"Greece's economy is bleeding €22.3m a day.
The gridlock over the country's eurozone future is resulting in record
numbers of lost jobs and a destruction in growth potential, according to
figures from the Hellenic Confederation of Commerce and Enterprise,
Since Syriza took office in late January, an average 59 small
businesses have shut up shop, with approximately 613 jobs destoyed every
single day, say ESEE."
The article also includes a graph where it compares Greekovery with other countries in the Eurozone.
This really reminds of the analogy Shelby had about Greece. It seems that the help that's been given could not heal its wound.
The article also includes a graph where it compares Greekovery with other countries in the Eurozone.
This really reminds of the analogy Shelby had about Greece. It seems that the help that's been given could not heal its wound.
Wow, yeah that bleeding quote is pretty spot on for the wounded animal reference I made awhile ago, yikes! The statistics for Greece's output and job loss are remarkably high and aren't getting any better. Yes, the country is paying off some of its interest payments, but the economy doesn't seem to be on the road to recovery and stability. Not only wold Greece need its debt forgiven, but it would need 25 billion euros just to cover its losses since this December when the Syriza party came into office. I think we all want the back and forth with Greece to stop and put the wounded animal to rest.
ReplyDeleteAs Shelby has said, Greece does not seem like it is on the road to recovery by simply paying off interest. The country needs to seek some method to insure that the will receive money other than requesting loans to pay off debt. Furthermore Greece may end up forfeiting some of its debt given how much money is bleeding out of the economy daily.
ReplyDeleteIt is really shocking how much money, jobs and business that Greece is losing on a daily basis. The Eurozone really needs to work towards the "good marriage" that Wolf talks about or fear getting closer to the brink of the "ugly divorce." Something needs to be done with Greece quickly or their economy just will not recover any time soon.
ReplyDeleteI agree, that it does not seem like Greece is on great track to recovery. The job loss, small business closing, and debt numbers are bad, and are only getting worse. I do not think Greece can get out of this situation alone; their economy just simply isn't strong enough at this point. I liked Taylor's reference to the good marriage or bad divorce, and I agree that the Eurozone needs to work toward a good marriage with Greece.
ReplyDeleteI agree with everyone that has already commented that Greece's economy is still incredibly unstable and seems to be getting worse. It's hard to imagine Greece's economy recovering any time soon given the job loss numbers stated in the article. I agree that the Eurozone needs to work towards a "good marriage" in order to help Greece. However, I am skeptical that the Eurozone will be able to help Greece recover effectively.
ReplyDeleteI have to agree with everyone else as well in terms of the recovery. I don't see this getting any better and unfortunately I see Greece defaulting sooner than later. I am curious in Syriza's position compared to the last regime. I wonder how the policies differed and whether the economy was more stable relative to it is now.
ReplyDeleteI don't really know if there's anything more to say about Greece that hasn't already been said. It's a very bad situation, and it's interesting to me that the creditors are still willing to give them yet another chance and not kick them from the eurozone. But those statistics are alarming. 59 small businesses shutting down everyday?! They're certainly not on the right track, and I'm not sure we'll see them on the "right" track for quite a long time.
ReplyDelete