Why Greece is the Poorest Country in the Euro Zone

🇬🇷Greece's economic decline began with the 2008 financial crisis, and it has struggled to recover since then.

💰Greece's high levels of debt and excessive public spending have contributed to its economic problems.

📉The Greek economy has been hindered by the lack of investment in productive companies and the prevalence of zombie companies.

🏦Tax evasion and a high tax burden on businesses have worsened the economic situation in Greece.

👥The small size of Greek businesses and the inefficient use of resources have also contributed to the economic decline.

What caused Greece's economic decline?

—Greece's economic decline was caused by factors such as high levels of debt, excessive public spending, tax evasion, lack of investment, and the rise of zombie companies.

Why does Greece have such high debt?

—Greece has consistently spent more public money than it generates, resulting in high levels of debt. The country has also faced challenges in collecting income taxes.

What are zombie companies?

—Zombie companies are poorly performing businesses sustained by government aid and high levels of debt. They often hinder economic growth and productivity.

How has tax evasion affected Greece's economy?

—Tax evasion has deprived the Greek government of much-needed revenue and has contributed to the country's economic problems. It has also led to a high tax burden on businesses.

Why are Greek businesses small in size?

—The Greek business landscape is characterized by a high proportion of small and medium-sized enterprises (SMEs). This has limited their efficiency, technological adoption, and ability to benefit from economies of scale.

00:23Greece's economic decline began with the 2008 financial crisis and has not recovered since then.

01:55High levels of debt and excessive public spending have contributed to Greece's economic problems.

04:41The lack of investment in productive companies and the rise of zombie companies have hindered economic growth.

06:41Tax evasion and a high tax burden on businesses have worsened the economic situation in Greece.

09:23The small size of Greek businesses and the inefficient use of resources have also contributed to the economic decline.