Running head: GREECE 1

GREECE 7

Greece

Ashley Robinson

Southern New Hampshire University

Greece

The country chosen for the final project is Greece it is located in the southern part of Europe. It has an extensive coastline and shares its borders with Albania, the Republic of Macedonia, Bulgaria, and Turkey. The reason behind this choice is the rich history and culture the nation has with significant influences in art, philosophy, language, politics and sports. The nation was the originator for the Olympic Games that is estimated to have started in 776 BC and ended in 393 BC before it was reinstated in 1896, after more than one millennium (Finley, 2012). Currently, it is one of the world's most visited countries, ranked amongst the top 20 tourist destinations. According to the Greek Ministry of Tourism, the country received over ten million tourists in the year 2015 (Turner, 2015). This has allowed the country’s foreign exchange generation to increase significantly from US$17 billion in 2014 to US$ 29 billion (Turner, 2015). Compared to ancient Greece, modern Greece has had several economic stagnations. The nation joined the then called “European Community” which later was renamed to the “European Union (E.U.)” in 1981. During the same period, the country suffered economic inertia; however, the E.U. come to the country’s aid leading to the nations noteworthy economic, growth of the 1990s. The increased heavy investments, trade, aid from the E.U. and promotion of entrepreneurship drove this growth (Petrakis, 2014). Nonetheless, the country is mostly recognized for its remarkable geological and archeological sites. With eighteen UNESCO World Heritage sites as well as long coastline, many islands such as Rhodes and Mykonos the nation is a rich geographically defined region (Katsoni, & Stratigea, 2016). The country is rich in information economically, geographically, socially and politically.

Geographical Map of Greece

(World Atlas, 2017)

Statistics of the Nation (Central Intelligence Agency, 2017)

Geographic Elements

Location

Southern Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey.

Climate

Temperate climate with mild, wet winters and hot, dry summers

Bordering Countries

with Albania, the Republic of Macedonia, Bulgaria, and Turkey

Terrain

mountainous with ranges that extend into the sea as chains of islands otherwise known as Peninsulas

Elevation

mean elevation: 498 m, elevation extremes: lowest point: Mediterranean Sea 0 m, highest point: Mount Olympus 2,917 m

Natural Resources

lignite, petroleum, iron ore, bauxite, lead, zinc, nickel, magnesite, marble, salt, hydropower potential

Land Use

over 60% of the land is used for agriculture, and approximately 30% is under forestation

Country Composition

Population Composition

93% of the nation’s population are Greek nationals and 7% being foreigners

Religion

Greek Orthodox 98%; Islam 1.3%; Christianity 0.7%

Language

99% Greek;

1% French and English

Literacy

97.7% of total population; Male – 95.5%; Female – 96.9%

Rate of Urbanization

0.47% (2010-2015); 78% of the total population

Educational Expectancy

Males 17 years; Female 17 years

Reasoning from the Statistics

From the statistical analysis, it is clear that majority of the population of Greece comprises of the youth. Therefore, the nation has a high number of unemployed citizens who can qualify for various upcoming tourist resorts that will be created by the government. Secondly, the nation has several tourist attraction sites from the terrain to the UNESCO world heritage sites. Finally, the country’s major Greek Orthodox religion promotes unity, resulting in no religious based violence that may affect the foreigners. However, the country is facing tense times, as the population wants political figures to step down from office resulting in political violence (Michaletos, 2016). The nation has been going through severe economic problems some of which contributed to the economic depression of 2008-2009. This resulted in fewer exports from the country; fewer exports mainly because many companies were facing foreclosure due to the lack of currency circulation. The foreclosures also resulted in the majority of the working population to lose their occupations contributing to the increase in violence in the main parts of the country. Currently, the significant risks that face the country include political violence and economic instability due to poor reforms did by the government (Michaletos, 2016). The E.U. has stepped in to help the country twice in the past decade; this has resulted in the E.U. creating terms and conditions that the Greek government will have to follow if they are to receive a bailout.

Reference

Central Intelligence Agency. (2017). The World Factbook: Greece. Cia.gov. Retrieved 11 May 2017, from https://www.cia.gov/library/publications/the-world-factbook/geos/gr.html

Finley, M. (2012). Olympic Games (1st ed.). Mineola, NY: Dover Publications.

Katsoni, V., & Stratigea, A. (2016). Tourism and culture in the age of innovation (1st ed.). New York, NY: Springer.

