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.