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World of warships has about 20 different currencies to use when buying ships. The economy in the game is so ridiculous you could do a video of it in itself.
I have a VERY hard time believing you actually play WoWs seeing as almost every TH-cam creator as of late is schlepping their ads all over the place - whats you in-game name? 🤔🧐
@@eemelianttonen8641 Silver, Gold, Coal, Steel, Community Tokens, and whatever else they come up with at that moment in time - you are not wrong at all! lol
your comments section looks like it's full of bots. there are several "formulaic" response patterns (I find the "greeting from and I have nothing but hope and love for " incredibly irritating). if you are using bots for traffic, hire better networks.
After spending the last 15 years in economic limbo, the Greeks deserve a bit of a break. Glad their economy is turning a corner but its people need to feel the recovery too. All the best from Ireland
Really? Come and live here then. More like amazing idiots who never pay taxes, absolutely horrible government, stupid young adults who live with their parents forever and stupid parents who allow this to happen, mostly corrupt police, corrupt politicians, useless wages etc etc. Acropolis, a bunch of beautiful statues and an interesting history is just not enough for a country to be "Amazing".
We see frequently that even when the broader economy might be improving, most individuals within that economy don't feel any better off. Chalk it up to austerity, heavy taxation or wealth inequality; Greece has felt all three.
Greeks still don't pay heavy taxes. They've felt austerity and inequality sure, but not that one. Unless you were referring to some earlier period of history.
@@ArawnOfAnnwnGreeks pay very heavy taxes, VAT is Greece is 24%, income, property tax, fuel tax, luxury tax and a whole series of endless taxes.. Nevertheless Greece is Booming right now.
Greece got the biggest financial bailout of our history of any single country...280 Billion from the IMF and almost 60 Billion from the EU... Why they needed it? Because they are lazy useless...can not manufacture or invent anything...they are just skimming off other traders, shippers, tourists...
Have some shame Kraut thanks to your country Greece today is just a debt colony of Europe and the IMF, a third tier country in Europe. Looked down upon by anglo-saxons and Germans.
As a Greek I am truly sorry but this is kind of misinformative, while the wealthy are doing well, the middle and lower class are struggling so much that people cannot keep up with the prices. I am an economist feel free to debate this with me.
I think you missed the point of the video. It wasn’t to say the middle and lower classes aren’t struggling just that the outlook for the nation is better than it has been for a while now
@@brandonlopez3414 metrics unfortunately only tell you so much here is an example : unemployment in Greece is down however most workers even skilled are paid minimum wage which currently as of December 2023 is 678 euros. Today an average home of 30 square meters costs costs 350-400 euros a month bills NOT included. Add to that the very expensive due to inflation items that you need and there is nothing for the youth to grow wealth my friend. Young Greeks either live with their parents because they can't afford housing or they go abroad givins us a huge brain drain problem
As a Greek living in Thessaloniki (2nd largest city), I will present both sides. Starting off from the positives, it is true that we have regained creditors' trust. Not just the country itself has been upgraded to investment grade by various institutions, but some of our largest banks too. We have also paid off our entire debt to the International Monetary Fund/IMF, and are continuously paying off other debts that we have. Debt-to-GDP ratio is decreasing. Secondly, foreign investments are flowing once again in the country. Hollywood films are being shot here (not just in Athens) like one of Sylvester Stallone's, many public infrastructure works are in place and projects such as Thessaloniki Metro have been resumed and largely completed (in its final stages). There is visible change. As the video mentions, COVID did serve as a blessing. COVID allowed Greece to digitalize and make a lot of processes faster (for example we have gov.gr sites that allow people to print documents, find jobs in the public sector etc etc etc faster and more conveniently). We are no longer under EU supervision for our debts and no longer in bailout programs which means we have much much more flexibility in all aspects now. Now the negatives, although debt is decreasing, it is also increasing. Overall debt has increased a few tens of billions euro. Citizens' purchasing power has (statistically) decreased in comparison to 2019 (when the current government was elected after SYRIZA's rule from 2014 to 2019). Taxes have increased which is contrary to what the current government promised when it was elected in 2019. Wages have increased but their increase is counterbalanced by the massive growth of inflation, meaning that this has not had any meaningful effect. Welfare is not enough to help people who are struggling. Greeks' household savings are the lowest in the EU (Google "Gross household saving rate 2022 EU"), social policy is in general absolute garbage (Look at the massive wildfires ravaging the country every summer for example, although climate change is responsible for accelerating dry conditions the Government does not have a proper plan for combating the wildfires. The Fire Department is criminally neglected). Education is still extremely underfunded. Cartels are artificially raising prices of some products and the Government does little about that blaming the war in Ukraine as a scapegoat. The shadow economy has grown.
The negatives sound more like the 2023 election program sponsored by the opposition, which the Greek people downvoted massively in what was acclaimed as a historic defeat. These arguments were so blatant and had no connection to public opinion that they even led to the dissolution of the SYRIZA party last month. Greece is on a trajectory to sustainable growth, and everyone will soon feel its impact once the remaining inflation fully subsides. We must get over the misery and bitterness we accumulated during the past decade. Let the people breathe for a change.
Οι φοροι επεσαν ζαιουλη!!!!Που ζεις και δεν το ειδες?Δεν αποδιδει η κυβερνηση τα παντα στον πολεμο στην ουκρανια....Και για εξηγησε μας αυτο περι παραοικονομιας!!
You claim that taxes have increased from 2019 onwards, yet no tax rate was increased and over 30 taxes were decreased. How some people cannot comprehend the difference between tax rates going down and tax revenues increasing due to compliance is always interesting to see. Also, the shadow economy has decreased a lot, as evidenced by the halving VAT gap contrary to your remarks. Generally, a rather ok comment if one takes into account your rather obvious political inclinations.
sorry mate but I live in Greece and the current muppet government took more and more debt and the only ones winning are the elites and foreign funds,,.. there is no positive news it's all bs.
@@kragxciv2794It apparently stopped getting likes after the first 43 minutes too. What is this some tactic to get views on a new channel by paying for your comments to be at the top of popular video releases?
Hopefully Southern Italy gets better too! The disparity is always so surprising to me, and I would have always guessed Southern Italy would be the richer part.
@@dianapennepacker6854 much has changed since the Magna Graecia days. Nobody is doing anything serious to decrease the disparity between the North and the South in Italy, the situation is only going to get worse in the foreseeable future. The South is depopulating gradually, the national population is decreasing, births are at their lowest and those who still vote elect far right politicians who are anti-immigrants, who would seriously benefit our ageing population, especially in the South. The future is not bright.
As a Frenchman I visited Athens and traveled a little in the country this year and I was able to see that Athens is very marked by the crisis that Greece has experienced, a city generally in poor condition but we also feel that the country is emerging from it and there is new momentum. If Greece finds political stability it could have a good future. FRGR ❤
We took a ferry from Athens to Paros this summer, coming from the landlocked US I have never seen this many 300+ people ships in one place. Sitting outside for hours traveling through the evening was an unforgettably spectacular experience. All love to Greece.
@@snakesmind-uroborodjinn3471bruh it was obviously a hyperbole, he means he’s from a Midwest state where the closest body of water is hundreds of miles away
@@snakesmind-uroborodjinn3471 I think this person obviously meant to convey that he is from a landlocked state WITHIN the US, of which there are many! If Maxwell is from Colorado, for example, that would give him the experience in his life of living somewhere that is basically in the middle of his country/continent, and he would not have seen many ships outside of lakes and no islands.
Greece is just incredible. The spectacular beauty of it's immensely diverse landscapes and seascapes, all the way to it's incredibly hospitable people, to it's wonderful history and culture and to it's heavenly food. Truly a country to my heart
@@ΙωάννηςΕλ not care about what. That youre poor? Alright well. Its fine. You still have an incredible country. Start to value it in its full glory to do your nation justice
@Ptolemy336VV yes that. We are poor and we don't care how the others see us or what they think about us. We will never be rich and we are OK with that. At least we didn't kill others we didn't invaded of others and we didn't cause damage to other countries as the rich have done. Life is short, poverty becomes a habit, honesty is a value. Have a nice time
Shipowners that also happens to be Greek media owners are in control of Greece's current situation. Also it is interesting to search who owns the electricity companies. Unitary parliamentary republic has turned into Druglord republic of Banana
During the crisis, there was a lot of criticism here in Germany about financial help in the form of guarantees and loans. As far as i know, Greece has paid back everything to the last Euro, including interests. Best greetings to our Greek friends and partners. All Greeks i have met until now have been friendly, hard-working people - they have earned a great future! 👍
Germans must remember that they bailed out the banks, not Greece, but your words are kind. The creator of this video is making ugly stereotypes of Greeks and misleading us. He knows very little about economics.
Germany was never fair towards Greece. We know you hate us and you understimate us. We know you believe we are inferior to you. In Greece we say, never mind ''good heart''. World is full of changes....
@@Ελλάδα-ω3θ It is not hate, we just dont trust you because you cheated your way into the Euro. You wouldnt trust yourself either, if the situation was vice versa. Also you insulted Merkel although she safed you. She gave you money while the majority of Germans refused that. Biting the hand that feeds you never turned out good.
Two failed Nations, along with your brother's the Spanish and Portuguese. That's why it's laughable for people to argue that all Europeans are in the same racial group. Mediterranean groups like the Spanish, Greeks and Italians are considered as Hispanics/Latinos. They are in a completely separate group to Northern European both culturally and genetically.
@@lawbringer9857Please stop spreading your racist views. You are obliged to respect other peoples’ cultures and you should learn that in fact all people are equal. There is no superior race
The "economic mismanagement " was forced upon Greece by international loansharks who were keen to go for high risk, high interest lending but tried to avoid the consequences when the high risk part went wrong. For a decade Greece demanded debt restructuring because they could not take on more debt and could not keep up payments. Instead the IMF and EU banks forced them to take ever more lending , knowing they could never repay it. Greece was sacrificed to prop up German regional banks who had made high volume of high risk loans and were in danger of going under.
yeah, right! No one can force you to borrow more. Your post is just whingy untrue conspiracist rubbish spread at the time, to avoid recognising that Greece's governments were corrupt and wasteful. Stunningly so. PS: banks don't lend to borrows if they know the borrower could never repay it. Do I need to say why??
