Sunday, August 19, 2018
What Greece needs now that its bailout is ending
August 19, 2018
Greece’s exit from eight years of international bailout programmes on August 20 will be a defining moment in its emergence from the depths of austerity. But government and business acknowledge that this is just a milestone.
One government official said: “We’re not at the end of the road yet. There are still near and medium-term challenges ahead.”
Aristos Doxiadis, the manager of a fund for technology start-ups, summed up the challenges: “We’re coming from a place where domestic demand is dead. The greatest challenge now is to create an environment where investment can take place.”
EU officials speak of two main potential scenarios for the next 15 years. In one, a solvent but “stagnating” Greece is still burdened by stubbornly high debt and unemployment. The other, brighter picture, is of a reinvigorated economy as Greece shakes off legacy problems.