Greece has the strongest economy of its Eurozone peers

[Angelo]

Greece has the strongest economy of its Eurozone peers


By Daniel Flynn

ATHENS, Nov 14 (Reuters) - Greece's economic growth slowed

to 3.1 percent year-on-year in the third quarter, showing it was

weathering the global slowdown better than most of its euro zone

peers thanks to continuing domestic consumption, data showed on

Friday.

While the 15-nation euro zone lurched into recession,

Greece's 240 billion euro economy grew by 0.5 percent

quarter-on-quarter, according to data from the National

Statistics Service (NSS).

The figures were slightly below economists forecasts, which

expected growth to slow to 3.2 percent growth year-on-year from

a revised 3.6 percent in the second quarter. Economists forecast

that growth would slow further toward the end of the year and

end below a government target of 3.4 percent.

"Growth in the last quarter will be slightly below 3.1

percent, as the international crisis started to peak after

October," said Dimitris Maroulis, economist at Alpha Bank.

"Greek growth remains higher than other euro zone countries

like France and Italy. Consumption may have slowed in Greece but

it remains at high levels."

Data released from Brussels on Friday showed that Greece,

which makes up just 2.5 percent of the euro zone, was growing

faster than all of the bloc's 14 other members, except tiny

Cyprus.

Greece has largely escaped the fallout of the credit crisis,

as its banks had little exposure to toxic debt instruments. But

after a decade of strong growth, the slowdown is still causing

pain for Greece's 11 million-strong population, one-fifth of

whom live below the poverty line.

A poll published on Friday in the Kathimerini newspaper

showed the opposition PASOK party stretching its lead to 3.5

percent over the ruling New Democracy party, with most Greeks

blaming the government for the current economic slowdown.

Finance Minister George Alogoskoufis is under fire from

within his own party for not doing more to alleviate economic

hardship.

The government is expected to unveil a revised 2009 budget

next week. Economists said its initial forecast of 3 percent

growth next year was overly optimistic and unions protested over

plans to raise taxes during the slowdown.


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[Napalm]

Just imagine if Greece was allowed to keep Constantinople how much proportionally bigger our wealth would be. I've always felt part of the reason the world powers frown on Greek unification is that they don't want another mid-powered European country with competing interests.

[Giorgos]

Originally Posted by Napalm
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Just imagine if Greece was allowed to keep Constantinople how much proportionally bigger our wealth would be. I've always felt part of the reason the world powers frown on Greek unification is that they don't want another mid-powered European country with competing interests.

Then again by cooperating with this mid sized power it would have been in the interest of the big European powers because Constantinople would be in the EU and Eurozone within Greece. Not to mention that it would be 10-15 million Greeks and not Turks/Kurds living there meaning an insane amount of skilled labour and professionals at Europe's disposal. After all Greece is a staunch ally of the west, the competition would only be economical, not ideological as it is now.