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consulate general:
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nine equal horizontal stripes of blue alternating with white; there is a
blue square in the upper hoist-side corner bearing a white cross; the cross
symbolizes Greek Orthodoxy, the established religion of the country

*Greece, Economy

Overview:
Greece has a mixed capitalist economy with the basic entrepreneurial system
overlaid in 1981-89 by a socialist system that enlarged the public sector
from 55% of GDP in 1981 to about 70% when Prime Minister MITSOTAKIS took
office. Tourism continues as a major source of foreign exchange, and
agriculture is self-sufficient except for meat, dairy products, and animal
feedstuffs. Since 1986, real GDP growth has averaged only 1.6% a year,
compared with the Europen Community average of 3%. The MITSOTAKIS government
has made little progress during its two and one-half years in power in
coming to grips with Greece's main economic problems: an inflation rate
still four times the EC average, a large public sector deficit, and a
fragile current account position. In early 1991, the government secured a
three-year, $2.5 billion assistance package from the EC under the strictest
terms yet imposed on a member country, as the EC finally ran out of patience
with Greece's failure to put its financial affairs in order. On the advice
of the EC Commission, Greece delayed applying for the second installment
until 1993 because of the failure of the government to meet the 1992
targets. Although MITSOTAKIS faced down the unions in mid-1992 in a dispute
over privatization plans, social security reform, and tax and price
increases, and his new economics czar, Stephanos MANOS, is a respected
economist committed to renovating the ailing economy. However, a national
elections due by May 1994 will probably prompt MITSOTAKIS to backtrack on
economic reform. In 1993, the GDP growth rate likely will remain low; the
inflation rate probably will continue to fall, while remaining the highest
in the EC.
National product: GDP - purchasing power equivalent - $82.9 billion (1992)
National product real growth rate:
1.2% (1992)
National product per capita:
$8,200 (1992)
Inflation rate (consumer prices):
15.6% (1992)
Unemployment rate:
9.1% (1992)
Budget:
revenues $37.6 billion; expenditures $45.1 billion, including capital
expenditures of $5.4 billion (1993)
Exports:
$6.