“The Nazi occupation and plunder of Greece between 1941 and 1944 devastated the country’s economy, as foreign trade was suspended and agricultural output ground to a halt. The Nazis also forced the Greek treasury to pay huge amounts of “occupation expenses,” which caused hyperinflation when new money was printed to meet the obligation.
The period from the late 1950s to the late 1960s has been coined the era of the "Greek economic miracle." During this time, the country’s GDP grew at the fastest rate in Western Europe, averaging 7.6% annually throughout the 1960s. Industrial production grew at an average annual rate of 10% over the same period, exceeded in Western Europe only by Spain's performance. Manufacturing exports surpassed agricultural exports for the first time in Greece's history, partly because of large foreign investment in industry that boosted capital-intensive manufacturing activities. Oil refineries and petrochemical sectors developed along with chemical plants, pharmaceuticals, metallurgy, and electrical machinery. But economic growth and industrialization have their hazards. Social tensions erupted, prompted by inequitable distribution of wealth. The military junta that seized power in 1967 simply sided with big economic interests like large tourist enterprises and urban real estate, failing to solve the humanitarian problems sizzling beneath.
The energy crisis of 1973 and the subsequent international monetary turmoil affected the economy adversely. When exports could not cover the higher cost of foreign oil, a large deficit resulted in the Greek balance of payments, and the domestic economy suffered serious inflationary pressures. Such economic problems increased popular resistance to the dictatorship and contributed to its collapse in mid-1974.
The days of the Greek economic miracle were reaching a frayed end, and even the democratic governments that followed the junta were unable to restore growth. The annual GDP growth rate dropped from 7.6% in 1961-70 to 4.7% in 1971-80, and a mere 1.4% in 1981-90. Nevertheless, Greece picked up the fragments of its economy and began to re-orient itself after it became a member of the European Community (the EU today). It began a gradual shaping of its legislation to eventually accommodate full liberalization of trade and the movement of capital and labor. Entry into the EC also allowed an increase in imports, mainly of foreign manufactured goods. High budget deficits, public borrowing and other factors contributed to continuing economic stagnation creating critical imbalances in the economy which persisted into the mid-1990s.”
The whole article
http://www.thomaswhite.com/explore-the- ... reece.aspxAlso:“However, 1953 was the starting point of the economic "Greek miracle". For twenty years, Greece had the highest growth rate internationally (after Japan). Despite the many political problems (which included a military junta from 1967 to 1974, the Cyprus problem and the outlawing of the Greek Communist Party from 1948 to 1974), Greece managed to transform itself, over a period of thirty years, from a destroyed (due to a long series of wars), underdeveloped small country to a country worthy of becoming a member of the (then) European Communities. Greece was accepted as the 10th member of the ECC in 1/1/1981. At the time, most of its economic indicators were better or equal to Ireland's (that was already a member), Spain's and Portugal's (which were to become members in 1986). The "Greek miracle", which was a textbook example, was basically the result of the policies of the Conservative politician Konstantinos Karamanlis who governed Greece from 1955 to 1963 and from 1974 to 1980, with a mix of Keynesian and Free-Market policies.”
http://jurist.law.pitt.edu/world/greececor3.htm
They moved around all over the Hellenic world and one even got as far as mapping 'Bretannia' whilst its illiterate natives picked berries in readiness for becoming 'Europeans'.
