Greek Economy

Despite the positive evaluations and prospects, an FT piece notes that unfortunately for Greece the emerging recovery is beginning at a time that clouds are gathering over the global economy.

It was not clear whether the country’s path would be one of stabilisation and reform or of a return to a vicious circle of postponements, delays, and backpedaling.

Clearly over-taxation continues for large swathes of society and especially salaried employees.

There is a great symbolism attached to the lifting capital controls and it signals a speedy return to normalcy.

'Today I am announcing that yet another of our electoral platform pledges is being implemented and indeed ahead of schedule,' the PM declared/

The ambitious, new Mitsotakis government which hoped to benefit from a positive international environment will have to pursue the recovery of the Greek economy in a global environment with low expectations

The government has the abiilty to comfortably implement the PM’s stated reformist policy and to create more favourable conditions,

Even now, the benefits from the limited use of electronic transactions through debit and credit cards (without cash) are patently obvious and citizens see that in their daily lives.

What former PM Alexis Tsipras and his finance minister Euclid Tsakalotos did not believe would happen may indeed occur.

It would be a pity if even as businesses and dynamic investments are developing they would have to borrow with a 4% or 5% interest rate, compared to 1% internationally.

The discussion during the three-day debate focused on the government’s announcements and particularly on those pertaining to the economy.

'To support growth and debt sustainability, the commitment to stick to the agreed reform path beyond the end of the programme is essential.' the ESM declared.

Over the last days Mitsotakis has been repeating the mantra that no one will be laid off from the civil service, that pensions and auxiliary pensions will not be cut, that no social benefits will be cut, and that he will strictly enforce labour law

Although the international economic recovery has a way to go, the extension of a cycle of low interest rates creates important opportunities for Greece.

'He [the ND leader] is not among those in New Democracy who governed between 2004-2009 and who led the country with their irresponsible economic policy a step closer to catastrophe,' FAZ opined.

That in 2015 17bn euros in state funds were lost in bank recaps and that non-performing loans burgeoned are obviously mere details for the PM.

To ensure a better future for the country and its citizenry one needs a growth dynamic and not the distribution of paltry benefits.

The government’s long string of tax hikes was in large measure due to its inability to meet fiscal targets agreed to with creditors.

The entirely predictable outcry following revelations of a slew of unabashed political favours caused a panic in the PM’s office.

'The vast majority of counter-measures for 2019 and 2020 have already been legislated and implemented,' finance ministry sources say.