Impact of Greece’s bailout on agriculture

Jul 23, 2015

Could cost €2 billion per year

The Pan-Hellenic Confederation of Unions of Agricultural Cooperatives (PASEGES) estimates that Greece’s bailout could cost the country’s agricultural sector around €2 billion ($2.25 billion USD) per year.

There are many ways Greek farmers could be impacted, including:

Direct taxation of all subsidies which cancels the current exemption for incomes under €12,000 ($13,193 USD)
The current tax rate will increase from 13% to 26%, resulting in farmers paying approximately €200 million ($219,985,700 USD) more than before
Farmers could lose a fuel tax benefit valued at €183 million ($201,309,058 USD)
Farmer insurance costs could go up by €1 billion ($1.1 billion) per year
The value added tax for agricultural supplies could increase from 13% to 26%, accounting for another €283 million ($311,636,897 USD) in costs

Eurozone and Greece

“Measures required by our country’s bailout agreement with the creditors are very harsh and will overwhelm Greek farmers,” PASEGES President Tzanetos Karamihas said in a press release on Monday, July 13^th. “The Greek agricultural sector needs political stability at this moment and a new production reform and strategic plan.”

It was also on July 13^th that leaders of the Eurozone reached an agreement on an €86 billion ($94,647,284, 627 USD) bailout, the third one aimed at saving Greece from bankruptcy.

Canada’s Top 5 Agricultural Exports to Greece (2010)

Raw mink ($15.1 million)
Lentils ($7.9 million)
Beans, dried ($5.1 million)
Pet food (dog/cat) ($1.5 million)
Wheat or meslin flour ($910,135)

Canada’s Top 5 Agricultural Imports from Greece (2010)

Olive oil, virgin ($10.7 million)
Olives, prepared and preserved ($9.1 million)
Olives provisionally preserved ($6.8 million)
Cheese ($6.3 million)
Fruits/vegetables/nuts ($4.1 million)

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Border View Farms is a mid-sized family farm that sits on the Ohio-Michigan border. My name is Nathan. I make and edit all of the videos posted here. I farm with my dad, Mark and uncle, Phil. We also have a part-time employee, Brock. My dad started the farm in 1980. Since then we have grown the operation from just a couple hundred acres to over 3,000. Watch my 500th video for a history of our farm I filmed with my dad.

I started making these videos in the fall of 2019 as a way to help show what I do on a daily basis as a farmer. Agriculture is different from any other industry and I believe the more people that are showing their small piece of agriculture, helps to build our story. We face unique challenges and stressful situations but have some of the most rewarding payoffs in the end. I get to spend everyday doing what I love, raising my kids on the farm, and trying to push our farm to be better every year. I hope that I can address questions or concerns that you might have about farms and agriculture.