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Final Project
Conner D. Dunn
Polk State College
GEB 3356: International Business
Dr. Verna Omanwa
26 September, 2021
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Final Paper
Greece is a relatively small country in southeastern Europe. Being just under
51,000 square miles, Greece is similar in size to the state of Alabama in the United
States. An estimated 10.7 million people live in Greece with the overwhelming majority
speaking Greek and practicing Christianity. The national currency of Greece was the
Drachma until Greece joined the Eurozone, which brought along the adoption of the
Euro (Greece Summary).
When one thinks of the country of Greece, most would think of Greece’s history
of being a powerhouse in ancient times. While no longer one of the top performing
countries in the world, Greece is still a notable player in world economics. Greece’s
economy ranks 52nd in the world with a gross domestic product of $218 Billion
(Rankings: The World Economy). Greece’s economy is supported by the shipping and
tourism industries, as well as remittances collected from expatriate workers (Greece).
All three main pillars of Greece’s economy are propelled by international business.
Much of Greece’s partaking in international business is due to the country’s
landscape. With mountainous terrain making up a large portion of the country’s territory,
communicating and interacting with others in the country was hard to do. As a result,
Greeks had to discover a new way to communicate and interact with others. This is
where another geographic feature of the country came into play. Since Greece is largely
surrounded by water, Greeks used the sea as a way to reach others (Greece). This is
what led to shipping being the major pillar of the economy of Greece.
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When conducting business in Greece, it is important to establish a relationship
with the Greek native, as connections and relationships are important to most Greeks.
Greeks tend to only conduct business with known colleagues, and expect the business
to make a long-term commitment to the country. Language can sometimes be a barrier
to those conducting business in Greece. Since the official language of Greece is Greek,
it would be beneficial for prospective business men and women to learn the basics of
Greek before conducting business in Greece. However, English is also spoken in
Greece, and most business men and women understand the basics of the English
language (Negotiating International Business – Greece). It should be noted that Greeks
tend to be very patriotic. Being proud of their country, most Greeks do not take well to
critiques of their country. Prospective business men and women should refrain from
making any critiques of anything pertaining to Greece when conducting business with
Greeks (Negotiating International Business – Greece). Greece culture is also heavy on
the arts. Greece has made large contributions to literature, music, theater/film, art and
mythology. All of these arts give a glimpse into the culture of Greece. Prospective
business men and women should study and have a basic knowledge of Greek art
before conducting business in Greece (Greece).
Greece’s political structure is a parliamentary republic. The country has a
president that is the head of the state and makes up the executive branch of
government. The president is elected by the unicameral Hellenic parliament (Vouli)
which makes up the legislative branch of government. The country has a prime minister,
and he/she is in charge of the legislative branch of government. The country also has a
judicial branch of government which is made up of the supreme court and the council of
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state (Greece). Greece, like much of the rest of the world, fell into an economic
downturn following the housing crisis of 2008 in the US. Greece had a large amount of
debt, and had trouble paying it back. As a response, the “Troika”, which consisted of the
European Commission, the European Central Bank, and the International Monetary
Fund, had to step in and implement strict policies aimed at lowering the amount of debt
that the country carried (Lekakis & Kousis). Since the economic crisis in Greece of
2010, the economy has been trying to grow, but occasionally recesses. The economy of
Greece is one that would benefit from the addition of foreign direct investment.
According to a 2014 study from the University of Macedonia, for every 1% increase in
economic growth in the long term, foreign direct investments will grow by 0.23%. With
the same economic growth in the short term, foreign direct investments will increase by
