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Greece is a parliamentary republic. Intra-EU trade accounts for 57% of Greece’s exports (mostly Italy and Germany); outside the EU Turkey and the United States are important ecnomic partners.The economy has been badly hit in 2020 particularly due to a collapse in tourism activity, which represents the most important sector in Greece. Prior to the COVID-19 epidemic, the Greek economy was still recovering from its public debt crisis that engulfed the country into a sharp recession (2011-13). This had forced the government to adopt a combination of tax increases, spending cuts and other severe austerity measures. Unemployment remains stubbornly high and the level of GDP per capita (adjusted for purchasing power parity) considerably below 2008 levels. Bank balance sheets were still significantly impaired, with the highest level of non-performing loans in the European Union. Nevertheless, past labour and product market reforms had improved Greece’s competitiveness over time. Rising goods and services exports had supported a recovery in economic growth and jobs in recent years. As a relatively small economy, Greece relies heavily on the external sector, with goods and services exports.