How's the Greek economy holding up in the face of unprecedented worldwide financial upheaval? Surprisingly, pretty well.
For the most part, Greek banks managed to steer clear from investing in the complex financial instruments that have taken down other banks (and countries ahem.. Iceland). Thanks to their status as the gateway to south-east Europe (SEE, or new Europe), they are now in a better position to capitalize on and drive economic growth for not only Greece, but the entire the region.
Fast Facts:
- 3600 Greek firms and 3000 branches of Greek banks have established operations in SEE countries in the past few years
- The Greek economy has been expanding at an yearly rate of 4%. The European Commission estimates that Greece’s growth rate will reach 3.4% in 2008 – double the 1.7% growth rate expected for the eurozone.
The Banker
photo credit via ktizon
Around the web:
Do your homework first... Then read Where Greek Mythology Meets Modern Investing ...via fool.com
Slow pokes: Greece and Italy slowest to adopt EU legislation.
posted on Wednesday, November 19