Putting another hole in Prime Minister and Radical Left SYRIZA leader Alexis Tsipras’ claim he’s brought Greece to recovery after more than eight years of an economic crisis, growth to levels before three bailouts of 326 billion euros ($376.94 billion) began in 2010 isn’t expected to be reached until at least 2030.
That’s because only four other economics in the world shrank more than Greece, whose Gross Domestic Product (GDP) fell some 25 percent, and two of the others in worse shape are in the middle of civil wars and the other two are described as “corrupt dictatorships,” dependent totally on oil income, the Washington Post said in a review.
Only Libya, Yemen, Venezuela and Guinea fared worse, the Post claims – while data for war-ravaged Syria was not available.
The story also said that the economy will struggle for another four decades at least. The bailouts expire on Aug. 20, leaving Greece to the mercy of the markets.
Tsipras’ claim there would be a “clean exit,” with no monitoring was shot down by the Troika of the European Union-European Central Bank-European Stability Mechanism (EU-ECB-ESM) which said the country’s economy will need years of scrutiny to prevent backsliding on reforms Tsipras agreed to impose after seeking a third rescue package in the summer of 2015, this one for 86 billion euros ($99.44 billion) after vowing he wouldn’t because it came with more crushing austerity measures he said he’d reject but implemented and said it wasn’t his fault because he had no choice but to comply.
Greece’s debt load, despite the bailouts, is still seen as unsustainable despite a recent relief deal giving the government more time to repay and because growth prospects are feeble, with some elements in SYRIZA trying to block foreign businesses at the same time Tsipras is wooing them.