This reads like the fantasy narrative of a professional victim. Nobody forced Greece to take out any loans. Nobody forced Greece to LIE about their actual debt. Lies of omission to paint a picture of a country that never existed.
Greece forged their numbers and statistics to enter the Euro zone..tax evasion and corruption was the norm..of course a state can't function like this and everyone participated in this robbery
Me too. I think it would be similar but less "negative" as the economic downturn during the euro crisis was less severe and the post crisis growth has been a lot stronger, Portugal has a higher GDP then in 2008 (last peak), while Greece has still a lower GDP than its peak in 2008. Also the debt to GDP ratio is approaching 100% for Portugal while in Greece it is still at ≈170%
Here in America around 2013 I worked with a Greek guy when we were in our 20s. He was upbeat and a lot of fun but knew he was lucky to have American citizenship through his mother. He said all his friends back home were kind of screwed and couldn't really get any jobs that would help them get anywhere in life, if they could get jobs at all. He told us he left because he didn't think he'd have any kind of chance at making a life; keep in mind this isn't a warzone. It was purely the economic situation. I feel for a whole generation of kids who reached adulthood only to get the rug pulled out from under them. Sincerely hope Greece is finally starting to turn a corner for their sake.
We are much worse right now that we have ever been, My family statistically had like 30% more purchasing power during the financial crisis than it has now. Inflation has destroyed us and there have been no raises at all. If we rented and didnt have savings we would not be able to afford living.
As a greek citizen and an educated economist i should also point that the economic success of my country greece depicts only in numbers.Our debt is ever encreasing,our gdp is historically low since 2010.Our society ranks in the top ,in most anxious european societies,also ranks top in percentage of people that are struggling to pay the bills. The big media in our country belong to the biggest corporations,that consist of ship owners,oil refineries owners,construction companies owners,which corporations are getting most of the public projects.Also media are subsidized by the current government.So the only thong that is thriving is the market number,the country and its people are struggling.The rich are getting richer and the poor poorer,and sadly this is not a biased political statement,it is statistically proven.
Some people look at lines going up on graphs and think the economy is doing well and people shouldn't complain, without taking into account what's life actually like for people and if this money is being kept by the richest
Yes, the EU more focused on helping ppl outside the EU than inside to virtue signal to their friends. Meanwhile politicians and owners of industry get rich and fat
Living in Greece now! Ionian Coast (west). We totally love this area of Greece, great fresh food (we've got citrus fruit trees in our garden and even now in the winter we can enjoy fresh OJ and lemons for free), veggies and fruits are available year round at reasonable prices, benevolent weather even in the winter, if you don't mind a fresh dip in the sea, we do it often even in winter. yes there is quite some bureaucracy, and petrol and energy prices are high relative to GDP per capita, but it's an overall great country to live in if you are a digital nomad working for foreign clients.
A major issue that was not mentioned is that many jobs are part time. Although we see that a lot of people are employed, the salaries are barely enough to sustain a one-person home. Thats why a lot off people here in greece need two part-time jobs. I feel like this should be discussed when figures like employment rates are displayed, as was the case here.
It’s really hard to say, what is actually going on in Greece. As a Greek, living abroad, it pains me to come back every year and see the poverty, the exhausted look on people’s faces, listen to the burden and strain they are under, but have the government constantly throw out propaganda, about how well Greece is going. It’s not the reality on the ground, after volunteering at a soup kitchen this past summer, the sheer amount of people, is mind boggling and truly inconceivable. Whilst tourism is definitely increasing each year, inflation is still a problem, the lack of any real social programs to tackle the issues a lot of everyday Greeks are facing, high rents, low wages with minimal wage increases and high taxes on payroll, is frustrating and ever persistent. The current government, has zero empathy for the common people.
Another factor that has to he faced is Greece owes the world so much money that while they're doing well economically. It's going to be a very long time before the people see it. Greece took almost a quarter trillion in bailout from EU and IMF. That needs to be paid back before the citizens will actually see the fruit of their labors.
@@amh31 So the loan to the IMF has been paid back, earlier than was required, as no country wants to have an IMF debt, unless they’re desperate. The EU debt, wont really be a big issue, as many leeway’s will and have been given to Greece, as the EU can’t afford for Greece to fall again. The economy is doing well, if you look at tourism, in the future so long as the transition to renewables goes as smooth as the government would like, could be a viable money maker for Greece, but again, I don’t think it will explode in Euros any time soon.
The problem is precisely the mentality that governments should do everything. That’s the ideology that led to Greece’s crisis. People have to be auto sufficient and that’s impossible when government overreach.
@@rodrigo445678 Totally agree. Greeks were far too lazy, when it came to the country’s affairs as a whole, far too patriotic to think anything was wrong, until all the benefits, pensions, subsidies were scraped and taxes on anything and everything, were increased and implemented.
@@antonios111 wasn't a big problem the way taxes were not collected ? Because if so, the proble wasn't government overreach, but that the government didn't reach enough in that capacity.
The footage shown at 13:25 is not from Greece, it is from Alberobello, a village in the region of Apoulia in Italy. I appreciate the implication of Magna Graecia, but that is not an example of Greek colonial architecture in southern Italy.
The reality is completely opposite. The quarantine of Covid19 lead to the closing down of many small shops. Inflation is increasing every day while the wages remain stagnant. It's very hard to find a stable job and even then the conditions are horrible and no rights are guaranteed. Taxes are insanely high and every miniscule ((growth)) of GDP goes to the pockets of corrupt politicians and their associates. The economic bubble burst in 2008 and we still haven't recovered. We have merely accepted our demise.
@@deepseadarew6012we have the slowest economic recovery after COVID in whole EU, even after Spain. Inflation was one of the highest on levels above Hungary and the Baltics. Even now Czech economy is still not in it's levels from 2019.
As someone who lives in Greece, I can confirm that the PEOPLE of Greece are doing worse than ever. We have some of the most expensive : supermarket prices, fuel prices and pretty much everything is super expensive (compared to the EU), and very high taxes, while at the same time the wages are terrible. We have north europe (or worse) prices while we have African wages. So yea Greece, as in its people, are not doing really well. Our rich politicians are definitely doing really well though.
As someone who has read through most of the comment section I have learned that whenever someone starts their comment with "as a Greek" or "as someone who lives in Greece", I know that they are going to say the most predictable thing while bitching and whining. "The rich are getting richer and the poor poorer", "the rich politicians" etc etc. No one buys your drama story anymore. A) The average idiot in Greece doesn't know the first thing about economics and B) the average Greek always likes to complain about how bad things are when Greece is richer than the world average and children in other countries are LITERALLY starving to death. Shut up, get a job and pay your taxes.
Way to go Poros! My father-in-law was from Poros and we go every year to enjoy that wonderful little island and visit relatives. But, Poros isn't one of the big "named" islands and very few people in America (nobody really) has even heard of the place. So image my surprise when at the 35 second mark (and 1:37, 3:58, 7:55 marks) you, briefly, showed our little slice of paradise! You made my (and my wife's) day! Does anybody on your staff visit Poros regularly? [Poros, btw, is about an hour by hydrofoil from Athens and is better known as a place that people from Athens go to for a weekend then as a place for foreigners, though we do get a lot of foreigners taking yachting vacations. In fact, we call it, informally, the island of yachts.]
I live in greece and people say that things are improving......I am shocked that they are saying this. Rents are crazy high, Electric bills went to ridiculous levels because of "the war" and other bullshit reasons whilst power companies had record level profits and the super market prices are exploding I went to denmark and germany and the prices there where about the same. Its becoming unsustainable. All these years in greece I have never felt so uncertain and unsafe and I am considering to escape to another country and I read comments like ohhh its improving....WHAT?
Despite not having a particularly great P&L in the 2020s, Greece still has its amazing BS and that is why it will always be a great economy regardless of how badly it is ran. Please do a video o Romania as well!
as a greek i agree with you. The Greeks should have thrown away the euro many years ago and had our own currency. I hate europe and its currency, they have done nothing but harm to Greece. And they always belittle us and mock us, I'm sick of them.
Please, make a video for Bulgaria. We are full of stories for mafia bosses ruling the country, socialism and finally starting to develop and become a modern business oriented EU country.
Its easy to hate whilst saying something in lines of logic and sense due to these past issues. Maybe pick up an economics book or even behavioral economics and understand that situations and expecations change over time. Its people like you who hate and dont support and economy that, in other sense, can influence indireclty or even direclty your own country. That is the one of the main points of the EU, avoid asymmetric shocks with policy and economic coordination to reduce spillovers due to monetary integration. At the end of the day, irrelevant people like you are the ones inflowing our tourism because we have such a rich country, uncomparable to any. See you in santorini this summer ;).
Actually, claiming that _'creative accounting -> got Greece not to look bad in 2023'_ only highlights your deep (sorry, cant find another word) ignorance on this issue.
@@minuswachoke2925 maybe you didn't watch the video as well but his point was that despite the economic crisis in the recent past the country is having a growth albeit a slow one
As a Greek going back to my country 2-3 times a year it is easy to spot the improvements, even though people living there full time cannot spot them so easily. Yeah, infrastructure is not where it was when it was brand new (and built on loans), but the foundations for the future are stronger now than when we were rich.
Arguably, the foundations were stronger when we were rich compared to before when we were also poor. I think the infrastructure has in general improved but the manning and the quality of many services is actually worse. You can see and feel poorness and wealth around you much more than in the past. I go there usually once per year, and once every couple of years to athens which is really bad in my opinion. Finally the countryside is benefiting.
Thanks for pointing out the improvements we clearly can't see by living in Greece every day. Thank god we have highly educated and enlightened expats to point them out. Those huge investments on public transport and trains are surely showing.
You are so right!!! Thanks to our Goverment, which continues to sell off public infrastructure and sectors built with Greek taxes. Now we get to revel in the joys of skyrocketing energy prices, pay premium inflated prices for every conceivable product, and allow corporations to skirt responsibility for any passenger their railway system has the misfortune of killing. I eagerly await your return to bask in these forthcoming prosperous times with us!
