The impact of economic crisis in Greece: key facts and an overview of the banking sector

Mitsakis, F.V. ORCID: 0000-0001-8454-5777, 2014. The impact of economic crisis in Greece: key facts and an overview of the banking sector. Business and Economic Research, 4 (1), pp. 250-267. ISSN 2162-4860

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Nowadays, the global economic crisis (GEC) highly influences organizations through its macroeconomic causes and effects, which account for a significant impact on firms’ human resources (HR) practices and labor relations (IR) as well. Of greatest concern is the extent to which the actual impacts of the crisis may be hoarding future problems for organization’s operations. Owing to the dynamic nature of contemporary business, its complexity, along with the increasing need for expertise, strategic HR interventions are highly required in an attempt of creating mature and resilient, in HR terms, organizations which will be able to assure their competitiveness, survival, change and growth. However, most organizations (banks) failed to adequately finance their daily operations, accompanied by their failure to finance national economies as well. In that event, the straightaway effects of GEC have resulted into a collapse of most financial systems and in major shortages at financial institutions around the globe. The purpose of this paper is to highlight the impact of GEC through demonstrating key facts related to the current economic crisis in Greece, and more precisely for Greek banking organizations.

Item Type: Journal article
Publication Title: Business and Economic Research
Creators: Mitsakis, F.V.
Publisher: Macrothink Institute
Date: 10 June 2014
Volume: 4
Number: 1
ISSN: 2162-4860
Divisions: Schools > Nottingham Business School
Record created by: Jonathan Gallacher
Date Added: 08 Sep 2016 09:09
Last Modified: 04 Oct 2017 13:23

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