|Population (2016)||10 793 526 (-0.01%)|
|EU Status||member since 1981|
|National Currency||EUR (Euro) since 1 January 2001|
|Nominal GDP (2015)||176.0 bln EUR (-0.02%)|
|Nominal GDP per Capita (2015)||16 200 EUR (-0.01%)|
|Real GDP Growth (2015)||-0.2 % (2014: 0.8 %)|
|CPI, MoM (Sep 2016)||0.7 % (Aug 2016: 0.0 %)|
|CPI, YoY (Sep 2016)||-0.1 % (Aug 2016: 0.4 %)|
|CPI, Year Average (2015)||-1.1 % (2014: -1.4 %)|
|Unemployment Rate (2015)||24.9 % (2014: 26.5 %)|
|Government Bond Yield (Sep 2016)||8.34 % (Aug 2016: 8.19 %)|
|Credit Ratings (as of Sep 2016)|
|Fitch||CCC||substantial credit risk|
|Moody's||Caa3||in default with little prospect for recovery, outlook stable|
|Double Taxation Agreements||56 signed agreements|
|Exchange on Request||3 signed agreements|
|Automatic Exchange||starts in September 2017|
|FATCA||IGA agreed on 30 November 2014, Model 1|
|Financial Market Development||2.5 (max 7.0)||rank: 136th out of 138 countries|
|Banks' Soundness||2.7 (max 7.0)||rank: 134th out of 138 countries|
|Banking Industry Country Risk||10||(1 - lowest risk, 10 - highest risk)|
|Deposit Guarantee Scheme|
|Maximum Protected Amount||100 000 EUR|
|Country Ceiling for Deposits|
|Local Currency (Euro)||Caa3||in default with little prospect for recovery|
|Foreign Currency||Caa3||in default with little prospect for recovery|
|Deposit Rates (Aug 2016, EUR)||0.87 % (Jul 2016: 0.86 %)|
|Banking Sector Structure|
|Number of Banks||45|
|Recent Changes (2015)||new banks: 2, closed banks: 2|
|Consolidated Assets (2015)||350.18 bln EUR (-5.00%)|
|National Bank of Greece||Eurobank Ergasias (Eurobank EFG)|
|Piraeus Bank||Emporiki Bank of Greece S.A.|
|Alpha Bank||Attica Bank S.A.|
|List of Banks in Greece|
Greece joined the Euro Area on 1 January 2001.
According to Eurostat, nominal GDP of Greece in 2015 was 176.0 bln EUR.
Greece underperforms the European Union in terms of real GDP growth with the average annual differential coming to -1.1% over the past 10 years (2005 - 2015). In 2015 real GDP growth was -0.2% which was below the Euro Area average (1.6%) and below the European Union average (1.9%). Real GDP growth in 2016 - 2021 are IMF's estimates.
In 2015, nominal GDP per capita in Greece was 16 200 EUR.
Greece has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -25.5% over the past 10 years (2005 - 2015). GDP per capita at PPP in 2016 - 2021 are IMF's estimates.
According to Eurostat, inflation rate in Greece in 2015 expressed as annual percentages of average consumer prices was -1.1% which was below the Euro Area average (0.0%) and below the European Union average (0.0%). Inflation rates in 2016 - 2021 are IMF's estimates.
Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
Greece signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Greece and other jurisdictions which were signed but haven't yet come into force (for agreements signed after after 01 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Greece signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Greece and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 01 January 2013 of signing the agreement is given in brackets):
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
Greece signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).
Greece agreed in substance to use FATCA on 30 November 2014 (Intergovernmental Agreement Model 1): the text of the IGA has not been released and financial institutions operating in Greece are allowed to register on the FATCA website consistent with the treatment of having an IGA in effect provided that Greece continues to demonstrate firm resolve to sign the IGA as soon as possible.
FATCA and European countries
According to World Economic Forum's Global Competitiveness Report 2016-2017, financial market development in Greece is scored 2.5 out of maximum 7.0 and ranked 136th out of 138 analysed economies. Soundness of banks is scored 2.7 bringing Greece into the 134th place, trustworthiness and confidence of financial market is scored 2.8 (135th place).
Banking Industry Country Risk Assessment (BICRA) is a methodology designed by Standard&Poor's "to evaluate and compare global banking systems". A BICRA is scored on a scale from 1 to 10, ranging from the lowest-risk banking systems (group 1) to the highest-risk (group 10). The BICRA methodology has two main analytical components: "economic risk" and "industry risk". Each of the components is then further divided into 3 "factors" that result in an economic and industry risk score for each country.
Greece is included into group '10' with economic risk scored '10' and industry risk scored '8'.
|Economic resilience||very high|
|Economic imbalances||very high|
|Credit risk in economy||extremely high|
|Systemwide funding||extremely high|
|Government support assessment||supportive|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Greece are summarised in Table 2.
|Scheme Participants||all credit institutions operating in Greece, branches of non-EU banks, branches of Greek banks abroad|
|Scheme Exemptions||branches of EU-banks (covered by their home countries)|
|Eligible Depositors||natural persons, legal entities|
|Covered Accounts||all deposit accounts (for example, savings accounts, sight deposits, current accounts, time deposits)|
|Maximum Protected Amount||100 000 EUR|
|Paid In Currency||EUR|
Table 2. Deposit guarantee scheme in Greece.
Deposit Guarantee Schemes in Europe
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Euro) deposit ceiling for Greece is set to Caa3 (in default with little prospect for recovery), foreign currency deposit ceiling is Caa3 (in default with little prospect for recovery).
Currently there are 45 credit institutions operating in Greece.
Recent structural changes (2013 - 2015) of the banking sector of Greece are summarised in Table 3.
|Number of Opened Banks||1||1||2|
|Number of Closed Banks||8||1||2|
Table 3. Recent structural changes in the banking sector of Greece.
All the credit institutions operating in Greece can be classified into several categories. Table 4 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||21|
The list of the most recently opened banks in Greece is provided in Table 5.
There are 21 branches of foreign banks from 14 different countries in Greece. Table 6 shows 10 countries having the biggest number of branches in Greece.
|Country of Origin||Number of Branches|