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Talks of Recovery in Greece Are Premature

crisisIn a revealing article cited in the Guardian, the journalist wonders where the change in politicians and bankers’ attitudes in Greece comes from. These people are trying to show an image of Greece that is no longer in deep recession, but has embarked on the road to recovery.

According to the Guardian, over the past few weeks, Athen’s top brass have been trying to convince the world that happy days are here again. Prime Minister, Antonis Samaras, is now talking of the Greek “success story.” The manager of the Central Bank and the Finance Minister say Greece has turned a corner. Editorials in the national press and parts of the international financial press dutifully nod their assent. And those with Greek or European assets to sell clap along: “Forget Grexit – it could be Greecovery instead.”

According to the article, the fact that Greece is not recovering, is clear if we consider the actual economic data: the country’s economy remains heavily diseased, the welfare state is collapsing as well as the public services, while wages have hit rock bottom.

In fact, OECD predicts that in 2014 Greece will enter its seventh consecutive year of recession. One in four Greeks is unemployed, two out of three young people are also unemployed, and 400,000 families lack any income.

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