(Greece) – According to Endeavor Greece, an international non-profit group that focuses on supporting entrepreneurs across the globe, the scientists and other professionals who have left Greece looking for better opportunities have cost the Greek economy about 50 billion euros. Ever since the recession first began, which was before the first bailout that took place in 2010, professionals and scientists who have been working in Greece have declined considerably. Because of cutbacks and other issues related to the economy, driven Greeks have left to seek employment elsewhere.
The study has assessed information concerning people who have emigrated since 2008. It is estimated that between 350,000 (according to Endeavor Greece) and 427, 000 (according to the Bank of Greece) people have emigrated from Greece since then. These individuals have positively contributed to their new economies by around 50 billion euros, which has led Endeavor to believe that they could have been contributing this amount to the Greek economy if it weren’t for the economic crisis.
The study also gives other estimates, such as the fact that college and university degree holders contributed about 12.9 billion euro to other country’s GDP’s and about 9.1 billion euros in tax money, with 7.9 billion coming from income tax and 1.2 billion in VAT. The countries that are mainly benefiting from these figures are Germany and Britain. The country of Greece has also spend around 8 billion euros on the educations of those individuals who have left Greece. Because of the economic crisis, they felt compelled to go elsewhere for employment.
The Greek government just received the first payment for their third bailout deal a few weeks ago. This money is being used to pay off loan balances to the International Monetary Fund and European Central Bank. This bailout is the thing that people believe will get the economy back on track. However, the austerity measures that come with it are controversial.