Greece Not Recovered Yet
Old Greece
It’s been a year now since the EU-IMF bankruptcy bailout, was seized and Greece is still the market’s pariah and not recovering from the dead.
The country has an enormously debt of 340 billion Euros that it needs to provide from whatever measures it takes. Therefore, earlier in the week, it announced another round of privatization so things will get clearer for them and they will begin a furrow recovery process. This process of recovery ius by no means left by itself, as the country is very well kept under surveillance by the European Union and the International Monetary Fund.
For Greece it is hard to convince the markets if its good intentions of recovery, mainly when they see that its debt is about to climb from 152 percent in output in 2011 to 157 percent the year to come. “”The debt is keeping Greece from convincing the markets which remain very hostile,” notes the University of Athens economics professor.” -
Cuts were made from what they could last year and they are still in big debt and about to cut more into wages and the measures will be more furrow than the last year’s one; this, despite of the fact that the European Union members are giving their best to try and help out. In this regard, they have decided to grant Greece the possibility to pay off the bailouts in a seven and a half years time, unlike the initial three years that were granted.
Whichever the situation may be, Greece is under scrutiny to start producing some money and keep low with the expenses. They have to get to that point where they no longer depend of the last year’s bailout loan of 110 billion Euros from the European Union and the International Monetary Fund.
It is an unlikely view, but then again the optimism must take force and the head of studies at the Institute for Economic and Industrial Research (IOVE) states that with good and careful actions, Greece will be able to come forth by the end of next year.
In such a situation it is important for the countries to help each other and eventually something good will come out of it. There will always exist a part to counteract the actions taken, but the result is what matters in the end.
