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And people wonder why Greeks are happy-go-lucky.
With a quick look at the official site of Hellenic Statistics I couldn't find data on Greek GDP composition braking down to shipping or tourism. That's why figures quoted by various sources differ significantly. For example, a recent paper by National Bank of Greece quotes shipping as 6.9% of GDP.
"Eurozone leaders have turned a €50bn Greek solvency problem into a €1,000bn existential crisis for the European Union."
I am quite skeptical on the numbers circulating on shipping and tourism contribution to Greek GDP. These number are numbers by their respective lobbies so they tend to be inflated (for example, by including a broad area of services to "tourism").
"[W]hen you add up the growth prognosis of all companies of a sector strangely the market is often a lot bigger than it should be..."
Austerity can only be implemented in the shadow of a concentration camp.
I'd really like to know about the Greek banks and the fact they were started by shipping magnates. What's the relationship between these banks and the shippers who started them. What kind of impact does this have on Greece? It seems to me, should the world economy get going again, the shippers themselves can recapitalize banks in a similar fashion if the old ones collapse, as long as their wealth isn't too closely tied to the banks they created.
But see this (p.6) and you realize that as far as shipping is concerned Greece is an international tax haven...
The road of excess leads to the palace of wisdom - William Blake
Wall Street loves stocks with big revenues and muddy stories. Pump and dump.
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