WHAT IS THE PROBLEM IN GREECE AND WHAT ARE THE SOLUTIONS? In the house of the hanged man, should we or should we not talk about the rope (of salvation)???
- We used new AI technology to analyze the problem for us
- Google AI Overview says the following:
- Punctuality in Greece is a major problem, with significant impacts on the daily lives of citizens. The increase in prices affects everything from basic goods to services, and has been exacerbated by the global crisis and the war in the Middle East, according to Ploes E.Psy.Me.. Greece appears to be one of the most expensive countries in Europe, with punctuality particularly affecting the food, fuel and service sectors, as reported by Dnews. Specifically, punctuality in Greece is manifested by increases in:
- Food: Supermarkets, kiosks and food stores have seen significant increases in their prices, affecting consumers' purchasing power.
- Fuel: Gasoline and oil prices have increased significantly, burdening households and transportation.
- Services: Even services, such as catering and beach loungers, have increased their prices, making everyday life more expensive.
- Energy: The increase in energy prices has led to an increase in electricity and heating bills, burdening households.
- Impact of accuracy:
- Decrease in purchasing power:
Consumers are finding it difficult to purchase basic goods and services due to rising prices.
- Increase in poverty:
More people are unable to meet their basic needs, resulting in an increase in the number of people living below the poverty line.
- Burden on households:
20% of Greeks' monthly budget is spent on food, according to newmoney.
- In summary, punctuality in Greece is a complex problem that requires solutions at multiple levels, from addressing the causes of price increases to strengthening citizens' purchasing power.
- How effective will the measures against accuracy be? The future for the Greek market
The anti-accuracy measures were unique within the EU, as Greece became the only member state to implement such regulations to address excessive business profit margins during periods of crisis.
- In recent years, Greece has faced significant economic challenges, many of which were exacerbated by global events. The COVID-19 pandemic and the ongoing war in Ukraine, the ongoing war and instability in the Middle East, the cyclical change and the impact on agricultural production, have had far-reaching effects on economies worldwide, and Greece has been no exception. etc. These crises have led to disruptions in supply chains, rising energy costs and increased uncertainty in global markets.
- As a result, Greece experienced a significant increase in price inflation, particularly in domestic goods and basic food items. This inflation was particularly intense for products considered essential for maintaining a “decent standard of living”, further burdening households and vulnerable groups of the population.
- State response and legislative measures
In response to these challenges, the State took decisive action four years ago, introducing the first so-called temporary measures to combat unfair speculation. These measures were unique within the European Union, as Greece became the only Member State to implement such specific regulations to address excessive profit margins of businesses during periods of crisis. The main objective was to protect consumers from unjustified price increases and to ensure that essential goods remain accessible and affordable.
- The legislation set a clear benchmark: businesses operating in the supply and retail sectors of specific products are prohibited from maintaining a profit margin higher than that which they had in December 2021. Any profit margin exceeding this limit constitutes a violation of the measures and is subject to administrative sanctions. This approach was designed to prevent opportunistic behavior and stabilize prices in a period of increased volatility.
- It is worth noting that the provisions on unfair profiteering were repealed on June 30, 2025 and we expect to see if there will be a new extension of these.
- Impact and application
Since the introduction of these measures, there has been some reduction in inflation in goods, suggesting that the State’s intervention may have been in the right direction. The measures were not only extended beyond their initial duration, but were also strengthened. The maximum administrative fines for violations were increased from €1 million to €5 million, reflecting the State’s commitment to strict enforcement and deterrence.
- In 2023 and 2024 alone, approximately 25 million euros in fines were imposed on multinational suppliers operating in Greece. Most of these fines have been appealed and are pending before the administrative courts.
- While the legal proceedings are ongoing, the final results remain uncertain. As an interim result, however, the prices of products considered essential for a "decent standard of living" have decreased, even compared to 2 or 3 years ago, offering some relief to consumers.
- Continued uncertainty and legal challenges
Despite these positive developments, there is still considerable uncertainty. Until the pending cases are adjudicated, it remains unclear whether the measures have had a lasting effect on reducing price inflation or whether, if even some of the companies fined are justified, the measures were ultimately misguided. Furthermore, the question remains open as to who will ultimately bear the cost of these interventions. If the fines are upheld by the competent courts, the cost will be borne by the companies; if they are annulled, the political cost will be borne by the State.
- Adding to the complexity, the Ministry of Development has launched a new wave of inspections of retailers in March 2025. These inspections are carried out under a complex legislative framework governing discounts, price reductions and promotions. Although this framework has been in force since 2022, it was not until 2024 that it attracted significant attention from retailers, when the first fines for non-compliance were imposed. The regulatory environment is complex, with detailed requirements on how discounts and offers should be advertised and implemented, creating additional compliance challenges for businesses.
- Wider implications for the Procurement and Retail sector
Multinational and national companies operating in the supply and retail sectors in Greece now face a multifaceted legal landscape. In addition to domestic regulations, these companies must also comply with trade sanctions imposed by the United States and the European Union in response to the war in Ukraine. These sanctions have further complicated cross-border trade and supply chain management, increasing the risk of unintentional non-compliance.
- To remain compliant, companies must invest in robust legal and regulatory monitoring systems, ensure transparent pricing policies, and have robust and streamlined sales planning. Failure to comply can lead to significant financial penalties, reputational damage, and lengthy legal actions.
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Google AI and - daily.nb.org Antonis Giannakodimos - * Antonis Giannakodimos is a Partner at the law firm Zepos & Giannopoulos. 29/07/2025
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