Greece needs a shock of growth: Greece’s deputy prime minister Dragasakis

https://www.theguardian.com/business/2017/mar/05/greece-growth-bailout-funds-syriza-world-bank

In the long and winding road of Greek debt drama, disappointment and hope have been the alternating emotions that every government has faced. With the nation’s crisis no nearer to being resolved than when it erupted seven years ago, negotiations with creditors at another critical juncture and Europe engulfed in uncertainty, the need for hope has never been greater.

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“What Greece needs is a shock of growth,” the country’s deputy prime minister Yannis Dragasakis told the Guardian ahead of a crucial cabinet meeting on Monday. “We will meet to discuss a new growth strategy that will focus solely on boosting investment and reducing unemployment to pre-crisis levels, that is to say 8% in the next 10 years.”

The leftist government in Athens is acutely aware that the public mood is darkening. On Sunday, six out of 10 Greeks said they did not believe the crisis would be over in the next decade, according to research released by the Dianeosis thinktank. Unemployment at 23% – and close to 50% amongst Greek youth – is by far the greatest obstacle to optimism.

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“Of course no one knows what will happen in Europe after Brexit and after the election of [US president] Trump,” said Dragasakis, speaking on the sidelines of the annual Delphi economic forum. “But the positive scenario for Greece is also positive for Europe. And for that to happen we have to say ‘enough with austerity’.”

In navigating the country’s economic collapse, every one of Athens’ post-crisis governments has at some point attempted to change the narrative by diverting attention to development and growth. But the latest shift comes amid evidence that prime minister Alexis Tsipras’s two-party administration has gone a step further, approaching the World Bank for a €3bn (£2.6bn) loan to finance employment policies and programmes.

The move would highlight the desperation of a government tackling ever-growing poverty rates. Last week, the Cologne Institute for Economic Research said poverty in thrice-bailed out Greece had jumped 40% between 2008 and 2015, by far the biggest leap of any European country.


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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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