JAI HIND COLLEGE BASANTSING INSTITUTE OF SCIENCE & J. T.

LALVANI COLLEGE OF COMMERCE

23-24, Backbay Reclamation, A Road, Churchgate, Mumbai 400 020

Bachelor of Management Studies

A Study on Analysing the International Macro-Business Environment with respect to The Greek Economy

COMPILED BY:

BHAGYASHREE KAMBLI-18 YASH DUGAR-21 SHRADHA SHAHANI-30 MANNAT MAHTANI-31 ASHNI SHAH-49 NUPUR SONI-55 PRIYANKA YADAV-59

DECLARATION

We,

Mannat, Ashni, Yash, Shradha, Nupur, Priyanka and Bhagyashree of

Jaihind College of T.Y.B.M.S. (Semester VI) hereby declare that we have completed this project onA Study on Analysing the International MacroBusiness Environment with respect to The Greek Economy in the Academic year 2013-2014. The information submitted is true and original to the best of my knowledge.

Signature of the Students

CERTIFICATE

I, Dr. Arun S. Poojari

hereby certify that Mannat, Ashni, Yash, Shradha,

Nupur, Priyanka and Bhagyashree of Jaihind College of T.Y.B.M.S. (Semester VI) have completed the project on A Study on Analysing the International Macro-Business Environment with respect to The Greek Economy in the Academic year 2013-2014.The information submitted is true and original to the best of our knowledge.

Signature of the Project Coordinator

Signature of the Principal of the College

AKNOWLEDGEMENTS First and foremost, we would like to take this opportunity to thank Mumbai University for having projects as a part of the BMS curriculum. Projects such as this really help in gaining infinite knowledge, experience, confidence and the general know how in our day-to-day life. Many people have influenced the shape and content of this project and many supported us through it. We would like to thank Dr. Mr. Arun Poojari, BMS visiting faculty of Jai Hind College for being an inspiration in the completion of this project. We thank him for his invaluable help provided during the project and for providing us guidance and numerous suggestions throughout the entire duration of the project. We also would like to thank our parents and other teachers who helped us with their valuable insights during this project and made it possible for us to cover such a vast topic area with such simplicity.

INDEX

Sr. No 1.

Topic Introduction

Page No. 6-9

2.

Political Analysis

10-14

3.

Economic Analysis

15-18

4.

Social Analysis

19-23

5.

Technological Analysis

24-27

6.

Legal Analysis

28-31

7.

Environmental Analysis

32-34

8.

Conclusion

35-36

Introduction
Greece, officially the Hellenic Republic and known since ancient times as Hellas, is a country in Southern Europe. According to the 2011 census, Greece's population is around 11 million. Athens is the nation's capital and largest city. Greece is strategically located at the crossroads of Europe, Western Asia, and Africa, and shares land borders with Albania to the northwest, the Republic of Macedonia and Bulgaria to the north and Turkey to the northeast. Modern Greece traces its roots to the civilization of Ancient Greece, which is considered the cradle of all Western civilization. As such, it is the birthplace of democracy, Western philosophy, the Olympic Games, Western literature and historiography, political science, major scientific and mathematical principles, and Western drama, including

both tragedy and comedy. The cultural and technological achievements of Greece greatly influenced the world, with many aspects of Greek civilization being imparted to the East through Alexander the Greats campaigns, and to the West through the Roman Empire. Greece is a democratic, developed country with an advanced, high-income economy, a high standard of living and a very high Human Development Index. Greece is a founding member of the United Nations, a member of what is now the European Union since 1981 (and the EuroZone since 2001), and is also a member of numerous other international institutions, including the Council of Europe, NATO, OECD, OSCE and the WTO. Greece's economy is also the largest in the Balkans, where Greece is an important regional investor. The economy of Greece is the 34th or 42nd largest in the world at $299 or $304 billion by nominal gross domestic product or purchasing power parity (PPP) respectively, according to World Bank statistics for the year 2011. Additionally, Greece is the 15th largest economy in the 27-member European Union. In terms of per capita income, Greece is ranked 29th or 33rd in the world at $27,875 and $27,624 for nominal GDP and PPP respectively. Greece is a developed country with high standards of living. Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output. Important Greek industries include tourism (with 14.9 million international tourists in 2009, it is ranked as the 7th most visited country in the European Union and 16th in the world by the United Nations World Tourism Organization) and merchant shipping (at 16.2% of the world's total capacity, the Greek merchant marine is the largest in the world), while the country is also a considerable agricultural producer (including fisheries) within the union.

Major Demographic Characteristics As of 2010, the population stands at 11.3 million people. Its projected population at 2025 would be 400 000 people more, at 11.7 million people. This means that the population is increasing very slowly. By 2050, the projected population predicts that the population will drop from 11.7 million to 11.5 million people. (PRB)

There are 11 births per 1000 people and 10 deaths per 1000 people. Therefore the natural growth rate is at 0.1% a year. (PRB)

The fertility rate is at 1.5 children per woman, increasing since the 20th century. Still, it's low. The ideal fertility rate would be 2.1 children per woman. The country carries a 33% population dependency load. 14% of the population is under 15. 19% of it is above 65. Greece has a high average lifespan of 80, 77 for males, and 5 years higher at 82 for females. Its median age for males is 41.1 while for females, it is slightly higher at 43.2. (PRB)

Mortality for infants and children are low. There are six children per thousand births who die before they reach the age of five. For infants, the number is five per thousand deaths. (US Census Bureau)

There are four working age adults for every elder. This is low, and by 2050, there will only
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be two working age adults for every elder. Right now, the death rate and the birth rate is low, putting Greece at Stage Four of demographic transition. The Net Migration Rate is currently at 3 per a thousand people. (US Census Bureau) Overall, Greece, in terms of population growth and decline, is at a very stable state. It isnt going up, or going down, and will not be in the coming years if they do not experience any abnormalities.

