Greece Defies Expectations, Achieves Remarkable Economic Turnaround

07:27 13/12/2024 - Πηγή: iEfimerida

Greece's economic recovery has captured international attention, with leading German publications highlighting the country's remarkable turnaround and early repayment of bailout loans.

In an in-depth article titled "The Economic Situation of Greece: What No One Expected," the weekly newspaper Zeit chronicled Greece's journey from a debt-ridden nation to a "model student"

in the European Union.

The authors, Felix Keßler and Zacharias Zacharakis, emphasized the stark contrast between Greece's current economic strength and its past struggles.

"While Germany's economy stagnates, Greece is projected to achieve over 2% growth this year," the article noted, highlighting the country's fiscal surplus and Prime Minister Kyriakos Mitsotakis' announcement of an early €5 billion debt repayment.

The Zeit report attributed this success to a combination of factors, including the reduction of undeclared work through digital payment systems, the growth of tourism, and increased foreign investment. However, it also acknowledged ongoing challenges such as rising living costs and income inequality.

Meanwhile, RND (RedaktionsNetzwerk Deutschland) published an article focusing on Greece's early repayment of nearly €8 billion in bailout loans.

The move, which saves the country €135 million in interest, underscores Greece's commitment to fiscal responsibility and debt reduction.

"Greece remains the EU's most indebted country—for now," the article stated, acknowledging the significant progress made in managing the country's debt. The report emphasized the sustainability of Greece's public debt, largely due to its structure and favorable interest rates.

The reports reflect a growing recognition of Greece's economic achievements and its successful navigation of past challenges.

As the country continues to implement sound fiscal policies and attract investment, it is poised for continued growth and stability in the years to come.

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