Advances in Economics and Business Vol. 4(3), pp. 141 - 147
DOI: 10.13189/aeb.2016.040304
Reprint (PDF) (246Kb)


Creating a Culture of Risk in Greece Amidst the Economic Crisis: A Brief Retrospect on "Ice Age"


Iordanis Eleftheriadis *, Vasilios Vyttas
Department of Business Administration, University of Macedonia, Greece

ABSTRACT

The recent financial crises in America and Europe have shown emphatically that the findings of the relevant risk management literature concluding that lurking risks can be converted into opportunities have unfortunately not informed policy. The assumption of the risk as a burden, often leads economies to crises that undermine the development and prosperity of states and citizens. In this context, this article aims at highlighting risk characteristics and presentation of basic management principles which should govern the operation of public service organizations. Based on literature review of the economic facts of the 2008-2015 period in Greece, the fact that emerges is that effective risk management is a necessary condition for the survival of public organizations in today's global environment.

KEYWORDS
Risk, Financial Crises, Culture of Risk

Cite this paper
Iordanis Eleftheriadis , Vasilios Vyttas . "Creating a Culture of Risk in Greece Amidst the Economic Crisis: A Brief Retrospect on "Ice Age"." Advances in Economics and Business 4.3 (2016) 141 - 147. doi: 10.13189/aeb.2016.040304.