PESTLE Analysis

POLITICAL ANALYSIS
Type of State Greece is a republic based on a parliamentary democracy. Greece (official name: Hellenic Republic) was a monarchy until 1974. Greece is a Constitutional State. However, a certain number of NGOs have communicated their concerns about immigrants and the members of religious minorities in particular. Foreign nationals can, usually, expect a fair trial in legal matters. There is a substantial level of corruption in the country, in particular among the police and in the business sector corruption in Greece is the most widespread among the member countries of the European Union. Executive Power According to the Constitution, executive power is exercised by the President of the Republic and the Government; after 1986, however, the role of the President in the executive branch is ceremonial. The position of Prime Minister, Greece's head of government belongs to the current leader of the political party that can obtain the confidence of a plurality in the Parliament. The President of the Republic formally appoints the Prime Minister and, on his recommendation, appoints and dismisses the other members of the Cabinet. The Prime Minister exercises vast political power, and the amendment of 1986 further strengthened his position to the detriment of the President of the Republic. Legislative Power Legislative power is exercised by a 300-member unicameral Parliament. Statutes passed by the Parliament are promulgated by the President of the Republic. Parliamentary elections are held every four years, but the President of the Republic is obliged to dissolve the Parliament earlier on the proposal of the Cabinet, in view of dealing with a national issue of exceptional importance. The President is also obliged to dissolve the Parliament earlier, if the opposition manages to pass a motion of no confidence.

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Main Political Parties New Democracy The Panhellenic Socialist Movement (PASOK) The Communist Party of Greeca (KKE) The Coalition of the Radical Left (SYRIZA) The Popular Orthodox Rally (LA.O.S.)

Current Political Leaders President: Karolos Papoulias (since 2005) - PASOK Prime Minister: Antonis SAMARAS (since 20 June 2012) - New Democracy

Government and Politics Greece (, Hellada or Hellas), officially the Hellenic Republic ( , Elliniki Dimokratia) is a Parliamentary Republic. The President, elected by Parliament every five years, is Head of State. The Prime Minister is Head of Government. The Ministerial Council, consisting of the Prime Minister, Ministers, Deputy Ministers and Ministers without portfolio, is the collective decision-making body that constitutes the Government of Greece. Legislative power is exercised by Parliament and the President of the Republic. Executive power is exercised by the President of the Republic and the Government. Judicial power is vested in the courts of law, whose decisions are executed in the name of the people. Although the President of the Republic has limited political power, as most power lies with the government, his duties include formally appointing the Prime Minister, on whose recommendation he also appoints or dismisses other members of government, he represents the State in its relations to other States, proclaims referendums etc. General elections are normally held every four years unless the Parliament is dissolved earlier. The electorate consists of all Greek citizens who are 18 years of age.

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The Constitution The State is structured by the Constitution. The Constitution of Greece is the fundamental Charter of the State. It has been voted by the Fifth Revisional Assembly and enforced in 1975. It was amended in 1986, in 2001 and in 2008 by the Greek Parliament. It includes the main rules concerning the structure of the State, the exercise of its powers by the authorities as well as a list of human rights. The Hellenic Republic The Third Republic (1974 present) The restoration of democracy in July 1974 signaled a turning point in Modern Greek political history. When the military regime that had ruled the country since 1967 collapsed, a transitional period began with the formation of a "national unity" government under Konstantinos Karamanlis, who had played a prominent role as Prime Minister during the late fifties and early sixties. Three major decisions were taken by the "national unity" government: First, to organize free parliamentary elections for the election of a constitutional assembly; second, to organize a referendum on the question of the monarchy, and third, to legalize the Communist Party (KKE), which had previously been considered illegal since its formation.

Greek Independence Day It is celebrated on March 25th, a day marking the commencement of the Greek peoples successful struggle against the Ottoman Empire (1821-1830), which culminated in the establishment of an independent state. Along with its national connotation, it is traditionally commemorated also as the religious day of Annunciation.

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State Symbols About Greece - Government and Politics The Flag

The National Flag of Greece consists of four white and five blue alternating horizontal stripes, with a white cross on the upper left corner. Blue and white are the national colours of Greece, as blue symbolizes the sky and seas and white denotes the purity of the Greek independence struggle. The cross represents the Christian religion. The nine blue-and-white horizontal stripes of the flag stand for the nine syllables of the Greek motto Eleftheria i Thanatos (Greek for Freedom or Death).

