ZEIT: Greece's economic situation: What no one expected

23:46 12/12/2024 - Πηγή: iEfimerida

The German newspaper ZEIT, in an article titled "The economic situation of Greece: What no one expected," refers to the upward trajectory of the Greek economy.

The article notes that "Greece's public debt was legendary." Now its economy is growing faster than ours. Greece's national debt

was legendary. "Now the economy is growing faster there than here."

The story notes that "for years, being the Minister of Finance of Greece seemed to be the worst government position in all of Europe: You had to manage billions in debt." In the meantime, you had to beg for a few euros from the banks and foreign partners so that hospitals and schools could somehow continue to operate, while their employees continued to strike for higher wages. And besides, they felt the breath of the frugal Germans on their necks.

The article notes that the situation is so good for Greek households that Prime Minister Kyriakos Mitsotakis announced the early repayment of public debt with 5 billion euros at the beginning of 2025. According to the newspaper, "Greece seems to have transformed from Europe's problem child into a model student within a decade."

The columnists point out, among other things, that Greece is overall on the right track from an economic perspective, but the recovery is not reaching all citizens, as "the improved economic situation and the new credibility in the financial markets attract more investors, especially in the construction sector, resulting in the increase of rents which, combined with the Eurozone inflation, worsens the citizens' situation, hence the recent general strike that paralyzed the country."

According to the newspaper, there is also good news: "While the economy in Germany is stagnant, growth of more than 2% is expected in Greece." The EU predicts a budget surplus of 3% of economic output for Greece at the end of the current year. Even in 2025, the Greek state will continue to earn more money than it spends, if one does not take into account the repayment of debts. This is a structural surplus. The opposite of what plagued Greece and what the country was almost infamous for.

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