The World Bank confirms what millions of locals and thousands of expats living here already know: that one would have to be crazy to want to run a business in Greece. The debt-ridden, bureaucracy- and overtaxation-hit country tops the list of World Bank “Doing Business” report that takes under the magnifying glass a total of 189 countries.
In its report the World Bank gives its own estimations and advice for investors who want to take the risk and spend their money in doing business abroad.
In the chapter “Where to not invest!” Greece tops the list among the European countries and it is followed by Slovenia, Italy and Cyprus.
Magazine the Economist notes in its relevant article that
“in countries such as Greece and Slovenia, countries that have been hit hard by the economic crisis, it is much more time-consuming to open a business in comparison with Germany and France.”
Especially for Greece, the Economist notes that to open a business “may take even up to four years!”
The World Bank criteria for “doing Business” (or not!) are based on a raft of indicators that gauge the difficulty of starting and running a business, including paying taxes, registering property, permitting and contract enforcement.
The European countries list: