Greece (Greek: Ελλάδα, Elládha or Ελλάς, Ellás - officially the Hellenic Republic (Ελληνική Δημοκρατία, Ellinikí Dhimokratía - is a country in south-eastern Europe, situated on the southern end of the Balkan peninsula. It is bordered by Bulgaria, the Former Yugoslav Republic of Macedonia and Albania to the north and by Turkey to the east. The Aegean Sea lies to the east of mainland Greece while the Ionian Sea lies to the west. Both, parts of the eastern Mediterranean basin, feature a vast number of islands.

Regarded as the cradle of western civilization and being the birthplace of Democracy, Western philosophy, the Olympic Games, Western Literature, Political Science and drama including both tragedy and comedy, Greece has a very long and remarkably rich history during which its culture has proven to be especially influential in Europe, Northern Africa and the Middle East. Today, Greece is a developed nation, member of the European Union since 1981 and a member of the Eurozone since 2001.

Greece as a member of the European Union
The country became the tenth member of the European Union on January 1, 1981. Over the course of the last 25 years, and particularly during this past decade, Greece has experienced a remarkable economic growth. Widespread investments in industrial enterprises and heavy infrastructure as well as funds from the European Union and growing revenues from tourism, shipping and a fast growing service sector have raised the standard of living to unprecedented levels. The country adopted the Euro in 2001.

Geography

Greece consists of a large mainland at the southern end of the Balkans; the Peloponnesus peninsula (separated from the mainland by the canal of the Isthmus of Corinth); and numerous islands (around 3,000), including Crete, Rhodes, Kos, Euboea, the Dodecanese and the Cycladic groups of the Aegean Sea as well as the Ionian Sea islands. Greece has more than 15,000 kilometres (9,300 mi) of coastline and a land boundary of 1,160 kilometres (721 mi). Approximately 27.9% of the nation's territory is covered by forests.

Four fifths of Greece consist of mountains or hills, making the country one of the most mountainous in Europe. Western Greece contains a number of lakes and wetlands and it is dominated by the Pindus mountain range. Pindus has a maximum elevation of 2,636 metres (8,648 ft) and it is essentially a prolongation of the Dinaric Alps. The range continues through the western Peloponnese, crosses the islands of Kythera and Antikythera and find its way into southwestern Aegean, in the island of Crete where it eventually ends. (Actually the islands of the Aegean are peaks of underwater mountains that once consisted an extension of the mainland). Pindus is characterized by its high, steep peaks, often dissected by numerous canyons and a variety of other karstic landscapes. Most notably, the impressive Meteora formation consisting of high, steep boulders provides a breathtaking experience for the hundreds of thousands of tourists who visit the area each year. Special lifts transfer visitors to the scenic monasteries that lye on top of those rocks. Meteora are situated in the Trikala prefecture. The Vikos-Aoos Gorge is yet another spectacular formation. The Vicos-Aoos Gorge is a popular hotspot for those in fond of extreme sports.

Mount Olympus is the tallest mountain in the country, located in the northern Pieria prefecture, near Thessaloniki. Mytikas in Olympus range has a height of 2,919 metres (9,570 ft) at its tallest peak. Once considered the throne of the Gods, it is today extremely popular among hikers and climbers who deem its height as a challenge. Moreover, northeastern Greece features yet another high altitude mountain range, the Rhodope range, spreading across the periphery of East Macedonia and Thrace; this area is covered with vast, thick, ancient forests including the famous Dadia.

Expansive plains are primarily located in the prefectures of Thessaly, Central Macedonia and Thrace. They constitute key economic regions as they are among the few arable places in the country. Volos and Larissa are the two largest cities of Thessaly.

Greece's climate consists of three types that influence well defined regions of its territory. Those are the Mediterranean, the Alpine and the Temperate types. The first one features mild, wet winters and hot, dry summers. The Cyclades, the Dodecanese, Crete, Eastern Peloponessus and parts of the Sterea Ellada region are mostly affected by this particular type. Temperatures rarely reach extreme values although snowfalls do occur occasionally even in the Cyclades or Crete during the winter months. The Alpine type is dominant mainly in Western Greece (Epirus, Central Greece, Thessaly, Western Macedonia as well as in the western and central parts of Peloponessus, including the prefectures of Achaea, Arcadia and parts of Laconia, where the Pindus range passes by). Finally the Temperate type affects Central and Eastern Macedonia as well as Thrace, mainly affecting the cities of Komotini, Xanthi and the towns of northern Evros; it features cold, damp winters and hot, dry summers. Athens is located in a transitional area featuring both the Mediterranean and the Alpine types. The city's northern suburbs are dominated by the Alpine type while the downtown area and the southern suburbs enjoy a typical Mediterranean type.

Economy
Economy of Greece
Greece has one of the best-performing economies in the euro zone [5]. The country has a mixed capitalist economy with the public sector accounting for about 40% of the GDP. The Greek tourism industry remains thriving and its contribution in the GDP growth is considered important for foreign exchange earnings. Greece is a global leader in shipping (ranking first in terms of ownership of vessels and third by tonnage and flag registration) [6]. Exports of manufactured goods including telecommunications hardware and software, agricultural products and other foodstuff and fuels account for a significant part of Greek income.

The country is the largest investor in southeastern Europe as far as the previous sectors are concerned. After the end of the Greek Civil War in 1949 and for more than two decades Greece achieved the second highest economic growth rate in the world after Japan, resulting in a dramatic improvement of living standards (the "Greek economic miracle"). Since Greece became a full member of the European Union, on January 1, 1981, it has benefited from cohesion funds, along with Portugal, Spain and Ireland. Those funds have proven particularly helpful to the nation's economic development since the 1980s. Starting in 1989, Greece joined the ranks of (22 at that time) "developed countries".

The country enjoys a high standard of living, ranking 24th on the 2005 Human Development Index and 22nd on The Economist's 2005 world-wide quality-of-life index[7]. Average per capita income in 2005 was estimated at $22,800 [8] or 85% of the EU average in PPS (Purchasing Power Standards). Greek Economy has seen uninterrupted strong growth since 1992 and above the EU average continuously since 1994. Part of the Greek economy's impressive growth is attributed to the fact that the previous government tightened fiscal policy regulations in the run-up to the country's entry into the Eurozone, set on January 1, 2001 (Greek euro coins). Also liberalization of domestic markets, a modernized banking system, as well as massive investment ahead of the 2004 Olympic Games, have fueled the economy even further. With the collapse of communism in the early 1990s, Greece has seen a huge influx of foreign labor force, mainly from neighboring Albania, but also from Pakistan and Eastern Europe.

The Bank of Greece, now a subsidiary of the European Central Bank, functions as the nation's central bank. This bank is not the same as the "National Bank of Greece", the country's largest commercial bank.