10 Ways the Greek Government Screwed Their Economy
9. Created a horrendous business climate
The tax chaos was accompanied by the harsh conditions for doing business. There are hundreds of different barriers to competition and free market which result in an absurdly over regulated economy. Until 2011 Greece had 343 “closed trades,” ranging from cab drivers to lawyers, which were protected by expensive licensing requirements. The overregulation of the economy resulted in the plummeting of Greece’s rankings in the Global Competitiveness and the Doing Business ratings. Businesses had to publish their financial records in national and regional newspapers, grocery stores and supermarkets had to put 9 types of price tags on their goods, olive farmers were told what kind oils and in what proportion they were allowed to mix together.
