Is Greece Suddenly Doing Really Well?

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After spending the last 15 years in economic limbo, the Greeks deserve a bit of a break. Glad their economy is turning a corner but its people need to feel the recovery too. All the best from Ireland

Amazing country, amazing people and amazing language ❤️ Long live Greece ! Greetings from Portugal

Yay, Greece! 🇬🇷 It's heartwarming to see such positive news. Go Greece, Greetings from a Canadian. keep shining! 💙🌟"

As a Greek I am truly sorry but this is kind of misinformative, while the wealthy are doing well, the middle and lower class are struggling so much that people cannot keep up with the prices. I am an economist feel free to debate this with me.

We see frequently that even when the broader economy might be improving, most individuals within that economy don't feel any better off. Chalk it up to austerity, heavy taxation or wealth inequality; Greece has felt all three.

As a Greek living in Thessaloniki (2nd largest city), I will present both sides. Starting off from the positives, it is true that we have regained creditors' trust. Not just the country itself has been upgraded to investment grade by various institutions, but some of our largest banks too. We have also paid off our entire debt to the International Monetary Fund/IMF, and are continuously paying off other debts that we have. Debt-to-GDP ratio is decreasing. Secondly, foreign investments are flowing once again in the country. Hollywood films are being shot here (not just in Athens) like one of Sylvester Stallone's, many public infrastructure works are in place and projects such as Thessaloniki Metro have been resumed and largely completed (in its final stages). There is visible change. As the video mentions, COVID did serve as a blessing. COVID allowed Greece to digitalize and make a lot of processes faster (for example we have gov.gr sites that allow people to print documents, find jobs in the public sector etc etc etc faster and more conveniently). We are no longer under EU supervision for our debts and no longer in bailout programs which means we have much much more flexibility in all aspects now. Now the negatives, although debt is decreasing, it is also increasing. Overall debt has increased a few tens of billions euro. Citizens' purchasing power has (statistically) decreased in comparison to 2019 (when the current government was elected after SYRIZA's rule from 2014 to 2019). Taxes have increased which is contrary to what the current government promised when it was elected in 2019. Wages have increased but their increase is counterbalanced by the massive growth of inflation, meaning that this has not had any meaningful effect. Welfare is not enough to help people who are struggling. Greeks' household savings are the lowest in the EU (Google "Gross household saving rate 2022 EU"), social policy is in general absolute garbage (Look at the massive wildfires ravaging the country every summer for example, although climate change is responsible for accelerating dry conditions the Government does not have a proper plan for combating the wildfires. The Fire Department is criminally neglected). Education is still extremely underfunded. Cartels are artificially raising prices of some products and the Government does little about that blaming the war in Ukraine as a scapegoat. The shadow economy has grown.

Greece, such a beautiful country, and they deserve a rise. Greetings from a German

As a Frenchman I visited Athens and traveled a little in the country this year and I was able to see that Athens is very marked by the crisis that Greece has experienced, a city generally in poor condition but we also feel that the country is emerging from it and there is new momentum. If Greece finds political stability it could have a good future. FRGR ❤

I wish Greece the best. It shaped the Western civilization as we know it today. Lots of love from Italy

We took a ferry from Athens to Paros this summer, coming from the landlocked US I have never seen this many 300+ people ships in one place. Sitting outside for hours traveling through the evening was an unforgettably spectacular experience. All love to Greece.

Greece is just incredible. The spectacular beauty of it's immensely diverse landscapes and seascapes, all the way to it's incredibly hospitable people, to it's wonderful history and culture and to it's heavenly food. Truly a country to my heart

Shipowners that also happens to be Greek media owners are in control of Greece's current situation. Also it is interesting to search who owns the electricity companies. Unitary parliamentary republic has turned into Druglord republic of Banana

That's an amazing news, our Greek brothers deserve to shine again 🇮🇹♥️🇬🇷

As a Greek admirer I sincerely hope that everything works out.

During the crisis, there was a lot of criticism here in Germany about financial help in the form of guarantees and loans. As far as i know, Greece has paid back everything to the last Euro, including interests. Best greetings to our Greek friends and partners. All Greeks i have met until now have been friendly, hard-working people - they have earned a great future! 👍

A major issue that was not mentioned is that many jobs are part time. Although we see that a lot of people are employed, the salaries are barely enough to sustain a one-person home. Thats why a lot off people here in greece need two part-time jobs. I feel like this should be discussed when figures like employment rates are displayed, as was the case here.

Here in America around 2013 I worked with a Greek guy when we were in our 20s. He was upbeat and a lot of fun but knew he was lucky to have American citizenship through his mother. He said all his friends back home were kind of screwed and couldn't really get any jobs that would help them get anywhere in life, if they could get jobs at all. He told us he left because he didn't think he'd have any kind of chance at making a life; keep in mind this isn't a warzone. It was purely the economic situation. I feel for a whole generation of kids who reached adulthood only to get the rug pulled out from under them. Sincerely hope Greece is finally starting to turn a corner for their sake.

The "economic mismanagement " was forced upon Greece by international loansharks who were keen to go for high risk, high interest lending but tried to avoid the consequences when the high risk part went wrong. For a decade Greece demanded debt restructuring because they could not take on more debt and could not keep up payments. Instead the IMF and EU banks forced them to take ever more lending , knowing they could never repay it. Greece was sacrificed to prop up German regional banks who had made high volume of high risk loans and were in danger of going under.

Living in Greece now! Ionian Coast (west). We totally love this area of Greece, great fresh food (we've got citrus fruit trees in our garden and even now in the winter we can enjoy fresh OJ and lemons for free), veggies and fruits are available year round at reasonable prices, benevolent weather even in the winter, if you don't mind a fresh dip in the sea, we do it often even in winter. yes there is quite some bureaucracy, and petrol and energy prices are high relative to GDP per capita, but it's an overall great country to live in if you are a digital nomad working for foreign clients.