😂 We may have different perspectives (and I will stick with mine, as an "outside-in", less biased view) but I must admit you are funny 😂. Thank you for the productive interaction and healthy opinion exchange. Greece is not as unique of a case, once you see it from the outside. I know things look different when you are there; I have been there (maybe more years than you) and the fact that I see progress does not mean I would go back any time soon...
@@keepitflowyartem3973 No disagreement there about trains and other populist "καραμελες". I do appreciate your (internet anonymity-enhanced) humour and I do understand that growth under a hard climate tends to leave many people behind (maybe even the majority, though the ones benefiting are not as vocal). The question is what is anyone doing in order to not be one of the ones left behind. I am personally exposed to many professions in Greece that have serious shortages of skilled employees, but we still produce irrelevant degrees in our universities. If you have access to the market I guess you should know that, without a need of any "expat enlightenment".
I skipped greece during my undergrad backpacking through europe summer trip. I really wish I had the time and money. Here to hope that they will still be beautiful (but also stable) when I get another chance.
It seems very wrong to put Greece, 10 years after an austerity program and just receiving a good economic score recently from credit agencies, only 0.6 points above Argentina, a country in hyperinflation and debt crisis just starting their economic correction. Completely wrong. Maybe it’s time to re weight these rankings against each other.
honestly says a lot about the seriousness of this video , as a Greek nothing has gotten better here apart from our iced coffee varieties which I think are among the best in the world.
Οπου και να πας στην Ελλαδα βασικο θα παρεις (700 ευρω) θες να μου πεις οτι στις σερρες το κοστος ζωης (ρευμα νερο τηλεφωνο ενοικιο βενζινη σουπερμαρκετ διασκεδαση) ειναι κατω απο 700 ευρω?
As a greek who experienced this i agree that there were problems on the revenue side and that there was a lot of malinvestment. But the biggest problem by far was the crazy large public sector which offered nothing and is still unbelievably burdensome. There was huge amounts of corruption in which the state made everything more dysfunctional in order to make itself more powerful since everybody was one way or another operating illegally and thus relied on the political class to support or not persecute him. The sucess of shipowners should be viewed in a different light, basically the ability of greek to suceed and build great businesses as long as the greek government cant reach them.
We are not the only country with a big public sector. And others don't have issues. The important factor is what you do with it. And we had it doing nothing.
Yea bro it's that fat public sector, the root of the problem as always. Don't forget to lick the boots of ship magnates, they might drop you a dime for being such a good bootlicker.
In my country, French here, we have a more significant public sector. Being a civil servant is not the problem. Speaking of corruption, we do better than Greece, but it depends on where: try doing business in Nice, which looks like Italy / Greece, about that problem. Στη Γαλλία έχουμε τα ίδια πρόβλημα με κάποιες τεράστιες εταιρείες που πληρώνουν πολύ λίγους φόρους σε σύγκριση με το όφελός τους. Σκέφτομαι την Τοταλ πχ.
@@sophiewanlin8612 China and Scandinavian countries also have a huge public sector and it works for them. I agree public sector is not the problem, but for Greece it is because Greeks are too individualistic and so the public sector always ends up corrupt and losing money. I think Greece should privatize as much as it can because that's what suits the Greek mindset and culture better.
Employment rates don't mean much when most of the workers work seasonally or part time with wages that aren't sufficient to sustain them, it's just a fiscal trick for the government to look good on paper. Poverty in Greece has skyrocketed, almost 80% of the population has difficulty in covering for basic needs (food, home, electricity) and barely get by, while food and energy costs are increasing at a pace that the economy and people can't follow, leading most people to burn through their savings (the only country in the EU with negative savings growth in 2023) or leave the country in order to seek work in other EU countries with better working and living standards. Most of the investments being done are building housing and selling it to foreigners and tourists (not sustainable growth as mentioned in the video) and what accounts for economic growth in numbers, is mostly large multinational companies that have taken control of key sectors of the economy (energy, food, transport, telecommunications, construction) and created monopolies or cartels and are preying on the poor since there is no government supervision or laws about free competition and price fixing.
It may seems like it in paper , but as a Greek let me assure you nothing changed. Wages are way lower than it should but the basic needs costs are increasing day by day , making the wage/cost of living rate a lot worse.
"How it has influenced the modern economic landscape in more ways that even the country itself has probably realised" Yes we are dumb like that 😂 Just to clarify, the generous benefits were not toward unemployed or other people in need, but inflated pensions to already over privileged pensioners.
It's funny how in almost every video talking about the Greek economic crisis, nobody mentions the failed austerity measures that were enforced by the IMF, which devastated any potential for growth in the country for more than a decade, while also being a huge scum by the IMF to buy a huge percentage of the Greek debt at a lower price from private investors. The country f'd itself with its economic policies, but was also taken huge advantage off. In the end, certain people made a whole lot of money, while the general populace suffered, and the Greek identity was slandered.
Tis funny that the video highlights that Greece's development boom was in part the cause for the depression, yet fails to see that this is still happening today. Most development is building properties for foreign investors today.
I remember these news headlines back in 2015 about how badly Greece was doing financially. Then suddenly it was no longer news-worthy and I didn't hear much about it, so I was wondering if the problems had been solved. Good to hear they are doing alright now.
@@ColmanRetro Compared to the early 2000s Greece. The Greek economy is more secure now, but its people are no richer. Actually poorer if you factor in inflation. Even the economy is just about catching up to where it was 15 years ago.
Well 15 yrs under IMF and EU supervision is horrific. The people are stubborn in a good way. Its the few and elites with govnt bringing them down for so long. They survived cause of a strong sense of family and patriotic unit. It has improved a lot but under great suffering to a lot of people in terms of happiness and loss generation. If you have money there not a lot say US 70k a yr you live a really good life. Those there renting and cant save suffering still. But this now is felt everywhere even here in Canada. Asset rich cash, poor as the saying goes.
Have you actually been there before saying this? Athens is far gone, a huge unsafe ghetto, rents higher than salaries and locals are leaving every day.
I have a question, do you think it would be a good idea to catalog types of development according to the continuous return on investment. Because as you demonstrated building houses looks good on paper but once built it’s not all that important anymore. But let’s say building a factory has a continuous return on investment.
I've never heard Greece described as an "otherwise unassuming country." I've heard it called the birthplace of Western Civilization. I've heard people discuss how its influence in the Mediterranean dates back to the Bronze Age. But unassuming? I can't say I have heard that before.
Greece today is a pretty forgettable country. As rich as its history is, it doesn't have much going for it otherwise. I hope that changes, and based on the video, it seems things are slowly but surely looking up.
@@me0101001000 This. I have been to Greece when I was in the military, but other than tourism and history, Greece just isn't a power economically or politically. They are pretty forgettable.
@@JimmyMon666I mean I get what you guys are saying, but when it comes to Greece, you don’t say stuff like that about Greece, that it’s forgettable given what they’ve given us
@@me0101001000 yes we all know that the whole world is influenced by super corrupt countries like USA,China & Russia everyone else for them are irrelevant I guess.... 🤷♀
I stopped paying attention to Greece around 2013 and haven’t looked back even with the shipping potential but they almost invented the swap in shipping
As a Greek, no we are not doing well. Although it seems economy is doing good truth is everything in price has risen, even coffee. rooms for students are really high, a 30 square feet room from 200 euros is now 350 to 400... markets with milk etc also significantly high
I love Greek food and culture, and the islands as well. One big mistake was for Greece to host the Summer Olympics in 2004. Billions of dollars were spent on facilities for a two-week event. After the Games were over, facilities were left to decay. The money spent could have been spent on infrastructure for the country.
Obviously most of it was a waste but of some did go to fairly useful infrastructure. The Athens metro remains one of the best functioning and cleanest infrastructure in the entire country.
That's not entirely true, many of the Olympic sites have been or are now being redeveloped. Also, Olympics were great for infrastructure development in Greece, like metro and highways. Still, a lot needs to be done.
Very good video. On shipping, Piraeus is full of the offices of the shipping companies and the officers of the ships are mostly (and in many cases completely) Greek, graduating from then Greek academies. Everyone in Greece knows many people who works in the shipping industry and it’s one of the known good career paths for Greece
Ποσοι δουλευουν στα καραβια? ...πανω απο 20000 αποκλειεται, και συνεχως ο αριθμος μειωνεται! Οι θεσεις στο συνολο μειωνονται επειδη πλεον οι θεσεις ειναι ελαχιστες για Ελληνες στα φορτηγα πλοια (bulk carriers), απλα ανοιξαν πιο πολλες θεσεις για LNG. Στο συνολο ο αριθμος ειναι μειουμενος, και οι αποφοιτοι ολο και περισσοτεροι, τωρα και με την ιδιωτικη σχολη στον Πειραια
Industry must be rated 3/10 MAXIMUM. When a country's "heavy industry" is TOURISM, there is no serious industry at all. Shipping, as you said, has minimalised its contribution to the Greek economy over the last decade...as for the natural resources (including mainly the resources discovered in the Aegean Sea), Greece will never be able to extract them as Norway did for geopolitical reasons. So, as your title says, how is Greece doing really well again? Our economy is just a huge bubble that will explode in the near future once again, that is the harsh reality that every Greek economist must realise, since there was never a serious focus on supporting productive industries.
I am Greek and before I watch I want to say that if this actually says that we are doing well, then you know this video is 100% bs 😂 *also note that even when we were bankrupt we were not starving or anything (as the rest of the world might think). Now we are worse since the cost of living has risen way more than income (the real income now is less than when it was when we were bankrupt).
It takes time for an economy that has suffered such a blow as the Greek one has to stabilise. The cost of living has gone up everywhere in Europe. Kristine Lagarde said recently that EU citizens should forget pre-pandemic living standards. Housing, food and petrol prices are going up as well because of the inflation which is natural when you have growth after so many years in recession. One thing I don't understand is why so few people like you in Greece struggle to see the bigger picture and just drown in their little puddle of misery and pessimism. There are no easy ways or miracles to fix a situation like the Greek one. It will take time and a lot of work from everyone. The world doesn't owe anything to Greeks. They have to work hard and prove they deserve the living standards they keep comparing themselves with.
