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The paper focuses on the "structural characteristics" of the Greek economy: domestic sectoral productive linkages, specialization profile, level of industrial and technological development, relative income elasticities of demand, international trade profile. Our analysis in these characteristics indicates that the Greek economy is a rather ''extraverted" economy, within the EU frame. This "extraversion," and not the labor costs, is the real cause of the Greek poor economic performance and low competitiveness. Input-output analysis confirms this suggestion.

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