One of Greece’s most belligerent media critics during the bailout decade, the German mass daily “Bild”, was all praise over the weekend, with a feature bannered with the headline “The Greek Miracle” and followed by a subheading of “We Are Back”.
Bild includes statements from an interview with Greek Prime Minister Kyriakos Mitsotakis, who told the German paper’s reporters that the east Mediterranean country has turned a new chapter, and that despite whatever standing problems – like price hikes and tax evasion – “Greece is now a dynamic, outward-looking destination for investors, with a strong voice in the heart of the EU and with an economy experiencing an unprecedented revival.”
Mitsotakis, fresh from a fillip by the Economist last week, which rated Greece as its “Country of the Year for 2023”, said reforms are “allowing us to turn our backs on populism and past crises; they are helping us protect social cohesion and reinforce our democratic institutions. And despite global crosswinds, the Greek economy continues to sport some of the best performances in the Eurozone.”
He ticked off the fact, as he said, that Greece’s fiscal deficit remains among the smallest of industrialized countries for 2023, something also forecast for 2024, “whereas unemployment continues to decrease and FDIs are contributing to a strong and consistent growth.”
“We have overturned the (negative) climate. Greece is no longer the problem, but a part of the solution. We are the positive story of the Eurozone.”
Top marks
According to Bild, highlights of the Greek comeback include the biggest national debt reduction of any European country, despite a still high figure, in absolute GDP-to-debt terms. The mass daily reminds that Greece’s public debt has been sliced to 171% of GDP, 35 percentage points lower than in 2020.
Additionally, the budget deficit announced by the Greek government in 2023 and 2024 will be smaller than Germany’s corresponding figure. The country also posted significant GDP growth in 2021 and 2022, 8.4% and 5.9%, respectively.
Bild also mentioned that international ratings agencies, such as Fitch and S&P, recently restored the Greek state’s bonds to investment grade. Finally, official unemployment dropped to 9.6% in October 2023, when it stood at a punishing 28% just a decade ago.
The ‘thorns’ beneath the success story
At the same time, Bild said negative trends and standing problems affecting the country are high prices, in tandem with lower purchasing power, when compared to other European countries. This is especially true of continuously rising food prices on a month-by-month, something that drastically affects lower-income households. Characteristically, Bild said prices for milk, cheeses and eggs in the country are nearly 39% higher than the EU average.
In concluding, the German media outlet warned that tax evasion in Greece remains the “national sport”.
Source: tovima.com
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%