Author: Erich Kunz
Photo: Marios Katsaros
Greece is well known for its amazing beaches, fabulous sunsets and delicious food but nobody expected it to run into a storm when joining the EU in 2001. Since then the country has been fighting with administrative burdens in bureaucracy, additional taxes, a declining GDP and a general negative economical reputation.
But according to an analysis of KPMG, there is a potential sunrise for Greece and its international investors in the near future (KPMG, online). The high rate of unemployment and continuing recession could not be fully stopped even with several financial packages which have been introduced since 2010 (European Commission, online). (Trading Economics, online). However, international strategic projects can slowly become implemented. The main focus is the establishment of Greece as an international centre for education, tourism, shipping, banking and commerce (KPMG, online).
When considering only the above-mentioned challenges, I wouldn’t suggest investing in the Greek Market. Due to the fact that Greece is trying very hard to win back its reputation by setting strategic programs on its core competences like tourism or the shipping industry, I strongly believe that Greece will be soon on the sunny side of the global market.
Do you think Greece will survive these turbulences and find the way back into brighter days? If yes, in which sector would you invest?