mocracy government has had some success in improving economic
growth and reducing the budget deficit, Athens faces long-term
challenges in its effort to continue its economic reforms,
especially social security reform and privatization.

Greenland
The economy remains critically dependent on exports of
fish and a substantial subsidy from the Danish Government, which
supplies about half of government revenues. The public sector,
including publicly owned enterprises and the municipalities, plays
the dominant role in the economy. Several interesting hydrocarbon
and mineral exploration activities are ongoing. Press reports in
early 2007 indicated that two international aluminum companies were
considering building smelters in Greenland to take advantage of
local hydropower potential. Tourism is the only sector offering any
near-term potential, and even this is limited due to a short season
and high costs. Air Greenland began summer-season direct flights to
the US east coast in May 2007, potentially opening a major new
tourism market.

Grenada
Grenada relies on tourism as its main source of foreign
exchange, especially since the construction of an international
airport in 1985. Strong performances in construction and
manufacturing, together with the development of an offshore
financial industry, have also contributed to growth in national
output. Grenada has rebounded from the devastating effects of
Hurricanes Ivan (2004) and Emily (2005), but is now saddled with the
debt burden from the rebuilding process. The agricultural sector,
particularly nutmeg and cocoa cultivation, has gradually recovered,
and the tourism sector has seen substantial increases in foreign
direct investment as the regional share of the tourism market
increases.

Guam
The economy depends largely on US military spending and
tourism. Total US grants, wage payments, and procurement outlays
amounted to $1.3 billion in 2004. Over the past 30 years, the
tourist industry has grown to become the largest income source
following national defense. The Guam economy continues to experience
expansion in both its tourism and military sectors.

Guatemala
Guatemala is the most populous of the Central American
countries with a GDP per capita roughly one-half that of Argentina,
Brazil, and Chile. The agricultural sector accounts for about
one-tenth of GDP, two-fifths of exports, and half of