Challenges and chances following the Covid-19 crisis

B2

MEDIUM RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD189.410bn (World ranking 51, World Bank 2020)
Population 10.72mn (World ranking 85, World Bank 2020)
Form of state Parliamentory Republic
Head of government Kyriakos Mitsotakis (Prime Minister)
Next elections 2023, Legislative
  • Major economic hub of Southeast Europe
  • Strong tourism sector
  • Labour market reforms boost competitiveness
  • Regained fiscal discipline
  • Sizeable cash buffer to cover public financing needs beyond 2020
  • Rigid business environment
  • Fragile banking sector
  • High corporate tax rates
  • Low R&D expenditure
  • High public debt burden

Trade structure by destination/origin

(% of total, 2020)

Exports Rank Imports
Italy 10.5%
1
11.9% Germany
Germany 7.7%
2
8.3% Italy
Cyprus 6.0%
3
7.7% China
France 5.8%
4
6.1% Netherlands
Bulgaria 4.8%
5
6.0% Russian Federation

Trade structure by product

(% of total, 2020)

Exports Rank Imports
Petroleum, petroleum products and related materials 21.0%
1
17.7% Petroleum, petroleum products and related materials
Medicinal and pharmaceutical products 9.4%
2
6.6% Medicinal and pharmaceutical products
Vegetables and fruits 7.9%
3
5.8% Organic chemicals
Non-ferrous metals 6.7%
4
4.2% Road vehicles
Electrical machinery, apparatus and appliances, n.e.s. 2.7%
5
3.8% Electrical machinery, apparatus and appliances, n.e.s.
Late payments in Greece are frequent and, despite regular improvements, the average DSO remains high compared to other EU markets – 100 days on average. This is not entirely surprising as the law has implemented EU rules on late payment with flexibility.

  • Low

  • Medium

  • Sensitive

  • High

  • Payments

  • Court proceedings

  • Insolvency proceedings

  • Payments

  • Court proceedings

  • Insolvency proceedings

Although the courts are fairly reliable, the legal process remains slow, despite recent procedural amendments to comply with EU requirements in order to streamline of the process. Enforcement may also be difficult as debtors are often well aware of loopholes in the system.

Insolvency law provides a debt renegotiation mechanism, although collecting money at this stage remains a significant challenge.
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