Economy of Greece

stability has led to fears of a run on Greek banks with almost €1 billion being withdrawn from Greek bank accounts in the week following the election.

Maritime industry

Greece controls 16.2% of the world's total merchant fleet, making it the largest in the world. Greece is ranked in the top 5 for all kinds of ships, including first for tankers and bulk carriers.

The shipping industry is a key element of Greek economic activity dating back to ancient times. Today, shipping is one of the country's most important industries. It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce), and represents 1/3 of the country's trade deficit.

During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates, Aristotle Onassis and Stavros Niarchos. The basis of the modern Greek maritime industry was formed after World War II when Greek shipping businessmen were able to amass surplus ships sold to them by the U.S. government through the Ship Sales Act of the 1940s.

According to a United Nations Conference on Trade and Development report in 2011, the Greek merchant navy is the largest in the world at 16.2% of the world's total capacity, up from 15.96% in 2010. This is a drop from the equivalent number in 2006, which was 18.2%. The total tonnage of the country's merchant fleet is 202 million dwt, ranked 1st in the world. In terms of total number of ships, the Greek Merchant Navy stands at 4th worldwide, with 3,150 ships (741 of which are registered in Greece whereas the rest 2,409 in other ports). In terms of ship categories, Greece ranks first in both tankers and dry bulk carriers, fourth in the number of containers, and fourth in other ships. However, today's fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s. Additionally, the total number of ships flying a Greek flag (includes non-Greek fleets) is 1,517, or 5.3% of the