@@georgem3270 misery? Work hard? "Such a blow"? What kind of irrelevant & nonsense points are these? I myself said that we never lived in "poverty", nor we do now. But things did not "get better" as the video claims, this is why it is 100% bs. End of story and no need for disagreements because we know better, since we live here. We never suffered any huge blow actually. If you think so, you may be dumb for believing your country's news while the reality is different. Not my fault. It is quite simple my little fella : I said that if this video claims that we are better now than we were before, it is simply not true because the average income remained the same while the prices increased. And if this case holds for other countries as well, it doesn't change the fact I mentioned.
@georgem3270 you spread you miserable hate about the Greeks in every of your comments. We can understand that you hate and you want to underestimate the Greeks in every possible way for your personal reasons, but you have to be fair with them. We work more than the average European and this propaganda about rhe lazy and irresponsible Greeks should stop. You don't know how and you don't experience our daily lives and our efforts. So stop spreading your miserable soul left and right everywhere. Rude.
4:20 "only one other country, Japan, even really comes close" Yet you show China having almost the same deadweight tonnage as Japan and roughly 75% higher vessel count.
Thanks for this informative video. The feeling here in Greece is that something is really positively changing for the first time in many years, albeit in a slow pace and not evenly distributed to the whole of society.
I stopped watching after he posted his video questioning "Do we actually want affordable homes." Mf the answer is yes. There is no if ands or buts about it. We want to afford a home after college, not be forced to live with our parents until our mid 40s because our measly $50k/yr can't purchase a $500k house.
The Economist's country of the year for 2023: Greece _'...after years of painful restructuring, Greece topped our annual ranking of rich-world economies in 2023.'_ Note also that the pandemic didnt just _blessed_ the Greek economy. This was done by design, hard efforts were made for Greece to deal with the pandemic best way possible, and it largely managed to do exactly this. This gave a headstart to the economy which led directly to the Economist's title above.
Many people claim that Greece's economy is going down the drain still. However, as a Greek I can say with absolute certainty that things are improving , although slowly.
people didn't move to industries that paid less because industries like that didn't exist. At the height of the crisis, finding any kind of job was almost impossible and even keeping the job you had wasn't easy since lay-offs in major businesses were a common phaenomenon
I appreciate your videos, but I believe this one contains some very crucial omissions and inaccuracies. While the analysis is mostly correct until the 90s, it falls apart after that. There was indeed rapid growth but not a triplication (!) of the GDP per capita in a few years, so that data is really off. And most importantly, blaming the financial woes on a housing bubble (at least this is what I get from the video) is incorrect, it played a rather small role, nothing to do with the crises in the US or Spain. It was almost exclusively tied to the massive account deficits that the state was running, simply overspending, mostly for a large inefficient public sector and a generous (for the country's finances) pension system. Year after year, but especially during the 00's. Public deficit and unsustainable debt is written all over the problem , I wonder how the housing/infrastructure theory came up. As a matter of fact, the country gets and used to get too little foreign investment. And investment in infrastructure, albeit increasing, is lacking as well.
Im Greek and my father has been a shipping vessel Captain for the past 45 years first in oil tankers now in LNG. Its true that we witnessed the decline of the greek crews in favor of foreign cheaper ones, such as from the Philippines, but its also important to note that Greek shipping companies still to this day prefer and trust only Greek high ranking officers onboard.
@EconomicsExplained Very good video! Sounds spots on to me. It would be interesting to do Lithuania next. I'm a Greek and I have lived in Lithuania for a while. it's very interesting to see the opposing trajectories those two countries had. And the baltic countries seem to have moved a bit more cleverly than the south european ones. I'd love to see an EE video on Lithuania. Either way, love your videos 👍
I'm Greek and have lived all my life in Greece. The situation is worst than ever for the people since our financial crisis. High inflation, very low wages, most expensive energy prices in Europe, one of the highest VAT percentage in Europe, unfriendly taxation system for freelancers, extremely expensive rents, high crime rate especially in large cities, corrupt Political, Media and Judicial systems. Most wages have remained basically stable with insignificant raise since 2010, while prices have gone up through the roof. The people that are doing well are a rather small minority, particularly in the shipping business and tourism or in some high paying jobs. And of course Greek politicians are doing super well since their monthly wage is close to 5000€ with extra benefits such as the lowest taxation rate in the country, Free cars and fuel, free airplane tickets and many more, while minimum wage in Greece is around 670€ after tax. It may seem like we're doing well in numbers or on paper but the situation on the ground is disappointing the least. The majority of people are struggling to pay their bills, rent or even for food and electricity.
Play World of Warships here: wo.ws/3GpEFdS
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World of warships has about 20 different currencies to use when buying ships. The economy in the game is so ridiculous you could do a video of it in itself.
Could you do a video on Albania when you get a chance please!
I have a VERY hard time believing you actually play WoWs seeing as almost every TH-cam creator as of late is schlepping their ads all over the place - whats you in-game name? 🤔🧐
@@eemelianttonen8641 Silver, Gold, Coal, Steel, Community Tokens, and whatever else they come up with at that moment in time - you are not wrong at all! lol
your comments section looks like it's full of bots. there are several "formulaic" response patterns (I find the "greeting from and I have nothing but hope and love for " incredibly irritating). if you are using bots for traffic, hire better networks.
After spending the last 15 years in economic limbo, the Greeks deserve a bit of a break. Glad their economy is turning a corner but its people need to feel the recovery too. All the best from Ireland
We won't as Koulis and the gang hate us but thank you 🤗
@@instastoump I honestly have more confidence in your economy than Britain's, and not just because Greece is still part of the EU.
Our ''friend'' Europe will take care of that, as in the past.
which break? it sucks here all the way
@@instastoumpενώ οι άλλοι μας σωσανε ρε μεγάλε...
Amazing country, amazing people and amazing language ❤️ Long live Greece ! Greetings from Portugal
Best football players per capita in the world lol Love Portugal
Really? Come and live here then. More like amazing idiots who never pay taxes, absolutely horrible government, stupid young adults who live with their parents forever and stupid parents who allow this to happen, mostly corrupt police, corrupt politicians, useless wages etc etc. Acropolis, a bunch of beautiful statues and an interesting history is just not enough for a country to be "Amazing".
Thank you Portuguese friend.
Thank you Portugal! Same words go for Portugal too!!! Lovely country! ❤
Thank you for the support ❤😢
We see frequently that even when the broader economy might be improving, most individuals within that economy don't feel any better off. Chalk it up to austerity, heavy taxation or wealth inequality; Greece has felt all three.
If the taxes arent going toward building a better standard of living, where is it going
I wonder if there's a public budget of greece
Greeks still don't pay heavy taxes. They've felt austerity and inequality sure, but not that one. Unless you were referring to some earlier period of history.
rather simple answer , paying off out dept@@ayoCC
@@ArawnOfAnnwnGreeks pay very heavy taxes, VAT is Greece is 24%, income, property tax, fuel tax, luxury tax and a whole series of endless taxes.. Nevertheless Greece is Booming right now.
@@aokiaoki4238But at the same time, I heard thar tax evasion is like a national sport in Greece.
Greece, such a beautiful country, and they deserve a rise. Greetings from a German
The roads are nasty unless you take the ring road so you don’t have to witness broken down crumbling infrastructure; speaking of my trip to Athens
awwwww süss
Yeah
Greece got the biggest financial bailout of our history of any single country...280 Billion from the IMF and almost 60 Billion from the EU...
Why they needed it? Because they are lazy useless...can not manufacture or invent anything...they are just skimming off other traders, shippers, tourists...
Have some shame Kraut thanks to your country Greece today is just a debt colony of Europe and the IMF, a third tier country in Europe. Looked down upon by anglo-saxons and Germans.
As a Greek I am truly sorry but this is kind of misinformative, while the wealthy are doing well, the middle and lower class are struggling so much that people cannot keep up with the prices. I am an economist feel free to debate this with me.
Please provide an example of a nation where this isn’t the case. Literally everywhere the lower and middle classes feel this way.
@@chadmcaffee902 Norway is a really good example also this channel has done a phenomenal job of covering that
I think you missed the point of the video. It wasn’t to say the middle and lower classes aren’t struggling just that the outlook for the nation is better than it has been for a while now
Are they improving compared to the situation they were?
Also, were you confortable when most people in Greece were dependent on government subsidies?
@@brandonlopez3414 metrics unfortunately only tell you so much here is an example : unemployment in Greece is down however most workers even skilled are paid minimum wage which currently as of December 2023 is 678 euros. Today an average home of 30 square meters costs costs 350-400 euros a month bills NOT included. Add to that the very expensive due to inflation items that you need and there is nothing for the youth to grow wealth my friend. Young Greeks either live with their parents because they can't afford housing or they go abroad givins us a huge brain drain problem
As a Greek living in Thessaloniki (2nd largest city), I will present both sides.
Starting off from the positives, it is true that we have regained creditors' trust. Not just the country itself has been upgraded to investment grade by various institutions, but some of our largest banks too. We have also paid off our entire debt to the International Monetary Fund/IMF, and are continuously paying off other debts that we have. Debt-to-GDP ratio is decreasing. Secondly, foreign investments are flowing once again in the country. Hollywood films are being shot here (not just in Athens) like one of Sylvester Stallone's, many public infrastructure works are in place and projects such as Thessaloniki Metro have been resumed and largely completed (in its final stages). There is visible change. As the video mentions, COVID did serve as a blessing. COVID allowed Greece to digitalize and make a lot of processes faster (for example we have gov.gr sites that allow people to print documents, find jobs in the public sector etc etc etc faster and more conveniently). We are no longer under EU supervision for our debts and no longer in bailout programs which means we have much much more flexibility in all aspects now.
Now the negatives, although debt is decreasing, it is also increasing. Overall debt has increased a few tens of billions euro. Citizens' purchasing power has (statistically) decreased in comparison to 2019 (when the current government was elected after SYRIZA's rule from 2014 to 2019). Taxes have increased which is contrary to what the current government promised when it was elected in 2019. Wages have increased but their increase is counterbalanced by the massive growth of inflation, meaning that this has not had any meaningful effect. Welfare is not enough to help people who are struggling. Greeks' household savings are the lowest in the EU (Google "Gross household saving rate 2022 EU"), social policy is in general absolute garbage (Look at the massive wildfires ravaging the country every summer for example, although climate change is responsible for accelerating dry conditions the Government does not have a proper plan for combating the wildfires. The Fire Department is criminally neglected). Education is still extremely underfunded. Cartels are artificially raising prices of some products and the Government does little about that blaming the war in Ukraine as a scapegoat. The shadow economy has grown.
