The German magazine Focus published a rather harsh article which states that Greece’s situation is a “hopeless case.” The article continues by saying that Greeks are still living beyond their means, while it also attacks Greek Finance Minister, Yannis Stournaras.
“France and Italy continue their descent, while Greece remains a hopeless case,” said the newspaper, noting that “the supposedly reform-minded Greeks have nearly arrived at 170% again – the percentage of debt to GDP.”
“For weeks we have been hearing that the former problem child of the eurozone has been doing better and that as a reward for the tough reforms, Greece deserves to receive the next loan installment. No they don’t,” said the article. In addition, it cited a study of the European Policy Centre, in accordance with which the country’s credit rating continues to fall with greater speed than other eurozone countries.
According to the CEP study the consumption on income rate in Greece is the highest across the EU.
The final conclusion of the study, according to the German magazine, is that “Greece will never repay its debts. We knew it even before the CEP study was published,” notes the newspaper.
“What does the Greek finance minister do? Shamelessly he announced in an interview with Handelsblatt that during the second half of 2014, the country will enter the market with bonds. Hopefully the market will give gamblers an appropriate response,” wrote Focus.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
