x

Economy

Oh, the Irony: Greece’s Economy Steadily Rolls On While World Rocks

ATHENS – Turbulence in world markets isn’t being felt in Greece where the economy is accelerating, another record tourism year looms and foreign investors – led by luxury resorts and hotels – are lining up to cash in.

Prime Minister Kyriakos Mitsotakis told an audience at the Conference of the International Organization of Capital Market Supervisory Authorities that the country’s performance continues to exceed the European average.

That includes Germany, the biggest economy in the 27-member European Union and which was the biggest lender to Greece which needed three international bailouts of 326 billion euros ($353.88 billion) from 2010-18 to stave off collapse.

He had some caveats. “Despite the image of normalization of the situation, we are not yet out of danger,” he said, reported the business paper Naftemporiki, with Greece needing decades to repay what’s left of the bailouts.

https://www.naftemporiki.gr/english/1674027/mitsotakis-greek-economic-performance-is-positive-amid-global-turmoil/

Still, while the ongoing Russian invasion of Ukraine has roiled economies and especially the energy sector, he said that the capital markets have been resilient, with the Athens Stock Exchange bringing dividends to investors.

He also acknowledged the problems of stubborn inflation and high food prices that his New Democracy government hasn’t been able to rein in despite fining domestic companies and multinationals for profiteering, persuading the European Commission to intervene.

He also said it’s important for financing measures for small-and-medium-sized enterprises and said there should be common rules and standards in the EU and noted that there’s still volatility in the energy field.

Greece though is standing steady after almost being forced out of the 20-member Eurozone of countries using the euro as a currency during the depths of the crisis that also brought harsh austerity measures to workers, pensioners and the poor.

RELATED

ROME (AP) — Sixty-four people were missing in the Mediterranean Sea and several were rescued after their ship wrecked off Italy's southern coast Monday, United Nations' agencies said in a statement.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Wellness, Longevity, Gastronomy at Navarino Challenge 2024

ATHENS – The sports tourism and wellness event Navarino Challenge returns for its 12th year, October 18-20 at Costa Navarino and Pylos.

WASHINGTON  — A new Biden administration policy announced Tuesday will give roughly half a million immigrants who are married to American citizens but lack legal status in the United States a pathway to citizenship for them and their children.

FENTON, Mich. — With much of the Midwest and the Northeast broiling — or about to broil — in extreme summer heat this week, meteorologists are talking about heat waves and heat domes.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.