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Just to make a factual correction, Greece has not 7, but close to 11m population. I expect the economist to get these things right.

Well, in their defence, they're quoting an external source verbatim (of course, a footnote pointing out the error would have still been nice).

I just checked if it could have been the size of the workforce. But that's seems closer to 4M. (Using http://en.wikipedia.org/wiki/Economy_of_Greece#Maritime_indu... as a source.)