Image: © abdallahh via Wikimedia Commons

Greece’s ‘bailout’ programme is about to end

But things aren't necessarily that much better for Greeks.

Greece has had a very, very tough time out of the euro crisis back in 2008. It's about the receive the last of its 'bailouts' - but things aren't necessarily going to get easier for Greeks anytime soon.

What it means: Once this weekend's money is handed over, Greece will have received €300bn in bailouts since 2010 – to put that figure into perspective, it's around double the NHS" annual budget.

That's it, after that. The country's still got to be reviewed on a quarterly basis, meet strict constraints over how it spends this final bout of cash, and sell off its airport, motorway, gas grid, and anything else worth anything to meet the requirements of reducing government debt: but by and large, the EU isn't gonna be giving the country any special attention anymore.

Things are still incredibly difficult in Greece: 40% youth unemployment, 20% overall; 35% of the population at risk of poverty; a 20% decrease in 'GDP' since this all began, which essentially means the country's lost a fifth of the value of goods and services bought and sold from and to Greece.

But for the first time this year, the government brought in more money that it spent. The EU"s taking that as a sign of better days to come - but for Greeks, there's still a long way to go.

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Reader Comments

  • WhereAreTheVikings

    What a terrible, terrible shame. Western Civilization nurtured capitalism, and now capitalism is destroying it. And these young people seem to welcome the invasion of their homeland. The media and schools have been very efficient in wiping out all traces of blood and soil.

    • prollawalllynotahumanoid

      Capitalism isn’t the problem. It’s corrupt politicians taking bribes and kickbacks from Globalists and the Chinese.

      • WhereAreTheVikings

        Maybe I should have said crony capitalism. Although Italians importing Chinese to make “Italian leather” shoes is not crony capitalism. It is capitalism, pure and simple.

        • prollawalllynotahumanoid

          That would be crony capitalism and globalism combined. They aren’t concerned with the affect their policies have upon their citizens, the health and welfare of their society and culture or their economy. What it isn’t is fair-free trade to further national interests.

          • WhereAreTheVikings

            I’ve always seen them as one and the same, but perhaps they need to be named individually, just to bring home the point.

      • WhereAreTheVikings

        But now that travel is so easy and borders are virtually down through H1bs and the like, theoretically you can’t blame capitalists for the pursuit of cheaper labor, although I do heartily blame them not being more patriotic than that. Perhaps the emerging nationalism will force them to voluntarily do what they should have morally been doing all along, and that is employing business practices that preserve their countries and nationalities. The government should be doing everything it can to encourage that, to the extent that small government should do anything but guard the borders and strictly, drastically, limit immigration.

      • Henry Lam

        It is China with its corrupted mindset affecting the world.

        • prollawalllynotahumanoid

          No it is not. Capitalism is the fairest and least corrupt system of all.

          Socialism and communism is based on authoritarianism, coercion and police intimidation. It has and always will be rife with criminality, bribes and kickbacks.

          Corruption can be anywhere but it is the very basis of socialism and communism.

    • Henry Lam

      The government is too weak. They do not understand the mindset of communists and how they educate their people. Those communist people are only loyal to their country and could be dangerous. The immigration law should only accept those who accepted multiculturalism and taught from a democratic education system. This virus events clearly has shown how stupid to take China as a friend.

      • WhereAreTheVikings

        The government is not too weak. Just weak-minded about some things.

  • Gabi Rodrigues

    For how many days can a country maximum close their borders to foreigners maximum? Like now, with the virus, everyone is using 30 days. Can it be more?