Three Bailouts Debt Costing Every Greek 29,700 Euros

FILE - People wait at a bus station in central Athens, on Monday, Jan. 28, 2019. (AP Photo/Petros Giannakouris)

ATHENS – It will take decades to repay and the cost of 326 billion euros ($369.77 billion) in three international bailouts amounts to 29,700 euros ($33,687) for every Greek and taxpayer in the country, showing the depth of the crisis and its’ long-lasting effects.

The amount is almost double the average gross income, the Hellenic Federation of Enterprises (SEV) found in an analysis based on the Organization for Economic Cooperation and Development’s (OECD) 2017 How’s Life report.

SEV’s analysis on the impact of disinvestment in natural, human, economic and social capital, found that Greece comes in last place in terms of the sustainability of prosperity levels, behind bailed-out countries Portugal and Spain, said Kathimerini.

SEV noted that while Greece ranked 23rd among the OECD’s member states in terms of natural capital, it was last in the category of financial capital because of the debt, collapse of investments and banks’ capital needs and a mountain of bad loans for them.

Greece also fared poorly in social and human capital because most Greeks don’t trust their government or its institutions despite repeatedly voting for them. The lack of skilled professionals also showed as a problem.

SEV said the state of Greece doesn’t “mean a shortage of options” to create better conditions for securing an “enduring and balanced increase of investments in the four forms of capital,” but didn’t offer any.

It called for a national strategy for a “dynamic economic and social restructuring with an emphasis on the indices with the worst performance.”

“We have nothing to lose, except the chains that are keeping us bound to mediocrity,” SEV concluded in its analysis.

The group is a frequent critic of Prime Minister and Radical Left SYRIZA leader Alexis Tsipras’ government as he claimed he’s brought a recovery from a more than 8 ½-year-long economic crisis without mentioning, if so, it’s largely because he reneged on anti-austerity promises.

2 Comments

  1. Why isn’t the U.S and EU parliament ..demanding the removal of the elected president Tsipras of Greece..and the selection of a new legitimate leader ..because he has caused such economic hardship on the people of Greece.. and which appears will enslave all greeks for decades to the control of the IMF and EU Central banks of gangsters!

    Why do they go half way around the world ..to Venezuela..and break all international laws by the UN…to do exactly that in Venezuela…which will become a war crimes act..when the economic warfare by the United States and the Eu…starves the people of Venezuela…by depriving them of the currency needed to buy Medical supplies and essentials in order to surrender their country to the U.S government!

    Today , the EU parliament , not its members…promote the confiscation of Venezuelan asset to the tune of billions of dollars by the U.S ..and billions in Venezuelan Gold deposits in the Bank of England which is illegal and in addition…have promoted Economic sanctions by the U.S ..which obstructs delivieries of Venezuelan oil and gas exports!

    The economic warfare of the EU, U.S and Nato…was no different that what they used on Greece in 2008….as they did to the Ukraine , and now doing to Venezuela! The only difference between Greece ..and the Ukraine and Venezuela….was that their leader did not betray their country and surrender the future of their country..to these tyrants, but targeted them for change!

    And now yo

  2. 360 billion dollars of debt, debt the troika created on a computer screen with a few keystrokes,so no heavy lift on their part.. Greece was punished by the 12000+ suicides it endured, 750,000 young Greeks left Greece for the diaspora and Greece was left with a bankrupt economy, bankrupt banking, health, education systems. For these , the Greek leaders of the time should be held accountable.i do not think Greece can rely on the EU partners, they were just saving their own selves , Greece as always can only rely on itself, the millions of Greeks around the world and the phil-Hellenes around the world.Mr.Tsipras should step aside at this time.

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