The National Anthem The Hymn to Liberty (or Hymn to Freedom) is a poem written by Dionysios Solomos (1823) and consists of 158 stanzas. It was set to music by Nikolaos Mantzaros, (1865) and it is the longest national anthem in the world by length of text. This anthem is being performed at every closing ceremony of the Olympic Games, to pay tribute to Greece as the birthplace of the ancient Olympics.

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The National Emblem

The national emblem of Greece, also known as the coat of arms of Greece, consists of a blue crest with a white cross totally surrounded by two laurel branches. The first Greek national emblem was provided for by the Constitution of Epidaurus of 1 January 1822. The colours of the national emblem of the Hellenic Republic are blue and white. An additional design with golden laurel leaves appears on the caps of the military officers of the Hellenic Armed Forces as well as on the flag of the President of the Republic. Conclusion President: Karolos Papoulias (since 2005) PASOK Prime Minister: Antonis SAMARAS (since 20 June 2012) - New Democracy. Greece is a republic based on a parliamentary democracy. Foreign nationals can, usually, expect a fair trial in legal matters. There is a substantial level of corruption in the country, in particular among the police and in the business sector corruption in Greece .The role of the President in the executive branch is ceremonial. The Prime Minister exercises vast political power. Legislative power is exercised by Parliament and the President of the Republic. Executive power is exercised by the President of the Republic and the Government. Judicial power is vested in the courts of law, whose decisions are executed in the name of the people. Greek Independence Day is celebrated on March 25th.

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Economic analysis

Employment levels Employment, on a seasonally adjusted basis increased very slowly from its trough of 3.6 million persons in February 2013 (Figure 1), only to fall again in October 2013. The ranks of the unemployed increased by 84,128 individuals over the same period raising the seasonally adjusted total of unemployed person to an all time high of 1,387,500 with a significantly higher unemployment rate for women (31.3%in the third quarter of 2013) tha n that of men (23.8%)

Impact of internal devaluation In theory, a devaluation would help increase Greek domestic demand and enable an economic recovery.

Imports would be more expensive causing demand for imports to fall instead people would buy more domestic goods.

Greek exports (and tourism) would become more competitive. Therefore, demand for exports and tourism would rise. A substantial devaluation of 50-70% could create many long-term opportunities to develop new export industries and encourage more tourism.

This boost to domestic demand would also help create jobs and tackle Greeces dire unemployment.

Without devaluation, Greece could face years of depression as they are unable to create any boost to domestic demand in the current situation.

The current policies of austerity have failed to tackle the deficit, but have pushed the economy into a very dangerous deflationary spiral with levels of unemployment which threaten the social fabric of the country.

Large external liabilities ultimately require large trade surpluses in order to service them, and achieving these surpluses requires a more depreciated level of the real exchange rate. In a

15

currency union the depreciation has to be achieved largely through deflation, which necessitates a larger negative output gap. This lead to a decrease in trade deficit from 45.8 billion in 2008 to 16.9 billion in November 2013

Austerity In 2009, both the EU and the IMF came together inorder to issue a 110bn financial rescue package for Greece, in turnmaking Greece the first ever Euro-zone member to be bailed out. This rescue package, financed primarily by Germany was put forth in order to provide financial support to a country that was teetering on the brink of bankruptcy and political support to a government that faced a mountainof economic problems.

However, this rescue package was filled with pre-conditions and pre-requisites; it required Greece to further raise taxes,whilst deepening cuts in pensions and the public sector in order to reducethe budget deficit. This is known as austerity. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, overhauling the health-care and pension systems, and reforming the labor and product markets. These austerity programmes have not been of much help to Greece and has not helped in reviving the Greece economy.

Government deficit as percentage of GDP

All eurozone member countries are not allowed to have their deficit to be more than 3% of their GDP. Greece yet has a deficit of 11.1%

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GREECE GDP

Greece trade Exports Exports commodities Exports - partners Imports Imports commodities Imports - partners Conclusion Representatives of the European Union and International Monetary Fund, who oversee the Greek government's compliance with the bailout terms, said progress had been made in some areas but the economic outlook remains "uncertain." $28.31 billion - food and beverages, manufactured goods, petroleum products, chemicals, textiles Turkey 10.8%, Italy 7.7%, Germany 6.4%, Bulgaria 5.6%, Cyprus 5% (2012) $53.53 billion machinery, transport equipment, fuels, chemicals Russia 12.4%, France 7.5%, Italy 7.8%, Saudi Arabia 5.7%, Netherlands 4.7% (2012)

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Greece's economy, in free fall for the past five years, has "prospects" of returning to growth in 2014, albeit at a meager rate of 0.6%, the so-called troika of experts said in their statement. There is a long way to go for Greece to revive its economy completely.

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SOCIAL ANALYSIS

Contemporary Greek culture and traditions are very rich and diverse, reflecting Greeces location at the crossing point where the West meets the East and the countrys great and turbulent history. The culture of Greece has evolved over thousands of years - dating from the Paleolithic era reaching great levels of prosperity that resulted in an unprecedented cultural boom, expressed in architecture, drama, science and philosophy, and nurtured in Athens under a democratic environment, through the sequence of invasions and domination: by the Macedonians, the Romans, the Byzantine Empire and the 400 years of Ottoman rule. This rich and tumultuous past greatly influences contemporary lifestyle, the Greek perspective on the world, Greek music, food, customs and traditions, even the way Greeks do business. Greeks as a whole are extremely proud of their history, their cultural heritage and their contribution to literature, art, philosophy and politics. They speak with intense passion of their country as the cradle of European civilization. A recent study found that Greeks' pride in being Greek surpassed the ethnic satisfaction of every other European nation. Greeks define their natural and ethnic belonging through their culture and tradition.

