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Economy

Finance Minister Says Greece Survived Austerity, Economic Jolts

ATHENS – Almost four years after three international bailouts of 326 billion euros ($353.29 billion) ended – most of it taking to repay – Greece is coming back, the effect of austerity and reforms working, said Finance Minister Christos Staikouras.

That was hard on workers, pensioners and the poor who bore the brunt of big pay cuts, tax hikes, slashed pensions and worker firings, while politicians, the rich, Parliament workers, shipping tycoons and the privileged largely escaped.

After meeting in the Greek capital with Klaus Reglin, head of one of Greece’s lenders the European Stability Mechanism, Staikouras said the economy “is showing signs of a development dynamic,” something that was recognized in the March Eurogroup of EU finance ministers.

He said there was unexpected growth during 2021 while the COVID-19 pandemic was still uncontrollable, but enough recovery to make up for most of the losses suffered in 2020 when the Coronavirus plague landed.

He also said, said Kathimerini in a report, that there’s been a noticeable rise I investments and exports, in consumer and investor confidence, falling unemployment, a rise in bank deposits, and a cut in bad loans.

He said that could enough of a bulwark to deal with soaring energy and food costs and rising prices across the board in many sectors, expecting that Greece will further more off surveillance from the Troika of the European Union-ESM- European Central Bank and upgrade its investment grade status coming next.

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