Greece Business Guide Legislation
Legislation
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Greece is a unicameral parliamentary republic. Executive authority is exercised by the Government, legislative authority by the 300-members Parliament, while the Justice system is nominally independent, although the government has a strong say in the appointment of high judges. The Prime Minister is the head of the Government, and appoints the members of cabinet at will, while the President of the Republic has no real powers.
Following the devolution of 2010, the country is divided in 13 regional authorities, with extensive powers. In order to claim majority in Parliament, a single political party usually needs more than 38% of the votes in the parliamentary elections, which are held every four years. However, snap elections are usually the case.
Greece is member of the UN, NATO, EU, Eurozone, IAEA, ICAO, ICC, ILO, IMF, Interpol, OECD, OSCE, UNESCO, UNHCR, WEU, WHO, and the WTO. All laws in the country have to abide with the current Constitution and the European Treaties.
Minimum net monthly salary is 751 Euros, and minimum net day salary is 34 Euros. Around 40% of the aforementioned amounts are held for taxes, pension contributions and national health insurance (all compulsory).
Economic policies (including taxation, salaries, lay off compensations, structural reforms, insurance, pensions, privatisations, etc.) during the period between 2010 and 2014 are bound by the Memorandum of Understanding, signed between Greece and its emergency lenders (the IMF, ECB, and the EU).
Setting up a company in Greece usually takes 1 day, using the «one stop shops», which are operated by the chambers of commerce in each of the country’s 13 regions. Big investments projects are subject to speedy approval through the «fast track» procedure. More details can be found at the «Invest in Greece» government webpage. All laws and decisions of the Greek government, including contracts, hiring, calls for tender and procurements, are openly available in the «diavgeia» portal (in Greek).
Useful links:
- Invest in Greece Portal
- Ministry of Finance
- Open Government Initiative
- IMF in Greece
- Business Portal Greece
- Hellenic Statistical Authority
- Bank of Greece
- Ministry of Development
Aggelos Stagos
Let's Do Our Bit Now
A Greek sigh of relief should have been heard to the end of the world after Eurogroup’s approval of the country’s bailout program on Monday, which prevented a direct risk...
Grigoris Nikolopoulos
A Clear Choice
Monday’s Eurogroup agreement may not be a cure-for-all Greek ills but it is certainly the best we could have obtained presently.
Grigoris Nikolopoulos
The Hour of The Private Sector
If Greece’s international creditors, the so-called troika, ultimately succeed in persuading our politicians to shrink the public sector, they will have addressed the core of the country’s problem. For the...
Grigoris Nikolopoulos
Only One Good Scenario For Greece and Europe
Europe has been trapped in its own foolishness, incompetence and heartlessness, and will soon be forced to change to avoid dissolution.
Nikos Chrysoloras
Why The Germans Are Wrong
Many in Europe –particularly in Germany- wonder why they should continue providing financial support to a country that has failed to honor its commitments with partners and is an international...
Grigoris Nikolopoulos
A Punitive Program
The reduction in incomes which Greece’s new economic program brings would make sense only if we could hope that the problems of recession and the country’s excessive debt could be...
Aggelos Stagos
No Elbow Room For Politicians
It’s a curious thing that even at this crucial moment, when the future of the country hangs in the balance, its political class cannot clearly “read” our creditors’ stance and...
Takis Lainas
Apocalypse Now!
We are all watching breathless the endless unpopular serial of Greece’s negotiations with the troika, wondering whether our political leaders will finally utter “Yes” or raise the flag of the...
Aggelos Stagos
Destined to Sink?
The negotiations with Greece’s international creditors –the so-called troika- on the final details of the economic program that will accompany a second, €130 billion bailout loan seem to have developed...
Nikos Chrysoloras
The "crucial next 48 hours”
If I come across the expression, “crucial next 48 hours,” again I think I am going to have a nervous breakdown. Our political leaders are bent on rattling our nerves...
Grigoris Nikolopoulos
Histrionics
Greek political leaders on Sunday put on their brave faces, in the best of patriotic traditions. They would have us believe that they were resisting the demands of Greece’s international...
Takis Lainas
Much Ado About Nothing
The demand of Greece’s international creditors, the so-called troika, for a lowering of Greek salaries and wages is not just devoid of substance but also dangerous.
Aggelos Stagos
Do It Like Boutaris
There is no doubt that the German proposal for the appointment of an economic overseer, whose main task would have been to ensure the repayment of the country’s debt, was...
Grigoris Nikolopoulos
European Immorality
Europe is regarded as the world’s ‘ethical force’. Today, however it is in danger of losing this important title because of its immoral choices in tackling the debt crisis.
Grigoris Nikolopoulos
The truth about the PSI and bank shares
Because so much has been heard and written about the PSI which not only affects us psychologically but our investment decisions as well, i.e. the equity markets, it seems important...
Grigoris Nikolopoulos
Two simple interventions for development
Whilst we all appreciate that the economic recovery is the only way to solve the problems of Greece’s deficit and debt, the Greek government is not in a position to...
Aggelos Stagos
The war against Papademos
As to whether it is perceived or not, certain individuals, in cooperation with the media, are attempting to destroy Papademos as ‘evil’, ‘merciless’ or even as a ‘failure’.
Nikos Chrysoloras
Greece's lost wealth
Αsides from negotiations concerning the private sector’s ‘voluntary’ participation in cutting Greek debt, the essence of Greece’s actual economy has been condensed into one phrase by the Troika.
Nikos Chrysoloras
A public problem for Greece
The discovery that almost all the national television channel’s journalists who had been on strike for weeks, were paid in full, either because they took sick leave or because they...
Aggelos Stagos
A lack of restraint flares up again in Greece
After a respite of relative calm, which many associate with Papademos’ premiership and as a result, the Greek public’s raised expectations, unfortunately jeering and violence have emerged once again.
Nikos Chrysoloras
Why isn’t Greece competitive?
The debate on the Greek economy’s restoration came to the fore once again as it now seems inevitable that labour costs will be reduced through eliminating the 14th salary in...
Dimitris Kastriotis
Greece’s powerful institutions (It’s just that the banks, the press and the politicians are suffering)
Recently, the whole issueof lending – or indeed the refusal to lend funds to Greek media companies, has come to the fore – all based on the political business dealings...
Aggelos Stagos
Europe wants Greece in the Eurozone on condition that their terms are accepted
If the statements hold any political value – and are in fact reliable, yesterday, Merkel, Sarkozy and Schauble (in the background) made two points clear: They want Greece to remain...
Grigoris Nikolopoulos
Politicians and the public administration are harming the private sector in Greece
Under the pressure of the present circumstances and that of our partners and lenders and from the parties who are supposedly supporting him, the Prime Minister, Mr. Lucas Papademos has...
Nikos Chrysoloras
Who will replace George Papandreou?
Sooner or later, George Papandreou, former Greek Prime Minister and President of the Socialist Party (PASOK), a man whose actions were incompetent and erratic, who probably would never have held...
Nikos Chrysoloras
The Greek Paradox
In its report on the threats and dangers that our planet faces (2011 Global Risks Report), the World Economic Forum confirmed a paradox: The problems that transcend national borders and...
Aggelos Stagos
2012 will prove to be a decisive year
Forecasts point to the fact that 2012 will be a very difficult year, maybe even more difficult than 2011, if that is even possible.