Religions Greek Orthodox 98%, Muslims 1.3 % and Others- 0.7 %.The Greek Orthodox Church is the national religion and is practiced by the majority of the population. Religion is integral to life in Greece and is evidenced in the respect for hierarchy and view of the family as a single unit of strength. Most holidays and festivals are religious in nature. Younger people are not as devout church-goers as their parents and grandparents, yet most will still turn to the church to observe such important rituals such as weddings and funerals. Easter is the major religious holiday and the celebration is more important to most Greeks than Christmas. The Church plays a greater role in political, civic, and governmental affairs than in more secular countries

The Greek Language

98% of the 10.6m population of Greece speak Greek, which is the country's official language. The largest minority language is Macedonian, spoken by 1.8% of the population. Others

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include Albanian, spoken in the centre and the south, Turkish, spoken by Muslim communities around the Aegean, and Arumanian and Bulgarian.

The Greek Orthodox Church

The Greek Orthodox Church is an integral part of life in Greece where the most important holidays are religious in nature and the national religion is practiced by the majority of the population. Greece and Orthodoxy are closely connected due to the countrys historical past. During several occupations, and especially during the 400 years of Ottoman rule, the Orthodox religion played a vital role in maintaining the Greek ethnic and cultural identity. Today the Church is more important in political, civic, and governmental affairs than in many other secular countries. Officially, and like all over Europe, the Greek State and the Orthodox Church are separated, but this separation is not written or regulated by the Constitution and the Greek Orthodox Church has a great influence in Greek society. Religion is present in the education sector, both in private and public schools, where children have compulsory religious courses and pray collectively in the morning before the start of classes. The Orthodox Church is also much integrated into the politic matters of the country. Even the Greek Constitution guarantees freedom of faith, but defines the "prevailing religion" of Greece as the Eastern Orthodox Church of Christ. Most Greeks, whether deeply religious or not, revere and respect the Orthodox Christian faith, attend church, observe major religious holiday and are emotionally attached to Orthodox Christianity as their "national" religion. Younger people are not as devout church-goers as their parents and grandparents, yet most will still turn to the church for holidays or for important rituals such as weddings and funerals.

The Greek Family The Greek society consists of close-knit families where important social organizations have gradually evolved from the idea of family. Although family life has changed considerably with the transition from the traditional rural-agricultural life into an urban industrial-modern system, to these days women and particularly mothers in Greece play the most important family roles. The man is the family's outside representative, enjoying social prestige and esteem, but the woman is the organizer of the household, the mediator in family disputes, and the guardian of the family's unity. The family's prestige often rests on the woman's ability to
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carry out her household duties properly. It is very common for relatives to work for the same company because Greeks prefer to do business with those they know and trust. Companies are also hierarchical over the traditional respect for age and position. The family offers emotional and financial support to its members. The extended family is expected to help the family in times of need. Family relationships carry into business

Greek Food and Drinks Greek food and beverages are famous all over the world for both quality and taste. Greek cuisine is often cited as an example of the healthy Mediterranean diet while sharing food and drinks with relatives and friends is one of the basic elements of the Greek culture. Greek cuisine incorporates fresh ingredients, among them garlic, onions, fennel, zucchini, grapes, apples, dates and figs, into a variety of local dishes some of which can be traced back to Ancient Greece.

General Etiquette & Customs in Greece Meeting Etiquette Greeks are warm and hospitable. When meeting someone for the first time, they shake hands firmly, smile, and maintain direct eye contact. Good friends often embrace; they may also kiss each other on each cheek. Male friends often slap each other's arm at the shoulder. In general, Greeks exchange gifts with family and friends for 'namedays' (birth date of the saint after whom they are named) and Christmas. Some Greeks celebrate birthdays, but in general, celebrating namedays is more likely. When invited to dinner at a Greek home, bring something small

Relationships and Communication Relationships are the linchpin of business dealings since Greeks prefer to do business with those they know and trust. They maintain an intricate web of family and friends to call upon for business assistance since they can be confident of their trustworthiness. Nepotism is not viewed negatively and it is very common for relatives to work for the same company. Greeks prefer face-to-face meetings rather than doing business by telephone or in writing, which are seen as too impersonal. It takes time to develop relationships: this can be done in the office, over extended lunches, dinners, and social outings. Never say or do anything that can be

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construed as challenging the honour or integrity of a business colleague.

Under no

circumstances should you publicly question someone's statements. Greeks do not like people who are pretentious or standoffish. Although business is relaxed, it is also serious. Acting informal before a relationship has developed is considered discourteous. If your Greek business colleagues become quiet and withdrawn, you may have said or done something to upset them.

Celebrations, Customs and Traditions Most customs and traditions in Greece and the Greek Islands are of a religious nature, but some stem from paganism.

