GREEK NIGHTMARE: Athens’ Crippled Economy Could DESTROY The Eurozone And SPARK GREXIT
- GREEK NIGHTMARE: Athens’ Crippled Economy Could DESTROY The Eurozone And SPARK GREXIT
by LANA CLEMENTS, http://www.express.co.uk/
GREECE’S troubled economy remains crippled with its citizens paying the price – one year on from the financial meltdown which pushed the eurozone to the brink.
Austerity measures slapped on the country by Brussels in return for a third bailout have meant stringent tax rises and harsh spending cuts. Yet there is little sign that a recovery is in sight and many feel another disaster is looming. Unemployment is close to 24 per cent. And the economy is expected to shrink by another 2.3 per cent this year, despite a surprise 0.3 per cent of growth reported in the second quarter of 2016.
It follows a biting six-year recession that lasted until 2014. Crippled by a whopping €320billion (£278bn) of debt, Athens has little room for manoeuvre. Now it’s thought Greece is just another crisis waiting to happen in what is likely to be a rerun of last summer’s debacle. Aristides Hatzis, associate professor of law and economics at Athens University, said: “If we continue down this road, a fourth, even a fifth, bailout should be expected. “I don’t see any progress. The economy is stagnant, the private sector devastated, the public administration underfunded and ineffective. And there is always the spectre of Grexit at the end of the tunnel.”
A backlash against the European Union is now on the rise in line with other states in the bloc and amid Britain’s vote to leave. Just half of Greeks believe remaining in the euro is good for the country, according to the Guardian.
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