Michaletos, I. (2016). In First Nine Months of 2016, Urban Violence and Crime Rise in Greece - Greece. Balkanalysis.com. Retrieved 11 May 2017, from http://www.balkanalysis.com/greece/2016/10/11/in-first-nine-months-of-2016-urban-violence-and-crime-rise-in-greece/

Turner, R. (2015). The Authority on World Travel & Tourism Travel Economic impact 2015 Greece (1st ed.). Athens: Oxford Economics. Retrieved from https://www.wttc.org/-/media/files/reports/economic%20impact%20research/countries%202015/greece2015.pdf

World Atlas. (2017). Greece Map. Worldatlas.com. Retrieved 11 May 2017, from http://www.worldatlas.com/webimage/countrys/europe/gr.htm

Goldman Sachs operated with 40 to 1 leverage."

This statement is consistent with which of the following:

Select one:

a. Goldman Sachs borrows 40 dollars for each dollar of capital.

b. Goldman Sachs must borrow 97.5% of total asset value.

c. Capital constitutes 2.5% of assets.

d. 2.5% loss in value would wipe out shareholder value.

e. All of the above.

This particular bond is considered to have no default risk.

Select one:

a. AAA rated corporate bonds

b. sovereign wealth bonds

c. zero risk bonds

d. US Treasury bonds

The figure above shows the interest rates (sometimes called yields) for two types of bonds: US 10-year Treasury bond and a risky corporate bond. The gap (i.e., vertical distance) between the US 10-year Treasury bond (red) and risky corporate bond (blue) lines is called:

Select one:

a. risk premium

b. yield gap

c. premium spread

d. default zone

An investor has $50,000 in cash to put a $5,000 down payment on 10 different homes valued at $50,000 each and will finance the rest of the investment. Soon after buying the homes she sold all 10 homes for $60,000 each and  earned a profit of $100,000 - an astounding 100% return on investment. This scenario is an example of:

Select one:

a. risk-return

b. interest rate spread

c. financial liquidity

d. leverage

INT 113 Module Two Discussion Sample: Cultural Analysis

Follow the format of this post to complete your own analysis. You will use some of the same

resources cited in the bibliography, so please follow the same format.

Hofstede’s Dimensions of Culture: Turkey (Hofstede, 2015)

Power Distance: Score of 66

 Dependent

 Hierarchical

 Unapproachable managers

 Patriarchal

 Formal communication with management

Individualism: Score of 37

 Strong collectivistic society

 Influential group mindset

 Indirect communication, need for harmony

 Moral foundation to relationships

 Strong influence of nepotism

Masculinity: Score of 45

 More feminine cultural style

 Consensus in the group

 Sympathetic

 Avoidance of conflict

 Desire for leisure time

Uncertainty Avoidance: Score of 85  Strong desire for laws and rules

 Ritualistic

 Religious

Long-Term Orientation: Score of 46

 Middle of the scale, nothing inferred

Communication (Turkey - Turkish Language, Culture, Customs and Etiquette, 2016)

Language: Turkish (90%), Kurdish (6%), Arabic (1.2%)

Nonverbal: Shaking hands and kissing on both cheeks, standing to greet those senior to you,

crossing arms while talking is impolite, staring is typical

Business Etiquette (“Turkey - Turkish Language, Culture, Customs and Etiquette,” 2016)

 Appointments are necessary

 Punctuality is expected—likely to be left waiting

 Small talk is important for relationship building

 Personal space is not recognized—standing very close is typical

 Eye contact while speaking stands for sincerity

Business Observations:

 Communication risks might exist between Turkey and countries that are more direct in

communication, especially early in a business relationship.

 Due to the hierarchical structure in business, management should expect a high level of respect

to be shown. Communication will be more indirect between management and subordinates.

 Considerations for religious beliefs and rituals will be important in the workplace.

 Training on conflict management in the Turkish culture might be useful. A manager should

outline the best approach to conflict management with the use of indirect communication.

Bibliography

Hofstede, G. (2015). Turkey - Geert Hofstede. Geert-hofstede.com. Retrieved from http://geert-

hofstede.com/turkey.html

Turkey - Turkish language, culture, customs and etiquette. (2016). Commisceo-Global. Retrieved from

http://www.commisceo-global.com/country-guides/turkey-guide

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