Easter Easter is by far the most important celebration for the Greeks, even Christmas comes second. The celebrations for Easter truly begin two months before, but Holy Week is the peak of these activities. According to the Orthodox tradition, the symbolic red Easter eggs are dyed on Holy Thursday. Greeks believe that the Virgin Mother, Mary, dyed eggs this color (the color of blood) to celebrate the Resurrection of Christ and life. On Holy Thursday women are also busy baking kouloria - dough cookies and tsourki the traditional Easter sweet bread. Godparents buy news shoes, clothes and a candle to the kids and, in villages, the exterior of the houses and the streets are whitewashed. On Good Friday or Great Friday, flags at homes and government buildings are set at half mast to mark the sorrowful day. The Procession of the Epitphios of Christ, the Epitaphio mourns the death of Christ on the Cross with the symbolic coffin, decorated with thousands of flowers, taken out of the church and carried through the streets by the faithful..

Name Day Celebration Most of the Greeks owe their names to a religious saint and in Greece name days are more important than birthdays. Everyone named after a saint honored by the church celebrates his name on a given day of the year. When someone has a name day his friends and family visit him without invitation and offer good wishes and small presents. The host greets the guests with pastries, sweets and appetizers.

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Baptism Baptismal day is one of the most important days in the life of a Greek Orthodox. It usually takes place the first year after the baby is born. Until the baby is baptized it is often called baby and doesnt have a name. On Baptism Day, the baby is undressed and wrapped in a white towel. The priest blesses the water and adds olive oil brought by the godparents. He then immerses the baby three times, saying the chosen name. (Children in Greece are traditionally named after their grandmother or the grandfather.) The priest also blesses the baby and the baby clothes with myrrh (o live oil blessed by the Patriarch). The child is then dressed in white clothes. The priest puts a gold chain with a cross on his or her neck and gives the baby its first Holy Communion. At the end of the ceremony, the parents kiss the godparents hands and receive guests wishes: na sas zisei (Long Life to Your Baby). The ceremony is followed by a celebration at the familys house or a restaurant.

Carnival Another big Greek celebration is Apokries or Carnival. The Carnival is two weeks long, beginning from the Sunday of Meat Fare and ending with the start of Lent, (Clean Monday). People wear carnival costumes and party in the streets and bars, throwing colored confetti to each other. The most famous Carnival parade takes place in the city of Patra. It is believed that this custom has pagan roots, and originates from the old festivities worshiping Dionysus, the God of Wine.

Conclusion

Greece is the most homogeneous country in Europe and one of the most homogeneous countries in the world, with an almost 97% majority of citizens sharing the same national identity, religion (Greek Orthodox Christians), language and race. This means that there are no great social and political disturbances (especially since the restoration of democracy in 1974) or other similar problems. Greek society is very coherent and the Greek family, a basic social institution, seems strong enough to support its members even at the most difficult times. As a result, the high rate of unemployment does not spawn problems like homelessness or a high criminality rate

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TECHNOLOGICAL ANALYSIS
The present Greece -Technology is definitely based on the inventions and discoveries made by the old scientists and scholars. Since the foundation of the academy of Athens, a lot has been done in the field of science and technology in Athens. The subjects on applied mathematics, atmospheric physics and climatology have been given stress. Besides the academy of Athens, Greece has five big scientific research institutes. Association of Greek Chemists and Greek Mathematical Society in Athens are the two main specialized scientific research institutes. Nine colleges offer advanced scientific and technical tanning. The Ministry of research and Technology in Greece was established by the Greece government in 1980. The government also spends huge amount on the development of science and technology. In recent decades Greece has made significant improvements in research and technological development. The country draws on several research policy implementation programmes and institutions in its progress towards a knowledge-based economy. Support for research, technology and innovation is based on the National Strategic Development Plan 20072013 (NSDP). The Plan includes 11 thematic priorities, of which energy is one. Energy R&D funding and the thematic priorities are analogous to those of the EUs 7th Framework Programme on Research, Technological Development and Demonstration (FP7) for 20072013. The thematic priority on energy includes the use of renewable energy sources for electricity, fuels, heating and cooling; hydrogen and fuel cells; clean coal technologies; smart energy networks; and energy efficiency and conservation. ORGANISATIONS OF RESEARCH IN GREECE: The General Secretariat for Research and Technology (GSRT), which after the election in June 2012 moved back to the Ministry of Development, Competitiveness, Infrastructures, Transport and Networks, is the main authority responsible for developing and implementing R&D in Greece. It supports the R&D activities of public research centers and universities as well as private-sector R&D that is covered by national programmes. It is responsible for supervising 12 of the 18 public research centers in Greece. GSRT is also tasked with establishing new institutions and technology centers for research in areas of high

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priority for the Greek economy, and supporting the dissemination of R&D information throughout the country and internationally. GSRT also manages regional R&D activities. Another advisory body on R&D policy is the National Council for Research and Technology (NCRT), which comprises distinguished scientists from Greece and abroad. Supporting the NCRT are seven sectoral research councils, one of which focuses specifically on energy and the environment Greece has two main public research centers whose job is to identify specific energy R&D policy priorities and implement energy R&D: the Centre for Renewable Energy Sources (CRES) and the Centre for Research and Technology Hellas (CERTH).The Energy Conservation Group (GREC) is an entity within the Institute for Environmental Research and Sustainable Development (IERSD) that specializes in energy efficiency issues, particularly in buildings. Finally, at the Solar and Other Energy Systems Laboratory (SESL) of the Demokritos National Centre for Scientific Research, R&D emphasis is on solar collectors and systems; analysis and design of thermal storage systems; solar cooling; thermal distillation and desalination; mechanical/solar-assisted drying processes and systems; metrology of energy quantities; and computational fluid dynamics and heat transfer. At the regional level, the Regional General Secretariats have some freedom to shape priorities for R&D policy within the general national policy framework. They can use funding from the EU Structural Funds to carry out projects.

