DPA: The end of Greece’s economic crisis has never been so close

Prime Minister Alexis Tsipras, who was elected in 2015 as a fighter against austerity and then led the eurozone to the brink of collapse, may be the one who will lead his country and ultimately the whole monetary union out of the financial crisis, according to German news agency dpa.

The end of the economic crisis has never been so close: “The economy is growing, the deficit is declining, and so is unemployment. In 2015 growth is expected to be 2.5 pct. Unemployment is expected to decline to 20 pct  at the end of 2018. Two years ago it was at 25 pct.”

However, the news agency noted, that “the latest reforms to be implemented by Athens are particularly painful.

Banks must focus on the management of non-performing loans. Athens’ debt remains at 180 pct of GDP. Increased taxation, pension cuts, part-time employment, lack of prospect and migration are the reality. It is estimated that around 400.000-500.000 young and educated Greeks have left the country over the last four years.

Nearly two-thirds of Greek workers do not have a full-time job. Most young people work for less than 400 euros a month. That’s why many live on the brink of poverty and depend on their family’s support.”

AMNA

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