Surprising & Mind-Blowing Facts You Don’t Know about Greece Economy

It seems like the whole world is waiting for Greece and EU leaders to come to an agreement on the bailout deal. Every single day the land of Zeus has to stand against its European creditors in a severe battle. And meanwhile, we have generated a short list of several facts about the Greek economy that may surprise everyone. Make sure to check it out.

Fact 1. Greece’s First Default Occurred in the 4th Century B.C.

It looks like the country has always been into various financial troubles. For instance, in the 4th century B.C., 13 city-states of the Apollo’s motherland borrowed from the Delos Temple. But the thing is that the majority of the borrowers never made good on the loans and the Delos Temple took almost 80% loss on its principal.

Fact 2. Greece Spent 90 Years in Financial Crisis

In 1830 Greece finally gained its independence from the Ottoman Empire. 196 years have passed since that glorious moment, but the fact is that 90 years out of independent ones the country has spent in a deep financial crisis.

Fact 3. 49.7% of Youth in Greece is Jobless

According to the research performed last year, the unemployment rate of young active population in Greece reached 56. 4%. In general, unemployment rate of the country was solidly at 25.6% for March. Thus, it hit the all-time high level of 28% in 2013.

Fact 4. 63.5% of Young People in Greece at the Age of 18-34 Live with Their


More than 50% of those between the ages of 18-34 live with mom and dad. Since 2010, these numbers have seriously gone up. The thing is that moving out of the parents’ house is a sort of a luxury. In Greece, moving back in with your mom and dad is a loud cry for help. That’s how the things are going in Ellada.

Fact 5. Greeks Like Bribes Just Like Pakistanis and Nigerians Do

As Transparency International informed, 18% of Greece households paid bribes during the last year, while an average bribe paying level in Europe reaches 5%. Due to that number, the country of Olympic games is on par with Pakistan and Nigeria.

Fact 6. The Revenues of Tourism Export Have Gone Down 28% Since 2000

When the question is about the growth of Greece’s economy, there’s an inevitable emphasis on the area of tourism. However, in the last decade tourism has been in a sharp decline. According to the customs data, tourism revenue was €10 bn. In 2010, it fell to €9.6 bn that was a 4.5% drop. But in case we take into account the inflation, the revenues from tourism have gone down to 28% since 2000, reflecting the tourism industry structural flaws that relate to getting more and more travelers that spend less money.

Even though Greece has joined the EU, it was Europe that moved on and Greece was simply left far behind the rest of the Europe.

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