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BUDGETS The countrys 22 universities are the main research performers, accounting for around half of all R&D spending in Greece. Together, universities and public research centers are responsible for around 70 % of total spending on all R&D (not only on energy), while the private sectors share, at around 30 %, is one of the lowest among the IEA member countries. A good 20 % of total public funding comes from the European Union through the Community Support Framework (CSF). According to the government, in the current programming period 20072013, 75 % of the budget for the entire set of R&D measures will have been financed by the EU Structural Funds.

NATIONAL GOVERNMENT DEPARTMENTS: Ministry of Environment, Energy and Climate Change The Ministry of Environment, Energy and Climate Change has been established to confront continuing environmental problems and to adopt a new Green Development model that will secure a better quality of life for every citizen. The Ministry works to protect the natural environment and resources, improve the quality of life, mitigate and adjust to the implications of climate change, and improve mechanisms and institutions for environmental governance.

Centre for Research and Technology (CERTH) CERTH includes two institutions active in energy: the Chemical Process Engineering Research Institute (CPERI), which conducts R&D and innovation activities in the fields of science related to energy conversion and the Institute for Solid Fuels Technology and Applications (ISFTA). The latter is the main Greek organization promoting R&D in solid fuels and their by-products.

Institute of Environmental Research and Sustainable Development (IERSD) The Institute of Environmental Research and Sustainable Development (IERSD) is one of the five institutes that constitute the National Observatory of Athens (NOA), the oldest research centre in Greece. The IERSDs aim is to promote environmental science and engineering. It is particularly active in solar and wind energy, energy planning and energy conservation.

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FUNDING ORGANISATIONS AT NATIONAL LEVEL The Greek research and technology system is centralized and dominated by the public sector in terms of both funding and execution. The GRST directly funds institutions and projects. Other units of the Ministry of Education and Religious Affairs, Culture and Sports provide funding only for academic research.

Conclusion

Over the last decade, Greece has made significant improvements in research and technological development. Today, Greece is in a catching up phase, compared with the other EU Member States, with strong overall trends in improving research and innovation. The gross expenditure in R&D has been rising steadily from 0,20% of GDP in the early 1980s to 0,68% in 1999 and has experienced the highest annual growth rate in the EU since 1995. Greece is entering the research and technology area dynamically, aiming for a better quality of life for its citizens and a most-promising future.

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LEGAL ANALYSIS
INTRODUCTION

The Greek legal system is a member of the family of European laws and is especially influenced by German and French law. For the most part, Greek law is codified and, unlike Anglo-American common law, only enacted laws either in the form of codes or other statutes are the sources of law in addition to custom and international law. The importance of custom, however, is minimal and it is used only in accordance with enacted.

As a practical matter, legislation is the most important source of law. Although judicial decisions and the works of legal scholars are not considered sources of law, they can be very influential. The role of the courts is to interpret legislation. This is best seen in cases where general concepts or clauses in a statute are applied to a particular case. Greek courts do not possess a law-making capacity as such. Courts, therefore, are not formally bound by judicial precedent. Nevertheless, courts only seldom depart from prior established practice reflected by a series of decisions. Established practice in decisions of the higher courts and especially those of the Areios Pagos (the Supreme Civil and Criminal Court) play an important role in the decision-making process of the lower courts. In a similar manner, the works of legal scholars have the potential of influencing both the legislators in enacting the law and the courts in interpreting it.

THE RULE OF LAW The rule of law (kratos dikaiou) is at the very basis of the Greek legal system and the organization of the Greek state. The Greek Constitution guar- antees the principle of separation of powers. However, the principle is combined with the notion of leg- islative supremacy. In fact only the judiciary is genuinely separat- ed from the other state powers. Yet the independence of the judiciary is mitigated by the power of the Government to assign the chief judges of the three supreme courts.

