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Bloomberg on Greece's Recovery

Greece europeBloomberg Businessweek published an article entitled “Yasou: Greece Is Pulling Off an Amazing Recovery,” praising Greece’s efforts and recovery.
According to the article, the yield on the Greek government’s 10-year debt had reached 30%. However, today the yield is less than 7%, meaning that the country’s foreign creditors have regained trust in Greece’s ability to repay its debts. “Rarely has a country repaired its image with creditors so quickly,” added the article.
The Troika gave the Greek government cheap loans so that it didn’t need to borrow at outrageously high open-market rates, and the Greek government turned out to be extremely successful at cutting spending, which was essential to restoring creditors’ confidence. Greece achieved a primary surplus, earlier than expected and it hopes to return to the markets before May’s European elections.
The article noticed that the Greek citizens were “unexpectedly stoic” as they suffered recession without violent outbursts. The “internal devaluation” which was necessary to restore competitiveness, lead to a dramatic decline in living standards and 27% unemployment.
The article states that the Greek government can now invest in essential infrastructure projects. As reported, the government will launch tenders for a 750 million euro airport project on the island of Crete and a 400 million euro highway between Corinth and Patras.
“Greece continues to face enormous challenges. The main one is that belt-tightening isn’t enough. Greece must also remove subsidies and barriers that protect politically entrenched interests while costing the general public and inhibiting growth,”concludes the article.

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