26 September 2017

Al Jazeera: Greece and economic recovery: Fake news in action

Indeed, now into its eighth year, Greece remains entirely dependent on international bailouts (three bailouts involving the European Union and the International Monetary Fund have been arranged since 2010), has lost a quarter of its GDP with no realistic expectations of recovering it for decades to come, experiences unemployment levels which have oscillated between a high 27.8 percent (in July 2013) and a low 21.2 percent (in June 2017), and has seen the standard of living decline to 1960s levels.

Worse, Greece's debt-to-GDP ratio has exploded since the start of the bailout programs, rising from 128 percent in 2010 to over 185 percent in 2017, and, with no debt relief in sight, the small Mediterranean nation has become truly a permanent debt colony inside the world's richest region. In the meantime, a mass exodus of young and educated people has been in motion for several years now (youth unemployment rate in Greece stands currently at 43.3 percent), a process that is bound to have long-term effects on demographic trends and a significant impact on future economic developments. [...]

First, the actual facts about the broken promises and the continuous lies of and the dissemination of fake news by the Syriza government. For starters, not only did Alexis Tsipras deceive the Greek people by winning the popular vote with passionate pleas that, if elected, he would do away with international bailouts, secure a debt write-off, and put an end to the vicious cycle of debt-austerity-recession-unemployment, but ended up signing a third bailout agreement with the country's international creditors and has even consented to the enforcement of Procrustean economics, which entail additional cuts in excess of five billion euros (about $6bn), even deeper pension reductions, and the attainment of outrageously high primary surplus targets - well into 2020. 

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