The Treasurer’s Guide to Trade Finance

Greece

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 290 bn Goods Exports 28

GDP per capita (USD) 25,447 Imports 66

GDP volume growth (year-on-year) – 7.1% Net – 38

Population 11.39m Services Exports 40

Interest rate (for corporations funding

stocks up to one year) 7.15%

Imports 20

Net + 21

Exchange rate EUR / USD (year average) 0.7194

Source: IFS, IMF, January 2013

BoP (goods, services & income) as % of GDP – 10.1%

International/Regional memberships

European Union (EU): since 1 January 1981.
Greece is also a member of the European
Economic Area (EEA).

International Monetary Fund (IMF):
since 27 December 1945.

World Trade Organization (WTO):
since 1 January 1995.

Government trade policy

ƒ Greece implements the EU’s trade

regulations, commercial policies and

customs code (ec.europa.eu/trade).

ƒ Greece trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Export Credit Insurance Organisation (ECIO

— http://www.oaep.gr).

ƒ The EU maintains 74 free trade zones,

including four located in Greece: Piraeus,

Thessaloniki, Heraklion and Platigiali.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Greece does not impose foreign exchange
controls.

Greece applies controls to financial credits and
loans from resident insurance companies to non-
residents from outside the EU if they represent
part of the insurance company’s technical
reserves.

Bank accounts

Permission to hold currency accounts

Within

Greece

Outside

Greece

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A