The negatives sound more like the 2023 election program sponsored by the opposition, which the Greek people downvoted massively in what was acclaimed as a historic defeat. These arguments were so blatant and had no connection to public opinion that they even led to the dissolution of the SYRIZA party last month.
Greece is on a trajectory to sustainable growth, and everyone will soon feel its impact once the remaining inflation fully subsides. We must get over the misery and bitterness we accumulated during the past decade. Let the people breathe for a change.
Οι φοροι επεσαν ζαιουλη!!!!Που ζεις και δεν το ειδες?Δεν αποδιδει η κυβερνηση τα παντα στον πολεμο στην ουκρανια....Και για εξηγησε μας αυτο περι παραοικονομιας!!
Sorry for the dissolution of your political party my friend(syriza).You will feel better...
@@bellosjtΣταματα να πονας ασχετε θετικα αρνητικα ειπε και ηταν αντικειμενικος.. κατι τυποι σαν εσενα θα επρεπε να τους απαγορευουν να ψηφιζουν
You claim that taxes have increased from 2019 onwards, yet no tax rate was increased and over 30 taxes were decreased. How some people cannot comprehend the difference between tax rates going down and tax revenues increasing due to compliance is always interesting to see. Also, the shadow economy has decreased a lot, as evidenced by the halving VAT gap contrary to your remarks. Generally, a rather ok comment if one takes into account your rather obvious political inclinations.
Yay, Greece! 🇬🇷 It's heartwarming to see such positive news. Go Greece, Greetings from a Canadian. keep shining! 💙🌟"
How does this comment have a thousand likes in only 43 minutes
sorry mate but I live in Greece and the current muppet government took more and more debt and the only ones winning are the elites and foreign funds,,.. there is no positive news it's all bs.
@@kragxciv2794 bot
@@kragxciv2794It apparently stopped getting likes after the first 43 minutes too. What is this some tactic to get views on a new channel by paying for your comments to be at the top of popular video releases?
@@kragxciv2794 dude, internet was always broken
I wish Greece the best. It shaped the Western civilization as we know it today. Lots of love from Italy
Hopefully Southern Italy gets better too! The disparity is always so surprising to me, and I would have always guessed Southern Italy would be the richer part.
@@dianapennepacker6854Italy is falling apart for low birth rate and rapidly ageing population
@@dianapennepacker6854 Why did you expect the South to be richer?
Not the same Greeks.
@@dianapennepacker6854 much has changed since the Magna Graecia days. Nobody is doing anything serious to decrease the disparity between the North and the South in Italy, the situation is only going to get worse in the foreseeable future. The South is depopulating gradually, the national population is decreasing, births are at their lowest and those who still vote elect far right politicians who are anti-immigrants, who would seriously benefit our ageing population, especially in the South. The future is not bright.
As a Frenchman I visited Athens and traveled a little in the country this year and I was able to see that Athens is very marked by the crisis that Greece has experienced, a city generally in poor condition but we also feel that the country is emerging from it and there is new momentum. If Greece finds political stability it could have a good future. FRGR ❤
"Emerging..." Trust me, it only gets worse day by day.
I also went to Paris and can only say the same. Hope your country recovers
Paris is much worse than Athens
merci beacoup mon amies! ❤💙
@@davidoffberlin Unfortunately, the whole of Western Europe is in the same boat.
We took a ferry from Athens to Paros this summer, coming from the landlocked US I have never seen this many 300+ people ships in one place. Sitting outside for hours traveling through the evening was an unforgettably spectacular experience. All love to Greece.
What landlocked US are you talking about? The USA has access to both world oceans and also the Great Lakes which are the size of seas.
Landlocked US? You are from the US and you think it's landlocked? And so many people liked your comment too?
@@snakesmind-uroborodjinn3471bruh it was obviously a hyperbole, he means he’s from a Midwest state where the closest body of water is hundreds of miles away
@@snakesmind-uroborodjinn3471certain parts of the country are considered landlocked.
@@snakesmind-uroborodjinn3471 I think this person obviously meant to convey that he is from a landlocked state WITHIN the US, of which there are many! If Maxwell is from Colorado, for example, that would give him the experience in his life of living somewhere that is basically in the middle of his country/continent, and he would not have seen many ships outside of lakes and no islands.
Greece is just incredible. The spectacular beauty of it's immensely diverse landscapes and seascapes, all the way to it's incredibly hospitable people, to it's wonderful history and culture and to it's heavenly food. Truly a country to my heart
Greece doesnt have diverse landscapes
We were poorcwe are poor and we will always be. We don't care anymore about that.
@@ΙωάννηςΕλ not care about what. That youre poor? Alright well. Its fine. You still have an incredible country. Start to value it in its full glory to do your nation justice
@Ptolemy336VV yes that. We are poor and we don't care how the others see us or what they think about us. We will never be rich and we are OK with that. At least we didn't kill others we didn't invaded of others and we didn't cause damage to other countries as the rich have done. Life is short, poverty becomes a habit, honesty is a value. Have a nice time
@@ΙωάννηςΕλ good answer. I like that. I wish you the very best in life. Have a enjoyable week
Shipowners that also happens to be Greek media owners are in control of Greece's current situation. Also it is interesting to search who owns the electricity companies. Unitary parliamentary republic has turned into Druglord republic of Banana
Εσύ βλέπεις Ζαραλικο σίγουρα
unfortunately the viewers pefer to believe what the vid says and doubt the locals' opinions 🤷♂️
During the crisis, there was a lot of criticism here in Germany about financial help in the form of guarantees and loans. As far as i know, Greece has paid back everything to the last Euro, including interests.
Best greetings to our Greek friends and partners. All Greeks i have met until now have been friendly, hard-working people - they have earned a great future! 👍
Germans must remember that they bailed out the banks, not Greece, but your words are kind. The creator of this video is making ugly stereotypes of Greeks and misleading us. He knows very little about economics.
Germany was never fair towards Greece. We know you hate us and you understimate us. We know you believe we are inferior to you.
In Greece we say, never mind ''good heart''.
World is full of changes....
@@Ελλάδα-ω3θ
It is not hate, we just dont trust you because you cheated your way into the Euro. You wouldnt trust yourself either, if the situation was vice versa.
Also you insulted Merkel although she safed you. She gave you money while the majority of Germans refused that.
Biting the hand that feeds you never turned out good.
'Future' for a couple of elite families. There is great inequality here and no welfare state. I admit that we have freedom of speech
They helped greece so much thats why we have no food... germans they care about greeks😅😅😅😅
As a Greek admirer I sincerely hope that everything works out.
I'd say I'd agree, but I'd be lying. I just want things to work out because I think mediterranean women are hot.
Wow now that is a good reason.@@AlexanderTheGoodEnough
We don't care if the others admire us or not. We have heard so many cosmetic words the last decades that we are empty of emotions..
That's an amazing news, our Greek brothers deserve to shine again 🇮🇹♥️🇬🇷
Two failed Nations, along with your brother's the Spanish and Portuguese. That's why it's laughable for people to argue that all Europeans are in the same racial group. Mediterranean groups like the Spanish, Greeks and Italians are considered as Hispanics/Latinos. They are in a completely separate group to Northern European both culturally and genetically.
@@lawbringer9857 one face, one race 🇮🇹♥️🇪🇸🇵🇹🇬🇷
@@lawbringer9857Please stop spreading your racist views. You are obliged to respect other peoples’ cultures and you should learn that in fact all people are equal. There is no superior race
@@lawbringer9857 No intelligent European care if YOU consider European tribes "Hispanics/latinos" - which is not EVEN a race, but MESTIZOS. :)
@@Abotekapio Facts don't care about your feelings. What have I said that's incorrect?
The "economic mismanagement " was forced upon Greece by international loansharks who were keen to go for high risk, high interest lending but tried to avoid the consequences when the high risk part went wrong. For a decade Greece demanded debt restructuring because they could not take on more debt and could not keep up payments. Instead the IMF and EU banks forced them to take ever more lending , knowing they could never repay it. Greece was sacrificed to prop up German regional banks who had made high volume of high risk loans and were in danger of going under.
yeah, right! No one can force you to borrow more. Your post is just whingy untrue conspiracist rubbish spread at the time, to avoid recognising that Greece's governments were corrupt and wasteful. Stunningly so. PS: banks don't lend to borrows if they know the borrower could never repay it. Do I need to say why??
This reads like the fantasy narrative of a professional victim. Nobody forced Greece to take out any loans. Nobody forced Greece to LIE about their actual debt. Lies of omission to paint a picture of a country that never existed.
Greece forged their numbers and statistics to enter the Euro zone..tax evasion and corruption was the norm..of course a state can't function like this and everyone participated in this robbery
I really would love a video like this but about Portugal since it was a bit close to Greece back in Euro-Crisis.
No you don't. Regards from Portugal
Ditto, please make a video about Portugal ❤
Me too. I think it would be similar but less "negative" as the economic downturn during the euro crisis was less severe and the post crisis growth has been a lot stronger, Portugal has a higher GDP then in 2008 (last peak), while Greece has still a lower GDP than its peak in 2008. Also the debt to GDP ratio is approaching 100% for Portugal while in Greece it is still at ≈170%
eh, gonna have to disagree. Portuguese women aren't as hot as Greek women.
@@AlexanderTheGoodEnough
What does that have to do with this video and/or my comment?!
Here in America around 2013 I worked with a Greek guy when we were in our 20s. He was upbeat and a lot of fun but knew he was lucky to have American citizenship through his mother. He said all his friends back home were kind of screwed and couldn't really get any jobs that would help them get anywhere in life, if they could get jobs at all. He told us he left because he didn't think he'd have any kind of chance at making a life; keep in mind this isn't a warzone. It was purely the economic situation. I feel for a whole generation of kids who reached adulthood only to get the rug pulled out from under them. Sincerely hope Greece is finally starting to turn a corner for their sake.
Their government basically stole money from foreign lenders. And the citizens stole money from government by tax evasion. What do you expect?
