems, and improving competitiveness through structural reforms to the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of often vocal opposition from the country's powerful labor unions and the general public. Greek labor unions are prepared to strike over new austerity measures and continued widespread unrest could challenge the government's ability to implement reforms and meet budget targets, and could also lead to rioting or violence. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in response, the International Monetary Fund and Eurozone goverments pledged more than $160 billion in support of Greece over the next three years.
note:see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders
general assessment: adequate, modern networks reach all areas; good mobile telephone and international service
domestic:
microwave radio relay trunk system; extensive open-wire connections; submarine cable to offshore islands
international:
country code - 30; landing point for the SEA-ME-WE-3 optical telecommunications submarine cable that provides links to Europe, Middle East, and Asia; a number of smaller submarine cables provide connectivity to various parts of Europe, the Middle East, and Cyprus; tropospheric scatter; satellite earth stations - 4 (2 Intelsat - 1 Atlantic Ocean and 1 Indian Ocean, 1 Eutelsat, and 1 Inmarsat - Indian Ocean region)
by type:
bulk carrier 260, cargo 66, carrier 1, chemical tanker 66, combination ore/oil 2, container 45, liquefied gas 10, passenger 13, passenger/cargo 115, petroleum tanker 274, roll on/roll off 15, specialized tanker 2
foreign-owned:
64 (Belgium 16, Cyprus 7, Turkey 1, UK 32, US 8)
registered in other countries:
2,357 (Antigua and Barbuda 3, Bahamas 209, Barbados 12, Belize 1, Bermuda 9, Brazil 1, Cambodia 3, Cayman Islands 16, China 2, Comoros 6, Cyprus 259, Denmark 4, Dominica 10, Egypt 8, Georgia 5, Gibraltar 6, Honduras 4, Hong Kong 22, Isle of Man 50, Italy 6, Jamaica 6, North Korea 1, Lebanon 2, Liberia 358, Maldives 1, Malta 452, Marshall Islands 269, Norway 3, Panama 510, Philippines 4, Portugal 4, Russia 1, Saint Kitts and Nevis 3, Saint Vincent and the Grenadines 71, Sao Tome and Principe 1, Saudi Arabia 3, Sierra Leone 1, Singapore 15, Slovakia 2, Turkey 1, UAE 3, Uruguay 1, Vanuatu 1, Venezuela 3, unknown 5) (2008)
19-45 years of age for compulsory military service; during wartime the law allows for recruitment beginning January of the year of inductee's 18th birthday, thus including 17 year olds; 17 years of age for volunteers; conscript service obligation - 1 year for all services; women are eligible for voluntary military service (2008)
Greece and Turkey continue discussions to resolve their complex maritime, air, territorial, and boundary disputes in the Aegean Sea; Cyprus question with Turkey; Greece rejects the use of the name Macedonia or Republic of Macedonia; the mass migration of unemployed Albanians still remains a problem for developed countries, chiefly Greece and Italy
a gateway to Europe for traffickers smuggling cannabis and heroin from the Middle East and Southwest Asia to the West and precursor chemicals to the East; some South American cocaine transits or is consumed in Greece; money laundering related to drug trafficking and organized crime
The online Factbook is updated bi-weekly. ISSN 1553-8133
For additional information on government leaders in selected foreign countries, go to World Leaders.
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