Ecosystem Deep Dives #16: Greece - Welcome Back
Recovering from a particularly harsh 2010's decade, Greece's bubbling start-up ecosystem is contributing to rebuilding the country's international reputation.
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It’s safe to say the 2010’s wasn’t Greece’s best decade. A plethora of convoluting issues starting with the country’s overflowing sovereign debt created a domino effect triggering EU bail-outs, austerity measures, unemployment and plummeting purchasing power. The crisis also led to a massive “brain-drain”, with many talented Greeks leaving abroad in search of better opportunities. As we’ll see later, this is a trend that is slowly being reversed by the Greek start-up ecosystem.
In order to better comprehend the backstory behind the Greek crisis, I strongly recommend the book “Adults in the Room”, written by former Greek finance minister Yanis Varoufakis. The book brings the reader backstage into some of the most critical meetings held by the infamous “Troïka” ( a group made up of the European Commission, the European Central Bank and the IMF) during the crisis. The book is evidently opinionated, but it’s a great read.
Almost a decade after the crisis started, Greece is, similar to Portugal, seeing light at the end of the tunnel. Everything isn’t perfect, but the country’s buzzing start-up scene is a testament to the breath of economic fresh air Greeks are finally getting to inhale.