The guy was right 😢 That is the truth even today
it's much worst today as it was during the first "EVER LASTING CRISIS "!!!!
We are much worse right now that we have ever been, My family statistically had like 30% more purchasing power during the financial crisis than it has now. Inflation has destroyed us and there have been no raises at all. If we rented and didnt have savings we would not be able to afford living.
They speak for a small touristic area and they think greece is normal country !! Its only food and drinks there is no industry....😅
As a greek citizen and an educated economist i should also point that the economic success of my country greece depicts only in numbers.Our debt is ever encreasing,our gdp is historically low since 2010.Our society ranks in the top ,in most anxious european societies,also ranks top in percentage of people that are struggling to pay the bills. The big media in our country belong to the biggest corporations,that consist of ship owners,oil refineries owners,construction companies owners,which corporations are getting most of the public projects.Also media are subsidized by the current government.So the only thong that is thriving is the market number,the country and its people are struggling.The rich are getting richer and the poor poorer,and sadly this is not a biased political statement,it is statistically proven.
Some people look at lines going up on graphs and think the economy is doing well and people shouldn't complain, without taking into account what's life actually like for people and if this money is being kept by the richest
I just wrote a comment above without seeing this one, that is almost copy paste. and that is sad φιλος
@@mikelis1988 *φίλε
The inequality problem is hardly unique to Greece, though. Most countries have had this problem to greater or lesser extents.
Yes, the EU more focused on helping ppl outside the EU than inside to virtue signal to their friends. Meanwhile politicians and owners of industry get rich and fat
Living in Greece now! Ionian Coast (west). We totally love this area of Greece, great fresh food (we've got citrus fruit trees in our garden and even now in the winter we can enjoy fresh OJ and lemons for free), veggies and fruits are available year round at reasonable prices, benevolent weather even in the winter, if you don't mind a fresh dip in the sea, we do it often even in winter. yes there is quite some bureaucracy, and petrol and energy prices are high relative to GDP per capita, but it's an overall great country to live in if you are a digital nomad working for foreign clients.
everyone HAS to investigate western greece. clean beaches,green everywhere and also mountains for all kind of sports. search also for preveza
So many wars so much destruction how you would expect Greece to rise up. Everyone passes by here and killed and stole. Turks, Italians, Germans, ...
A major issue that was not mentioned is that many jobs are part time. Although we see that a lot of people are employed, the salaries are barely enough to sustain a one-person home. Thats why a lot off people here in greece need two part-time jobs. I feel like this should be discussed when figures like employment rates are displayed, as was the case here.
It’s really hard to say, what is actually going on in Greece.
As a Greek, living abroad, it pains me to come back every year and see the poverty, the exhausted look on people’s faces, listen to the burden and strain they are under, but have the government constantly throw out propaganda, about how well Greece is going.
It’s not the reality on the ground, after volunteering at a soup kitchen this past summer, the sheer amount of people, is mind boggling and truly inconceivable.
Whilst tourism is definitely increasing each year, inflation is still a problem, the lack of any real social programs to tackle the issues a lot of everyday Greeks are facing, high rents, low wages with minimal wage increases and high taxes on payroll, is frustrating and ever persistent.
The current government, has zero empathy for the common people.
Another factor that has to he faced is Greece owes the world so much money that while they're doing well economically. It's going to be a very long time before the people see it. Greece took almost a quarter trillion in bailout from EU and IMF.
That needs to be paid back before the citizens will actually see the fruit of their labors.
@@amh31 So the loan to the IMF has been paid back, earlier than was required, as no country wants to have an IMF debt, unless they’re desperate.
The EU debt, wont really be a big issue, as many leeway’s will and have been given to Greece, as the EU can’t afford for Greece to fall again.
The economy is doing well, if you look at tourism, in the future so long as the transition to renewables goes as smooth as the government would like, could be a viable money maker for Greece, but again, I don’t think it will explode in Euros any time soon.
The problem is precisely the mentality that governments should do everything. That’s the ideology that led to Greece’s crisis. People have to be auto sufficient and that’s impossible when government overreach.
@@rodrigo445678
Totally agree.
Greeks were far too lazy, when it came to the country’s affairs as a whole, far too patriotic to think anything was wrong, until all the benefits, pensions, subsidies were scraped and taxes on anything and everything, were increased and implemented.
@@antonios111 wasn't a big problem the way taxes were not collected ? Because if so, the proble wasn't government overreach, but that the government didn't reach enough in that capacity.
I wish all the best for my greek brothers and sisters. I know how it feels to have economic inequality, it sucks. Love from Türkiye 🇹🇷🧡🇬🇷
The footage shown at 13:25 is not from Greece, it is from Alberobello, a village in the region of Apoulia in Italy. I appreciate the implication of Magna Graecia, but that is not an example of Greek colonial architecture in southern Italy.
Yes, that is not Greece for sure! 👍🏻
hmm yeah I never seen that place, good point. I have to agree though that Italy and Greece are very similar countries when it comes to architecture.
@@LilyVale-gi3si Many Places between the two are indeed! 👍🏻
The reality is completely opposite. The quarantine of Covid19 lead to the closing down of many small shops. Inflation is increasing every day while the wages remain stagnant. It's very hard to find a stable job and even then the conditions are horrible and no rights are guaranteed. Taxes are insanely high and every miniscule ((growth)) of GDP goes to the pockets of corrupt politicians and their associates. The economic bubble burst in 2008 and we still haven't recovered. We have merely accepted our demise.
Greek people are the best, and such a beautiful country
Noooo, how you date sqy that!
We are poor, lazy, bad. 😛
Could you do a video about Czechia? I think it would be very interesting to talk about as this year was very.. interesting for the Czech economy
Ah Czech Republic is a good country.
What happened to the Czech economy this year?
^@@deepseadarew6012
@@deepseadarew6012we have the slowest economic recovery after COVID in whole EU, even after Spain. Inflation was one of the highest on levels above Hungary and the Baltics. Even now Czech economy is still not in it's levels from 2019.
@@leoprg5330 depends on your sources but basically yea. Inflation wise it is complicated
As someone who lives in Greece, I can confirm that the PEOPLE of Greece are doing worse than ever. We have some of the most expensive : supermarket prices, fuel prices and pretty much everything is super expensive (compared to the EU), and very high taxes, while at the same time the wages are terrible. We have north europe (or worse) prices while we have African wages.
So yea Greece, as in its people, are not doing really well. Our rich politicians are definitely doing really well though.
Where is Tsipras my friend?Stop crying and see the disaster of left wing wretches...hehehe
As someone who has read through most of the comment section I have learned that whenever someone starts their comment with "as a Greek" or "as someone who lives in Greece", I know that they are going to say the most predictable thing while bitching and whining. "The rich are getting richer and the poor poorer", "the rich politicians" etc etc. No one buys your drama story anymore. A) The average idiot in Greece doesn't know the first thing about economics and B) the average Greek always likes to complain about how bad things are when Greece is richer than the world average and children in other countries are LITERALLY starving to death. Shut up, get a job and pay your taxes.
Way to go Poros! My father-in-law was from Poros and we go every year to enjoy that wonderful little island and visit relatives. But, Poros isn't one of the big "named" islands and very few people in America (nobody really) has even heard of the place. So image my surprise when at the 35 second mark (and 1:37, 3:58, 7:55 marks) you, briefly, showed our little slice of paradise! You made my (and my wife's) day! Does anybody on your staff visit Poros regularly?
[Poros, btw, is about an hour by hydrofoil from Athens and is better known as a place that people from Athens go to for a weekend then as a place for foreigners, though we do get a lot of foreigners taking yachting vacations. In fact, we call it, informally, the island of yachts.]
I live in greece and people say that things are improving......I am shocked that they are saying this. Rents are crazy high, Electric bills went to ridiculous levels because of "the war" and other bullshit reasons whilst power companies had record level profits and the super market prices are exploding I went to denmark and germany and the prices there where about the same. Its becoming unsustainable. All these years in greece I have never felt so uncertain and unsafe and I am considering to escape to another country and I read comments like ohhh its improving....WHAT?
The Rest of Europe isnt doing that wel eitehr
Despite not having a particularly great P&L in the 2020s, Greece still has its amazing BS and that is why it will always be a great economy regardless of how badly it is ran. Please do a video o Romania as well!
What do those mean? The P&L and the BS?
@@zhshsG7 Profit & Loss, Balance sheet
Greece needs to ditch the euro. There's no reason why Greece's products should be as expensive as German's or France's.
If they did it 10 years ago I would agree but why now? The economy is doing well, why change a running system?
as a greek i agree with you. The Greeks should have thrown away the euro many years ago and had our own currency. I hate europe and its currency, they have done nothing but harm to Greece. And they always belittle us and mock us, I'm sick of them.
😂😂😂
Greece's biggest mistake was the EU and eurozone.
We should somewhere else or stayed alone.
Please, make a video for Bulgaria. We are full of stories for mafia bosses ruling the country, socialism and finally starting to develop and become a modern business oriented EU country.
🇬🇷💙🇧🇬
creative accounting -> got Greece in the eu
creative accounting -> got Greece not to look bad in 2023
simple theories for simple minds
Those creativities also what brought them down during Global financial crisis forcing them to beg money from EU.😂
Eurozone, not EU.
Its easy to hate whilst saying something in lines of logic and sense due to these past issues. Maybe pick up an economics book or even behavioral economics and understand that situations and expecations change over time. Its people like you who hate and dont support and economy that, in other sense, can influence indireclty or even direclty your own country. That is the one of the main points of the EU, avoid asymmetric shocks with policy and economic coordination to reduce spillovers due to monetary integration. At the end of the day, irrelevant people like you are the ones inflowing our tourism because we have such a rich country, uncomparable to any. See you in santorini this summer ;).
Actually, claiming that _'creative accounting -> got Greece not to look bad in 2023'_ only highlights your deep (sorry, cant find another word) ignorance on this issue.
this video had everything about Greece except "Why Greece Is Suddenly Doing Really Well".
yeah it left me confuse, whether most of the comments here are from people that dont even watch the video or not
Update: EE changed the title to "Is Greece's Economic Nightmare Finally Over?"
idk y they keep on changing the video title. Thats y I find it diffucult to search for old EE videos.
