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GreekReporter.comGreece'Greece can call its own tune', says WSJ

'Greece can call its own tune', says WSJ

wall street journal

According to an article published online by the Wall Street Journal, Greece is already able to “call its own tune” and hold its own economically.
However, the paper also warns that the euro crisis will continue “until doubts over Greece prospects are erased”, and based on the troika’s latest review of the Greek economy, the WSJ estimates that the country has a long way ahead of it.
The Journal also highlighted how the nascent Greek recovery boosted Athens’ ability to hold its ground in recent negotiations with the Troika on critical issues such as the bank recapitalization and structural reforms, and raised the possibility that Greece may not need a third bail-out.
The WSJ highlighted that “at the start of the bailout review, the IMF insisted Greece faced a substantial deficit in 2013 and demanded further fiscal tightening. Athens stuck by its more optimistic forecasts, refusing to take actions that would prolong the depression. That decision was vindicated when Greek government figures showed that the country achieved a 1.1% surplus before interest costs in 2013.
The paper notes “the recovery will also hinge on progress with structural reforms, essential to help the economy rebalance. Disputes over the pace of reforms have dogged Greece’s bailout program from the start amid complaints that Athens is too reluctant to confront vested interests.
However, the article concludes that Prime Minister Antonis Samaras “deserves credit for holding the country together while delivering the fastest pace of reforms in the OECD.”
 

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