x

Society

The Latest: EU Recognizes Greeks May not See Benefits Yet

August 20, 2018

ATHENS, Greece (AP) — The Latest on Greece’s exit from its bailout program (all times local):

2:35 p.m.

Even though the European Union welcomes Monday’s end of Greece bailout program as the beginning of a new era, it does recognize many Greeks will not see it as an immediate improvement.

EU Financial Affairs Commissioner Pierre Moscovici said Monday he was “conscious that all those people may not feel that their situation has yet improved much — if at all.”

He painted a bleak picture of “retirees who saw their pensions slashed. The workers who lost their jobs. The families who lost their homes. Parents who saw their children leave the country for a better future elsewhere.”

Moscovici told the Greeks that his message is “simple: Europe will continue to work with you and for you.” He said that even though errors were made during the bailout programs, the situation would have been even worse for Athens had there been no intervention from the European partners.

___

12:05 p.m.

The European Union is welcoming Monday’s end to Greece’s bailout program and says it hopes it is the beginning of a new era for the debt-laden eurozone member state.

EU Financial Affairs Commissioner Pierre Moscovici said that for the 19-nation eurozone it also “draws a symbolic line under an existential crisis” that saw Greece get close to being kicked out of the group.

The crisis came to a breaking point in the summer of 2015, when Greece had to accept more austerity measures to get another bailout package.

Overall, Greece has gotten some 290 billion euros ($330 billion) in loans over the past years, including 256 billion euros ($292 billion) from its European partners.

___

12:00 p.m.

There’ll be no dizzy dancing in the moonlit streets of Athens.

For all the official pronouncements that Greece’s eight-year crisis will be over as its third and last bailout program ends Monday, few Greeks see cause for celebration.

Undeniably, the economy is once again growing modestly, state finances are improving, exports are up and unemployment is down from a ghastly 28 percent high.

But one in five Greeks are still unemployed, with few receiving state benefits, underpaid drudgery is the norm in new hirings, the average income has dropped by more than a third, and taxes have rocketed. Clinical depression is rife, suicides are up, and hundreds of thousands of skilled workers have flitted abroad.

RELATED

ATHENS - A year after a head-on train collision killed 57 people, an investigation into the causes has lagged and seen relatives of victims complaining about evidence being overlooked and media reports of a cover-up.

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

THE HAGUE (AP) — The United Nations’ highest court on Monday wrapped up historic proceedings into the legality of Israel’s 57-year occupation of lands sought by Palestinians for a future state, with most voices at the hearing arguing against the Israeli government.

NEW YORK (AP) — Donald Trump has appealed his $454 million New York civil fraud judgment, challenging a judge’s finding that Trump lied about his wealth as he grew the real estate empire that launched him to stardom and the presidency.

BUDAPEST, Hungary (AP) — Hungary’s parliament voted Monday to ratify Sweden's bid to join NATO, bringing an end to more than 18 months of delays that have frustrated the alliance as it seeks to expand in response to Russia's war in Ukraine.

NEW YORK (AP) — New York City is marking the anniversary of the 1993 bombing at the old World Trade Center that blew apart a van parked in an underground garage, killing six people and injured more than 1,000.

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.