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According to the European Union convention
, the member countries had decided to borrow not more than 3% of it’s GDP. Nevertheless, Greece borrowed an amount equaling 13% of their GDP. Now, the sovereign debt has risen to 175 percent of the GDP. The service sector primarily shipping and tourism, accounts for 80 percent of GDP, manufacturing comes for 16 percent and agriculture with 4 percent. The employment base is hollow and unproductive.
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