By Panagiotis E. Petrakis
On June three, 2015, the Greek Parliamentary price range place of work, the nationwide and Kapodistrian college of Athens, the Democritus collage of Thrace, and the collage of Peloponnese subsidized a global convention to deal with medium- and long term progress in Greece. This assortment offers the most powerful papers at the stipulations required to restore and hold financial development. prime specialists disguise nearly each significant factor pointed out within the most up-to-date literature, from demographic concerns and recommendations for export technique to the necessity for innovation and structural reform. the mix of qualitative and quantitative techniques to assessing current stipulations make this ground-breaking assortment a invaluable source for quite a few teachers, expert economists, and fiscal coverage practitioners planting the seeds of Greece's future.
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Income losses in Greece, Spain, and Portugal together reached €100 billion during 2009– 2012 (Petrakis et al. 2013). Furthermore, the experience of the Baltic states during the recent crisis has drawn much attention, as they were more severely affected than any other country by the turmoil in global trade and financial markets. The period 2009–2010 caused a major crisis in the economy of the Baltic states (cumulative output declined by 20–25 % from peak levels), as well as an almost automatic rebalancing of the current account deficit.
The present chapter aims to capture the divergent economic development courses of the countries above, compared with Greece, after the outbreak of the recent financial crisis. The scope is to describe the differences in economics and politics, macroeconomic rebalancing, competitiveness, and a general characterizing of the recession they faced. 2 THE GROWTH PROBLEMS IN EUROPE IN THE AFTERMATH OF THE CRISIS When most people hear the term decoupling they think of the decoupling between the European and US economies since 1995 (Petrakis et al.
Moreover, the clear upward trend of Greek exports to non-Eurozone countries seems related both to the reduction of unit labor costs and the devaluation of the euro. The stimulation of growth through a number of reforms in the labor, goods and services markets is essential, absorbing the collapse of domestic demand and redirecting this production and capital to tradable goods. This could considerably reduce the country’s risk premium and thus long-term interest rates. NOTES 1. The scientific committee comprised the following individuals: Konstantinos Kollias (President of the Economic Chamber of Greece), Prof.