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PUBLIC AND PRIVATE LAW The distinction between public and private law is a fundamental feature of the Greek legal system. Public and private law regulate relations of a different kind and govern the behavior of persons or entities of a dissimilar nature. Public law governs the structure and operation of both the central and local government and the operation of public administration. It also defines the relations between the state and its citizens and the limits of state power. Private law (idiotikon dikaion) legislation has been codified or gathered in a systematic order of rules governing exhaustively and exclusively specific areas of law. Traditionally, private law is divided into two branches, civil and commercial law. HUMAN RIGHTS The Constitution provides extensive protection of human rights (anthropina dikaiomata) the fundamental individual, social and political rights and freedom. The Constitution has embodied the notion of the social function of human rights which translates to relative restraints. The theory is that society at large needs to benefit and advance. That does not mean, however, that the Constitution subordinates the individual to the state or the community. The balance is struck between the interests of the individual and the general interests of society without compromising the hard core of human rights. The restraints on human rights that are particularly noticeable are in areas concerning economic freedom and they are within the typical bounds of jurisdictions with market economies. ADMINISTRATIVE LAW Administrative law (dioikitiko dikaion) is the part of public law that governs the organization and function of public administration. Public administration is headed by the president of the republic and the government (the prime minister and the ministers). The basic characteristic of Greek administrative law is that it has developed recently and it is not codified. The Constitution sets the general guidelines regarding the organization of the central and local government and statutes provide for the specifics.

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EUROPEAN UNION LAW Greece became the tenth member of the then European Economic Communities, now called the European Union or EU, on January 1, 1981. Greek law has been greatly influenced by EU law (Europaikon dikaion). Both the rules provided for by the Treaty of Rome establishing the EU and the regulations of the Council play an important role in Greek law, either becoming an integral part of the Greek legal system or influencing it towards the goal of harmonization of the law of all member states. THE PROTECTION OF THE ENVIRONMENT The Constitution contains important provisions for the protection of the environment. The protection of the environment is duty of the state, which is bound to adopt special preventive or repressive measures for environmental preservation. Art. 24 of the Constitution pro- vides for urban planning as well as for the protection of forests. SOCIAL JUSTICE

The Constitution guarantees social rights. The development and pro- motion of arts and sciences, re- search and teaching are obligations of the state. The Constitution protects family, motherhood, child- hood, youth, and poor members of society. According to the Constitution, education is a basic mission of the state and all Greeks are en- titled to free education, on all levels, at state educational institutions. Education at the university level is provided exclusively by fully self-governed legal persons of public law. The establishment of private universities is constitutionally prohibited in Greece. The Constitution proclaims the right to work. All working people are entitled to equal pay for work of equal value, irrespective of sex or other distinctions. Trade union freedom enjoys constitutional protection. The right to strike is con- stitutionally protected if exercised by lawfully established trade unions, for the promotion of the financial and general labour interests of the working people. The Constitution also provides for social security, which is recognised as a social right for working people. Care for the health of the citizens is a goal of the state. Greece has a national health system, established during the 1980s.

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COURT STRUCTURE AND THE LEGAL PROFESSION

The right of access to the courts is constitutionally guaranteed. According to art. 20 par. 1 of the Constitution, every person is entitled to legal protection by the courts and may plead before them his views concerning his rights and interests as specified by law. Greece has three levels of courts: Civil and criminal courts have jurisdiction over civil and criminal matters, where the same judges sit and judge either category of cases; and administrative courts have jurisdiction over administrative controversies. There are also special courts. CONCLUSION The ancient Greek world had no single system of law; individual states instead formed their own political and legal systems, although these were arguably based largely on the same general principles. Resources for ancient Greek law are plentiful with primary sources able to provide in depth information. The most widely-known Greek judicial system is that of 4th century classical Athens, traditionally associated with the birth of democracy. It was primarily the abstract philosophical ideas surrounding law and justice that had the greatest impact on later societies, not the practical aspects of the legal system itself. Today, Greece has a constitution which lays down all of its laws, rules and regulations.

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ENVIRONMENTAL ANALYSIS
Air quality Almost every activity in our daily life results with some sort of air pollution all types of transport and production result in CO2 and other GHG emissions. The pollution on urban areas is even more and covers the whole city areas, as in some megapolis levels of dust and different gases in the air reaches levels at which it gets highly toxic and harmful for human and environmental health. Human activity has significant impact on the air quality especially in areas where the population density is considerably high. A major amount of pollution is caused by vehicles. The concentration of PM10 (solid particles in the air of 10 millimeters) is distinctive for air pollution in big cities, and if higher it represents a real threat for human and environmental health. Thus, there is annual standard in the EU for the average concentration of PM10 40g/m3. The average concentration of PM10 in Greece in 2001 is 75.5g/m3, which is much higher than the accepted value and imposes serious risk for citizens health. Another air quality measurement is the CO2 emissions (in metric tons) per capita. As one of the most emitted greenhouse gases, the CO2 is also a product of almost every human activity and its concentrations play crucial role for the climate change and global warming. Thus EU has strict regulations on the CO2 emissions that each member state is allowed to emit. The amounts in the country for 2007 are 8.8 metric tons per capita, whilst in Greece it is slightly higher 10.441. The reason of this difference is the high population density and intensive traffic in the city, combined with other types of consumption and production.

Transport The transport is of of the biggest emitters of GHG. However, there are different types of transport and not all of them are unsustainable. In the SUME Working Paper 1.2 the public transport in Greece is described as very efficient (in 2001) with a metro network and rapid connection to the airport. However, the passenger loads on the different types of transport experience a significant increase (up to 53.8%). This requires further improvement of the public transport network in order to answer the challenge of population densification in some parts of the city.

