Author Topic: The crisis is over?  (Read 1094 times)

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Offline Maik

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The crisis is over?
« on: Friday, 27 April, 2018 @ 11:12:13 »
Greece’s economic crisis is over only if you don’t live there

Everyone else, in other words, might have moved on because Greece isn’t threatening to knock over the other dominoes that are known as the global economy anymore, but its people are still stuck in what is the worst collapse a rich country has ever gone through. Indeed, if the International Monetary Fund’s latest projections are correct, it might be at least another 10 years before Greece is back to where it was in 2007. And that’s only if there isn’t another recession between now and then.

Two lost decades, then, are something of a best-case scenario for Greece...

They have made a desert, and called it a recovery.

Greece's former finance minister says talk of recovery 'adds insult to injury'

Greece's former finance minister Yanis Varoufakis on Thursday gave a bleak assessment of his country's economic situation, on the same day European Commission President Jean-Claude Juncker called its economic progress "excellent."

Interviewed during a visit to Lisbon, Portugal, Varoufakis said: "Everyday is worse than the previous day. All talk of recovery, and of Greece having turned the corner, is to add insult on the injuries of the Greek people."

Varoufakis said the country suffers constant reduction in pensions and wages, adding: "Do you know that 33 percent of Greeks now work for less than 380 euros a month? Gross, before tax."

"Already the government has committed, even legislated, to introduce pension cuts in January 2019, to introduce a further increase in taxation of the poorest families, after January 2019. They have committed to escalate, exponentially, the evictions of poor families from their homes, repossessions. So, of course there will be no changes after the summer of 2018," he said.

Varoufakis's review came in sharp contrast to Juncker's comments Thursday that Greece would be what he called a "normal" country within a few months.

Squeeze on Greek families gets worse

The average burden on Greek workers in the form of taxes and social security contributions grew for a second year in a row in 2017, in contrast to the general trend among the member-countries of the Organization for Economic Cooperation and Development.

Offline TonyKath

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Re: The crisis is over?
« Reply #1 on: Sunday, 29 April, 2018 @ 12:44:40 »