@@minuswachoke2925 maybe you didn't watch the video as well but his point was that despite the economic crisis in the recent past the country is having a growth albeit a slow one
It's owned by China and Israel.. that's why...
As a Greek going back to my country 2-3 times a year it is easy to spot the improvements, even though people living there full time cannot spot them so easily. Yeah, infrastructure is not where it was when it was brand new (and built on loans), but the foundations for the future are stronger now than when we were rich.
Arguably, the foundations were stronger when we were rich compared to before when we were also poor. I think the infrastructure has in general improved but the manning and the quality of many services is actually worse. You can see and feel poorness and wealth around you much more than in the past. I go there usually once per year, and once every couple of years to athens which is really bad in my opinion. Finally the countryside is benefiting.
Thanks for pointing out the improvements we clearly can't see by living in Greece every day. Thank god we have highly educated and enlightened expats to point them out. Those huge investments on public transport and trains are surely showing.
You are so right!!!
Thanks to our Goverment, which continues to sell off public infrastructure and sectors built with Greek taxes. Now we get to revel in the joys of skyrocketing energy prices, pay premium inflated prices for every conceivable product, and allow corporations to skirt responsibility for any passenger their railway system has the misfortune of killing.
I eagerly await your return to bask in these forthcoming prosperous times with us!
😂 We may have different perspectives (and I will stick with mine, as an "outside-in", less biased view) but I must admit you are funny 😂. Thank you for the productive interaction and healthy opinion exchange. Greece is not as unique of a case, once you see it from the outside. I know things look different when you are there; I have been there (maybe more years than you) and the fact that I see progress does not mean I would go back any time soon...
@@keepitflowyartem3973 No disagreement there about trains and other populist "καραμελες". I do appreciate your (internet anonymity-enhanced) humour and I do understand that growth under a hard climate tends to leave many people behind (maybe even the majority, though the ones benefiting are not as vocal). The question is what is anyone doing in order to not be one of the ones left behind. I am personally exposed to many professions in Greece that have serious shortages of skilled employees, but we still produce irrelevant degrees in our universities. If you have access to the market I guess you should know that, without a need of any "expat enlightenment".
I skipped greece during my undergrad backpacking through europe summer trip. I really wish I had the time and money. Here to hope that they will still be beautiful (but also stable) when I get another chance.
You missed out big time!
it is one of the more stable countries.that is the problem from the video tha i mentioned in my post
It seems very wrong to put Greece, 10 years after an austerity program and just receiving a good economic score recently from credit agencies, only 0.6 points above Argentina, a country in hyperinflation and debt crisis just starting their economic correction.
Completely wrong.
Maybe it’s time to re weight these rankings against each other.
aguante argentina pedazo de boludo
Hi from Greece .
min. 13:24: it's Alberobello in Italy. Not Greece (which has many beautiful towns and islands to show off).
He uses stock images
13:23 ah yes, Alberobello, the famous Greek town :P
I was thinking that It looked a lot like Puglia XD
We all did!!! In a country with countless beauty villages and islands the editor chose a famous italian spot!! Tragic!!!😂😂
honestly says a lot about the seriousness of this video , as a Greek nothing has gotten better here apart from our iced coffee varieties which I think are among the best in the world.
As a greek living in serres (2nd largest city in Macedonia) here the economy is going super well idk about other places but it's great here
The unemployment rate is absurdly high in Serres and it bleeds its workforce to other regions in Greece and worldwide
@FullSpectra ik but where I live most people are okay
Οπου και να πας στην Ελλαδα βασικο θα παρεις (700 ευρω) θες να μου πεις οτι στις σερρες το κοστος ζωης (ρευμα νερο τηλεφωνο ενοικιο βενζινη σουπερμαρκετ διασκεδαση) ειναι κατω απο 700 ευρω?
As a greek who experienced this i agree that there were problems on the revenue side and that there was a lot of malinvestment. But the biggest problem by far was the crazy large public sector which offered nothing and is still unbelievably burdensome. There was huge amounts of corruption in which the state made everything more dysfunctional in order to make itself more powerful since everybody was one way or another operating illegally and thus relied on the political class to support or not persecute him. The sucess of shipowners should be viewed in a different light, basically the ability of greek to suceed and build great businesses as long as the greek government cant reach them.
We are not the only country with a big public sector. And others don't have issues. The important factor is what you do with it. And we had it doing nothing.
...but the shipping magnates don't contribute much in the way of taxes, don't employ Greek crews and are operated outside of Greece...
Yea bro it's that fat public sector, the root of the problem as always. Don't forget to lick the boots of ship magnates, they might drop you a dime for being such a good bootlicker.
In my country, French here, we have a more significant public sector. Being a civil servant is not the problem. Speaking of corruption, we do better than Greece, but it depends on where: try doing business in Nice, which looks like Italy / Greece, about that problem.
Στη Γαλλία έχουμε τα ίδια πρόβλημα με κάποιες τεράστιες εταιρείες που πληρώνουν πολύ λίγους φόρους σε σύγκριση με το όφελός τους. Σκέφτομαι την Τοταλ πχ.
@@sophiewanlin8612 China and Scandinavian countries also have a huge public sector and it works for them. I agree public sector is not the problem, but for Greece it is because Greeks are too individualistic and so the public sector always ends up corrupt and losing money. I think Greece should privatize as much as it can because that's what suits the Greek mindset and culture better.
Employment rates don't mean much when most of the workers work seasonally or part time with wages that aren't sufficient to sustain them, it's just a fiscal trick for the government to look good on paper. Poverty in Greece has skyrocketed, almost 80% of the population has difficulty in covering for basic needs (food, home, electricity) and barely get by, while food and energy costs are increasing at a pace that the economy and people can't follow, leading most people to burn through their savings (the only country in the EU with negative savings growth in 2023) or leave the country in order to seek work in other EU countries with better working and living standards. Most of the investments being done are building housing and selling it to foreigners and tourists (not sustainable growth as mentioned in the video) and what accounts for economic growth in numbers, is mostly large multinational companies that have taken control of key sectors of the economy (energy, food, transport, telecommunications, construction) and created monopolies or cartels and are preying on the poor since there is no government supervision or laws about free competition and price fixing.
It may seems like it in paper , but as a Greek let me assure you nothing changed. Wages are way lower than it should but the basic needs costs are increasing day by day , making the wage/cost of living rate a lot worse.
"How it has influenced the modern economic landscape in more ways that even the country itself has probably realised"
Yes we are dumb like that 😂
Just to clarify, the generous benefits were not toward unemployed or other people in need, but inflated pensions to already over privileged pensioners.
THIS IS TURKISH PROPAGANA!!!!
GLORIOUS GREECE IS RICHEST AND STRONGEST COUNTRY 🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷🇬🇷
Liberty ships also transported the majority of anything across the Atlantic as well, not just the Pacific.
Sure doesn't look like it if you're actually living there.
It's funny how in almost every video talking about the Greek economic crisis, nobody mentions the failed austerity measures that were enforced by the IMF, which devastated any potential for growth in the country for more than a decade, while also being a huge scum by the IMF to buy a huge percentage of the Greek debt at a lower price from private investors. The country f'd itself with its economic policies, but was also taken huge advantage off. In the end, certain people made a whole lot of money, while the general populace suffered, and the Greek identity was slandered.
The debt chart should have had Bn instead of M on the Y axis.
Milliard
Tis funny that the video highlights that Greece's development boom was in part the cause for the depression, yet fails to see that this is still happening today. Most development is building properties for foreign investors today.
I'm pretty sure it's actually benefitting the country now though. See Ellinikon project,
@@coco_maroco Doesnt benefit sht, greece is still anti business and follow leftist policies
@@coco_maroco the ellinikon project has caused havoc, not positive at all..ask locals
I remember these news headlines back in 2015 about how badly Greece was doing financially. Then suddenly it was no longer news-worthy and I didn't hear much about it, so I was wondering if the problems had been solved. Good to hear they are doing alright now.
Well, we are not. There is a huge gap between economic graphs and everyday life...
@@skoy21Compared to what and when? Genuinely curious as an American with no personal experience in the area.
@@ColmanRetro Compared to the early 2000s Greece. The Greek economy is more secure now, but its people are no richer. Actually poorer if you factor in inflation. Even the economy is just about catching up to where it was 15 years ago.
Well 15 yrs under IMF and EU supervision is horrific. The people are stubborn in a good way. Its the few and elites with govnt bringing them down for so long. They survived cause of a strong sense of family and patriotic unit. It has improved a lot but under great suffering to a lot of people in terms of happiness and loss generation. If you have money there not a lot say US 70k a yr you live a really good life. Those there renting and cant save suffering still. But this now is felt everywhere even here in Canada. Asset rich cash, poor as the saying goes.
news stopped caring to report. The shareholders got their revenge on us and now we are left to rot
Have you actually been there before saying this? Athens is far gone, a huge unsafe ghetto, rents higher than salaries and locals are leaving every day.
13:23 This footage is actually from Italy, the place is called Alberobello.
If memory serves me, Greek shipping has special considerations within their constitution as well, making the industry particularly enticing
It is actually a taxfree zone for greek ship owners. Exactly as you wrote it mate, with special consideration in our constitution.
Watching from Trinidad and Tobago! 🇹🇹🇹🇹🇹🇹 Can't wait to see one on us someday.
I have a question, do you think it would be a good idea to catalog types of development according to the continuous return on investment. Because as you demonstrated building houses looks good on paper but once built it’s not all that important anymore. But let’s say building a factory has a continuous return on investment.
What you are describing is the difference between productive and non productive assets!
0:33 I live like an hour away from this place great seeing places I been to on videos
Can you do a video on what the U.K. needs to do to increase productivity and reduce inequality
Slash regulation. Regulation favors the big guys (they usually have a hand in writing the rules).
@@RayPerkins01 And you don't think they'd have a hand in slashing it?
Do a video for Bulgaria. I want to see how bad our economy is .......
When you go downwards for ten years, then you need more than ten years to climb back, because the fall is faster and easier...
We will never climb up again.. we don't deal with anymore.
Tired of all that.
@@ΙωάννηςΕλ We are already.
Great to see that Griice is doing much better now!
