Greece is a parliamentary republic.[28] The nominal head of state is the President of the Republic, who is elected by the Parliament for a five-year term.[28] The current Constitution was drawn up and adopted by the Fifth Revisionary Parliament of the Hellenes and entered into force in 1975 after the fall of the military junta of 1967–1974. It has been revised twice since, in 1986 and in 2001. The Constitution, which consists of 120 articles, provides for a separation of powers into executive, legislative, and judicial branches, and grants extensive specific guarantees (further reinforced in 2001) of civil liberties and social rights.[29] Women's suffrage was guaranteed with a 1952 Constitutional amendment.
According to the Constitution, executive power is exercised by the President of the Republic and the Government.[28] From the Constitutional amendment of 1986 the President's duties were curtailed to a significant extent, and they are now largely ceremonial; most political power thus lies in the hands of the Prime Minister.[30] The position of Prime Minister, Greece's head of government, belongs to the current leader of the political party that can obtain a vote of confidence by 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.[28]
Legislative powers are exercised by a 300-member elective unicameral Parliament.[28] Statutes passed by the Parliament are promulgated by the President of the Republic.[28] 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.[28] The President is also obliged to dissolve the Parliament earlier, if the opposition manages to pass a motion of no confidence.[28]
The Judiciary is independent of the executive and the legislature and comprises three Supreme Courts: the Court of Cassation (??e??? ?????), the Council of State (S?µß????? t?? ?p???ate?a?) and the Court of Auditors (??e??t??? S???d???). The Judiciary system is also composed of civil courts, which judge civil and penal cases and administrative courts, which judge disputes between the citizens and the Greek administrative authorities.
Economy Main article: Economy of Greece
GDP Growth of Greece compared to the Eurozone between 1996 and 2006. The main building of the Bank of Greece in Athens. Aerial view of the central districts of Thessaloniki, Greece's second largest city and a major economic and industrial center.Annual growth of Greek GDP has surpassed the respective levels of most of its EU partners.[32] The tourism industry is a major source of foreign exchange earnings and revenue accounting for 15% of Greece’s total GDP[33] and employing, directly or indirectly, 16.5% of the total workforce.
The Greek labor force totals 4.9 million, and it is the second most industrious between OECD countries, after South Korea.[34] The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country with the largest work/hour ratio among European nations; Greeks worked an average of 1,900 hours per year, followed by the Spanish (average of 1,800 hours/year).[35] In 2007, the average worker made around 20 dollars, similar to Spain and slightly more than half of average U.S. hourly income. Immigrants make up nearly one-fifth of the work force, occupied mainly in agricultural and construction work.
Greece's purchasing power-adjusted GDP per capita is the world's 26th highest. According to the International Monetary Fund it has an estimated average per capita income of $30,661 for the year 2008,[36] a figure comparable to that of Germany, France or Italy. According to Eurostat data, Greek PPS GDP per capita stood at 95 per cent of the EU average in 2008.[37] Greece ranks 18th in the 2006 HDI,[38] 22nd on The Economist's 2005 worldwide quality-of-life index.[39] According to a survey by the Economist, the cost of living in Athens is close to 90% of the costs in New York; in rural regions it is lower.
However, the Greek economy also faces significant problems, including rising unemployment levels, an inefficient government bureaucracy and widespread corruption.[40]
In 2009, Greece had the EU's second lowest Index of Economic Freedom (after Poland), ranking 81st in the world.[41] The country suffers from high levels of political and economic corruption and low global competitiveness relative to its EU partners.[42][43]
Although remaining above the euro area average, economic growth will turn negative in 2009 for the first time since 1993.[44][verification needed] An indication of the trend of over-lending in recent years is the fact that the ratio of loans to savings exceeded 100% during the first half of the year.[45] By the end of 2009, as a result of a combination of international (financial crisis) and local (uncontrolled spending prior to the October 2009 national elections) factors, the Greek economy faced its most severe crisis after 1993, with the second highest budget deficit as well as the second highest debt to GDP ratio in the EU. Greece has currently adopted harsh austerity measures to bring its deficit under control, which will be monitored by Eurostat.
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