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9

Japan has a strong industrial base and an export-led economy. Greece, beyond some tourism and some exports in the food industry, didn't have very much and imported a lot more than it could export. Some help was coming from the EU budget, and Greece had always been a net beneficiary of EU budget allocations, but it was not enough. But the real weak point is ...


28

One little Japanese secret is this (alas the data was as of 2016): Of Japan’s net debt of 130% of GDP, about half (66% of GDP) is owed to the Bank of Japan, which the government in turn owns. By 2018 that percentage was down somewhat the BOJ owns about 45 percent of the 1 quadrillion yen Japanese government bond (JGB) market, crowding out banks and ...


9

Percentages are misleading in this case. Looking at the raw GDP numbers paints a clearer picture (metrics from World Bank as reported by Google search) Greece's peak GDP was 354B (0.35T) USD. It's around 200B (0.2T) now, and has been falling for about a decade. Japan's GDP is just under 5T USD, with a peak just over 6T The US (for comparison) has a GDP of ...


14

Brief - though partial - answer: Japan is an independent state, which prints its own currency. Greece is a member of the EU, and its currency, the Euro, is controlled by EU bodies - It could not simply print more Drachmas to pay its debt as an (emergency) measure. The EU insisted it follow an austerity program, which only worsened the economic situation; ...


64

Their economies are radically different otherwise. Greece has a weak economy in most fields, with the exception of tourism. Japan is a manufacturing and scientific powerhouse. Greece runs recurring high deficits and had rarely, if ever, shown inclination to stop doing so. While Japan was criticized at the start of their financial decline for insisting on ...


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