The Financial Times dedicated its editorial on May 7 to Greece, underling that more attention should be paid to the country where financial crisis first began. The editorial entitled Greek Drama Lacks A Happy Ending points first to the good news for Greek economy after five years of crisis and five rescue packages.
“The primary fiscal balance has improved by 10 per cent of national output, which must count among the biggest peacetime adjustments in history. The current account has improved by as much. The IMF thinks Greece has closed two-thirds of the competitiveness gap that opened after it joined the euro. Banks are finally being recapitalized, which may end the credit crunch,” the article stressed.
However, the paper noted the boundless costs that the crisis had on social benefits, as well as on the wages and, by extension, the standards of living in Greece. Greeks will suffer the aftermath of the crisis for years to come.
“If there is a bright side, it is that Greece has many opportunities for growth. But without a deeper political transformation these will remain locked – and continued extensions of Greece’s debts at below market terms will be needed as the IMF warns. The Eurozone and ordinary Greeks share an interest in finally prying loose the grip of insiders on the state,” the article concluded, adding also that the country’s rich elite and privileged continued to prosper and escape sacrifice.
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