Greece*
Actually it is Hellas or at least Greece
HELLAS not griice not greece
I've never heard Greece described as an "otherwise unassuming country." I've heard it called the birthplace of Western Civilization. I've heard people discuss how its influence in the Mediterranean dates back to the Bronze Age. But unassuming? I can't say I have heard that before.
Greece today is a pretty forgettable country. As rich as its history is, it doesn't have much going for it otherwise. I hope that changes, and based on the video, it seems things are slowly but surely looking up.
lol
@@me0101001000 This. I have been to Greece when I was in the military, but other than tourism and history, Greece just isn't a power economically or politically. They are pretty forgettable.
@@JimmyMon666I mean I get what you guys are saying, but when it comes to Greece, you don’t say stuff like that about Greece, that it’s forgettable given what they’ve given us
@@me0101001000 yes we all know that the whole world is influenced by super corrupt countries like USA,China & Russia everyone else for them are irrelevant I guess.... 🤷♀
I stopped paying attention to Greece around 2013 and haven’t looked back even with the shipping potential but they almost invented the swap in shipping
Ελληνική Δημοκρατία! ❤
As a Greek, no we are not doing well. Although it seems economy is doing good truth is everything in price has risen, even coffee. rooms for students are really high, a 30 square feet room from 200 euros is now 350 to 400... markets with milk etc also significantly high
I love Greek food and culture, and the islands as well. One big mistake was for Greece to host the Summer Olympics in 2004. Billions of dollars were spent on facilities for a two-week event. After the Games were over, facilities were left to decay. The money spent could have been spent on infrastructure for the country.
Obviously most of it was a waste but of some did go to fairly useful infrastructure. The Athens metro remains one of the best functioning and cleanest infrastructure in the entire country.
That's not entirely true, many of the Olympic sites have been or are now being redeveloped. Also, Olympics were great for infrastructure development in Greece, like metro and highways. Still, a lot needs to be done.
Very good video.
On shipping, Piraeus is full of the offices of the shipping companies and the officers of the ships are mostly (and in many cases completely) Greek, graduating from then Greek academies. Everyone in Greece knows many people who works in the shipping industry and it’s one of the known good career paths for Greece
Ποσοι δουλευουν στα καραβια? ...πανω απο 20000 αποκλειεται, και συνεχως ο αριθμος μειωνεται! Οι θεσεις στο συνολο μειωνονται επειδη πλεον οι θεσεις ειναι ελαχιστες για Ελληνες στα φορτηγα πλοια (bulk carriers), απλα ανοιξαν πιο πολλες θεσεις για LNG. Στο συνολο ο αριθμος ειναι μειουμενος, και οι αποφοιτοι ολο και περισσοτεροι, τωρα και με την ιδιωτικη σχολη στον Πειραια
Love Greece 🇬🇷
Is the graph correct at 4.18 because it says Greece has around 4500 ships and China 6000 but Greece is more
Industry must be rated 3/10 MAXIMUM. When a country's "heavy industry" is TOURISM, there is no serious industry at all. Shipping, as you said, has minimalised its contribution to the Greek economy over the last decade...as for the natural resources (including mainly the resources discovered in the Aegean Sea), Greece will never be able to extract them as Norway did for geopolitical reasons. So, as your title says, how is Greece doing really well again? Our economy is just a huge bubble that will explode in the near future once again, that is the harsh reality that every Greek economist must realise, since there was never a serious focus on supporting productive industries.
As a country maybe we're doing a bit better, but people certainly haven't felt this change. At least not yet.
I am Greek and before I watch I want to say that if this actually says that we are doing well, then you know this video is 100% bs 😂
*also note that even when we were bankrupt we were not starving or anything (as the rest of the world might think). Now we are worse since the cost of living has risen way more than income (the real income now is less than when it was when we were bankrupt).
Totaly agree its going down pretty fast.I was never afraid in the crisis now in the next year i dont know If I will be able to pay rent or feed myself
It takes time for an economy that has suffered such a blow as the Greek one has to stabilise. The cost of living has gone up everywhere in Europe. Kristine Lagarde said recently that EU citizens should forget pre-pandemic living standards. Housing, food and petrol prices are going up as well because of the inflation which is natural when you have growth after so many years in recession. One thing I don't understand is why so few people like you in Greece struggle to see the bigger picture and just drown in their little puddle of misery and pessimism. There are no easy ways or miracles to fix a situation like the Greek one. It will take time and a lot of work from everyone. The world doesn't owe anything to Greeks. They have to work hard and prove they deserve the living standards they keep comparing themselves with.
@@georgem3270 misery? Work hard? "Such a blow"? What kind of irrelevant & nonsense points are these? I myself said that we never lived in "poverty", nor we do now. But things did not "get better" as the video claims, this is why it is 100% bs. End of story and no need for disagreements because we know better, since we live here. We never suffered any huge blow actually. If you think so, you may be dumb for believing your country's news while the reality is different. Not my fault.
It is quite simple my little fella : I said that if this video claims that we are better now than we were before, it is simply not true because the average income remained the same while the prices increased. And if this case holds for other countries as well, it doesn't change the fact I mentioned.
@georgem3270 you spread you miserable hate about the Greeks in every of your comments. We can understand that you hate and you want to underestimate the Greeks in every possible way for your personal reasons, but you have to be fair with them. We work more than the average European and this propaganda about rhe lazy and irresponsible Greeks should stop. You don't know how and you don't experience our daily lives and our efforts. So stop spreading your miserable soul left and right everywhere. Rude.
Would be super interested in seeing a video on Malta.
4:20 "only one other country, Japan, even really comes close"
Yet you show China having almost the same deadweight tonnage as Japan and roughly 75% higher vessel count.
9:52 that's Ermioni and it's the village close to me hahaha
Thanks for this informative video. The feeling here in Greece is that something is really positively changing for the first time in many years, albeit in a slow pace and not evenly distributed to the whole of society.
I think the time is come to make one economic a video for the Balkan states - particularly Bulgaria, Serbia and Romania.
The quality and accuracy of EE videos has been on a steady decline for a while now. What a shame.
Yeap the channel has been pure garbage for a while now.
I stopped watching after he posted his video questioning "Do we actually want affordable homes."
Mf the answer is yes. There is no if ands or buts about it. We want to afford a home after college, not be forced to live with our parents until our mid 40s because our measly $50k/yr can't purchase a $500k house.
AlberoBello is in neighbouring Italy - one of the clips used is of that
The Economist's country of the year for 2023: Greece
_'...after years of painful restructuring, Greece topped our annual ranking of rich-world economies in 2023.'_
Note also that the pandemic didnt just _blessed_ the Greek economy. This was done by design, hard efforts were made for Greece to deal with the pandemic best way possible, and it largely managed to do exactly this. This gave a headstart to the economy which led directly to the Economist's title above.
Sophistry is a huge threat. This video is an example of it.
Many people claim that Greece's economy is going down the drain still. However, as a Greek I can say with absolute certainty that things are improving , although slowly.
Πού;
Are you serious right?
9:00 The "increase GDP through construction, and especially home construction" part of this story seems to be repeated in China right now.
Greece doing really well....0 score on Growth. Curious.
13:27 I think these are the Trulli, which are located in Italy :D
Greece is doing really well in the same way the USA is the world's strongest economy.
I hope that comparison made sense to you at least
@@royce9018 IRONY he made very successfuly actually. :)
people didn't move to industries that paid less because industries like that didn't exist. At the height of the crisis, finding any kind of job was almost impossible and even keeping the job you had wasn't easy since lay-offs in major businesses were a common phaenomenon
I appreciate your videos, but I believe this one contains some very crucial omissions and inaccuracies. While the analysis is mostly correct until the 90s, it falls apart after that.
There was indeed rapid growth but not a triplication (!) of the GDP per capita in a few years, so that data is really off.
And most importantly, blaming the financial woes on a housing bubble (at least this is what I get from the video) is incorrect, it played a rather small role, nothing to do with the crises in the US or Spain.
It was almost exclusively tied to the massive account deficits that the state was running, simply overspending, mostly for a large inefficient public sector and a generous (for the country's finances) pension system. Year after year, but especially during the 00's.
Public deficit and unsustainable debt is written all over the problem , I wonder how the housing/infrastructure theory came up.
As a matter of fact, the country gets and used to get too little foreign investment. And investment in infrastructure, albeit increasing, is lacking as well.
i am so exited to find out if we are doing well!
Im Greek and my father has been a shipping vessel Captain for the past 45 years first in oil tankers now in LNG. Its true that we witnessed the decline of the greek crews in favor of foreign cheaper ones, such as from the Philippines, but its also important to note that Greek shipping companies still to this day prefer and trust only Greek high ranking officers onboard.
@EconomicsExplained
Very good video! Sounds spots on to me.
It would be interesting to do Lithuania next.
I'm a Greek and I have lived in Lithuania for a while. it's very interesting to see the opposing trajectories those two countries had. And the baltic countries seem to have moved a bit more cleverly than the south european ones.
I'd love to see an EE video on Lithuania.
Either way, love your videos 👍
13:24 that's Alberobello, in Italy. Not Greece :))
'Doing really well' by some nominal metrics for sure, but the real economy is in serious trouble.
1:44 wow what a view, anyone an idea where this is taken from?
Meteora
As a Greek i can answer the video without watching it i can answer the videos title . So i have to say that no we are not getting better financially.
Interesting video. Can you please do Romania next? Would love to know more.
I'm Greek and have lived all my life in Greece. The situation is worst than ever for the people since our financial crisis. High inflation, very low wages, most expensive energy prices in Europe, one of the highest VAT percentage in Europe, unfriendly taxation system for freelancers, extremely expensive rents, high crime rate especially in large cities, corrupt Political, Media and Judicial systems. Most wages have remained basically stable with insignificant raise since 2010, while prices have gone up through the roof. The people that are doing well are a rather small minority, particularly in the shipping business and tourism or in some high paying jobs. And of course Greek politicians are doing super well since their monthly wage is close to 5000€ with extra benefits such as the lowest taxation rate in the country, Free cars and fuel, free airplane tickets and many more, while minimum wage in Greece is around 670€ after tax. It may seem like we're doing well in numbers or on paper but the situation on the ground is disappointing the least. The majority of people are struggling to pay their bills, rent or even for food and electricity.