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Greece: IMF: Lack of competition hurts greek fuel market

By  |  September 24, 2012

Lack of competition in Greece’s oil-refining industry is costing consumers here more than $1 billion a year, according to a draft internal report by the International Monetary Fund, in an indication of the deep structural problems that many economists believe are hobbling Greece’s chances of recovering its footing. Despite five years of recession, soaring unemployment and repeated efforts to open up its highly regulated economy, prices in Greece remain stubbornly high—a major obstacle to restoring its lost competitiveness and growth.

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