Bloomberg: Latest austerity package will either win debt relief or crush economy and lead to another Greek bailout

19 May 2017
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Bloomberg paints a “make or break” dilemma for Greece’s leftist government in the wake of the latest ratification of an austerity and reform-laced package on Thursday evening.

According to the international business and financial news network, either the reforms “will be key to winning debt relief that unleashes years of pent-up investment and finally ends its economic crisis. Or the austerity will crush the economy and send the government cap-in-hand for another bailout.”

Bloomberg also cited the fact that the crisis-battered Greek economy returned to a recession cycle over the first quarter of 2017, while quoting the head of the Athens-based Foundation for Economic and Industrial Research (IOBE), Nikos Vettas, who said:

“The Greek economy finds itself at a crucial crossroads … It’s roughly at the same level as three years ago, and while many forces that built a negative dynamic since the start of the crisis are now weaker, there is no guarantee it will enter a sustainable growth phase.”

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