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

19 May 2017
177 Views

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.”

You may be interested

The full IMF programme for Greece
FINANCE
shares55 views
FINANCE
shares55 views

The full IMF programme for Greece

makis - Jul 21, 2017

The IMF published its new programme on Greece on Thursday, which was approved on principle by the organisation’s board of…

President Pavlopoulos extends support to Kos Mayor
POLITICS
shares59 views
POLITICS
shares59 views

President Pavlopoulos extends support to Kos Mayor

makis - Jul 21, 2017

The President of the Hellenic Republic, Prokopis Pavlopoulos expressed his deepest sorrow for the victims of the Kos earthquake in…

Kos earthquake: Turkish victim identified as Sinan Kurtoglu
GREECE
shares89 views
GREECE
shares89 views

Kos earthquake: Turkish victim identified as Sinan Kurtoglu

makis - Jul 21, 2017

The name of the Turkish national killed in the earthquake on the island of Kos is Sinan Kurtoglu. According to…

Leave a Comment

Your email address will not be published.