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Efficient public transport is important part of sustainable urban development strategy, but personal vehicles that are used every day by citizens represent the real challenge for the environment. The number of registered vehicles in Greece for 2009 is 663.5 per 1000 inhabitants, which is considerably higher than the country records 455.843. These records combined with the high amount of people and density in Greece represents serious challenge for the sustainable development in the region. Thus, the suggested strategy for improvements in the public transport network is important decision for lightening the traffic in the area and increasing the air quality. Waste Waste represents a great challenge for urban environment not only from ecological point of view, but also from planning and organization stand. The waste management is important part in city development especially in areas with high population. In cities large amount of waste is generated every day and needs to be processed in the most sustainable way. In Greece two types of solid waste processing are applied landfill accumulation 90% and recycling 10%. The total amount of solid waste collected in the same period is 0.4 tons per inhabitant44. This indicates weak waste management system; the landfill accumulation creates numerous environmental and human health hazards and is strongly undesirable for sustainable development

Energy efficiency Energy is the basic resource of all economic activities and its use accounts for most types of environmental pollution. Energy is a specific asset it cannot be created or destroyed, it can only be transformed, that determines the complexity of the ecological problems it causes if not managed properly. The European Environment Agency keeps records on the energy efficiency in EU and some parts of the world. Throughout the period 1990 2008 the energy consumption change (in terms of household final consumption) in Greece is positive by 52%, this means that the total consumption for the period has increased. This result is rather high compared to EU27 result for the same period: 6.6%. In the household final electricity consumption the trend seems similar with 80% total increase for the period compare to EU consumption of 32%45. In terms of renewable energy use Greece scores 7.9% out of total consumption for 2009, to

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compare, the national target for 2020 is 18%. To summarize in both criteria energy efficiency and renewable energy use (as part of the solution towards energy efficiency) Greece needs better results in order to reach the common European targets for sustainability in energy and to advance in sustainable urban development.

Conclusion On studying the environmental factors of Greece it was found that: The average concentration of PM10( Pollutant) in Greece in 2001 is 75.5g/m3, which is much higher than the accepted value and imposes serious risk for citizens health. The number of registered vehicles in Greece for 2009 is 663.5 per 1000 inhabitants, which is considerably higher than the country records 455.843. These records combined with the high amount of people and density in Greece represents serious challenge for the sustainable development in the region. The total amount of solid waste collected in the same period is 0.4 tons per inhabitant44. This indicates weak waste management system; the landfill accumulation creates numerous environmental and human health hazards and is strongly undesirable for sustainable urban development. Throughout the period 1990 2008 the energy consumption change (in terms of household final consumption) in Greece is positive by 52%, this means that the total consumption for the period has increased. This result is rather high compared to EU27 result for the same period: 6.6%. Thus, Greece has to take several strict measures to reduce pollution and improve its waste management system. Greece needs better results in order to reach the common European targets for sustainability in energy and to advance in sustainable urban development. It also need to make strategies for cutting carbon emissions and implement it religiously.

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Final Conclusion:
The historical and cultural heritage of Greece continues to resonate throughout the modern Western world - in its literature, art, philosophy and politics.

Post-World War II Greece saw rapid economic and social change, with tourism and shipping becoming major contributors to the economy.

The financial crisis of the late 2000s hit Greece particularly hard, as the legacy of high public spending and widespread tax evasion combined with the credit crunch and the resulting recession to leave the country with a crippling debt burden.

In 2010, amid fears of an imminent default on debt payments and of the debt contagion spreading to other countries, Greece's fellow eurozone countries agreed an unprecedented 110bn euro package to rescue its teetering economy.

The following year, an even bigger bailout of 130bn euros was required to stave off the imminent danger of Greece defaulting on its debts. However, these two bailouts combined - amounting to a total of 240bn euros - were not sufficient to plug the hole in the country's finances, and by 2013 it was clear that a further 10bn euros would be needed to cover the funding gap.

Greece's economy shrank by 23% between 2008 and 2013, and international lenders predict that it will continue to diminish in the immediate term.

At the prompting of the European Commission, European Central Bank and International Monetary Fund, Greece has been striving to reduce its debt burden from 160% of GDP to a target figure of 120%. It has also embarked on recapitalizing its banks so as to put them on a sounder footing.

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The main conditions attached to the various rescue packages Greece has received drastic cuts in public spending, which have led to record unemployment levels - have prompted recurrent social unrest.

The protracted economic uncertainty has been accompanied by a rise in support for the virulently anti-immigration Golden Dawn party - which entered parliament for the first time in 2012 - and human rights groups have expressed concern at the increased incidence of violence against ethnic minorities

International relations:

Greece has long been at odds with its close neighbour, Turkey, over territorial disputes in the Aegean and the divided island of Cyprus.Relations warmed after both countries suffered earthquakes in 1999 and offered each other practical help.

Although the disputes remain unresolved, the Greek government gives strong backing to Turkey's EU bid. It sees dividends to be gained from the increased regional stability that it believes membership would bring.

Greece has been in dispute since the early 1990s with the Former Yugoslav Republic of Macedonia. Greece contends that the use of the name Macedonia by the neighbouring country implies a territorial claim over Greece's own region of the same name. The UN is involved in continuing mediation efforts.

Athens stepped into the global spotlight when the Olympic Games returned home in 2004. The games were hailed as a success, despite widely publicized fears that the infrastructure would not be complete in time.

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