An Introduction Of Greece 's Current Trade Practices

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Part I: An Introduction to Greece
Modern Greece, like many other modern countries whose borders were once home to centuries of famous history, people, and culture, remains a (perhaps overly) romanticized nation. Much has changed since the times of Classical Greece in the fifth and fourth century B.C. Its unique history, geography, and people all play a vital role in the understanding of Greece’s position in the present Global Business Environment.
Foundational Information
As explained in the International Business, The Challenges of Globalization, trade was referenced as the oldest form of international business activity. Greece’s current trade practices are, in part, shaped by international trends and pressure, geographical setting,
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Many saw the solution in austerity measures, and the European Union and International Monetary Fund were the first to attempt to pressure Greece to implement the cutbacks and hike in taxes.

Two bailouts later, with the third quickly approaching, Greece has shown the European Union that its austerity measures are not a viable or sustainable option for debt relief. With the spiraling decline of investor confidence in an economy severely trapped by debt, Greece has been under threat of being dismissed from the European Union. As of July 14, 2015, Greece’s third European Union bailout was left just out of arms reach until the nation follows through with, what has been termed ‘Draconian,’ reforms aimed at minimalizing Greece’s debt. Although Greece makes up just 2% of the European Union population, its weighted economy and potential impact on the global economy is on everyone’s mind.
Geographical Setting

Location
This Southern European country is directly bordered by four countries, including: Albania, Macedonia, Bulgaria, and Turkey, from West to East. As seen in Figure 1, Greece’s southern portion is made up of more than 1,400 islands, scattered in the waters of the Ionian Sea, Mediterranean Sea, and Aegean Sea.

Climate
With a mountainous inland, hundreds of islands, and a unique geographic location, Greece’s climate varies. With inland Greece, found at 39 degrees longitude, best described as having a temperate climate, which is
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