Is Greece’s economic nightmare over? | CNBC Reports


We’re in Athens’ famous Syntagma Square
where not too long ago, citizens filled this space to protest against the
government and its austerity measures. Images of riots, strikes and
public demonstrations in Greece have reached the whole world,
mostly in the last decade. After nearly a decade of protests and three bailout
programs, is Greece finally out of the woods? Actually, I think the crisis still exists, it’s not only the
financial crisis, but it’s also a crisis about our values. I don’t think we have seen any improvement.
There are many people that don’t have work. Greece’s unemployment rate has come down,
but it is still the highest in the eurozone. In 2017, it reached 21.5 percent – more
than double the euro area’s average. Among young people,
the figure is even higher. More than 43 percent of those aged between
15 and 24 could not find a job in 2017. Me and my friends feel the same, we are scared,
we don’t know what we can change. Some kids are educated, and they don’t find jobs so
they are going to Europe, which is a loss for Greece. Greece’s financial nightmare began
in 2010 when the prime minister asked the European Union and
International Monetary Fund for help. He knew that without their assistance,
the country would go bankrupt. You see, Greece’s public deficit was much
larger than what had previously been forecast. In other words, it borrowed way too much
money and investors began to worry whether Athens could actually
repay all of its debt. That year, Greece’s public debt hit 140
percent of its GDP and continued to grow. To this day, its debt still sits above 170
percent of GDP, the highest among EU nations. The first financial help program granted by the IMF and
the other eurozone countries totaled about $120 billion. But it wasn’t enough to save Greece. Athens got a second bailout program
in 2012 and then another in 2015. It came to an end last summer. Greece has come a long way
from the peak of the crisis. The economy grew 1.5 percent in 2017. Compare that to its contraction
of more than 9 percent in 2011. The most recent forecasts from the
European Commission suggest Greece will grow at a rate
of 2.2 percent this year. Greece’s banks have reduced
the number of bad loans and there is growing interest from foreign
investors in buying certain Greek assets. But analysts say that
the recovery is fragile, and Greeks I speak to complain they
don’t feel an improvement in their lives. Some people have good jobs, but
the others, they’re suffering, they’re paying like 85 percent
taxes, which is very hard to get by. You risk losing your house if you don’t have enough
money to pay the taxes, so long-term it’s hard. 94 percent of Greek people believe
that the state of the economy is bad. They think the biggest issue facing Greece is high
unemployment, followed by the economic situation. This is particularly important ahead
of a general election later in the year. The government is currently being
run by the left-wing party Syriza. Its mandate ends in September, which means
Greeks will head to the polls in October, if not sooner. Do you expect any change
with a new government? No. I don’t believe it will help, no, any government
will do the same thing, I believe. There is no alternative, the neo-liberalism politics that
the whole of the European Union is following so… The future will be tough for everyone. Greece’s economic recovery is taking
some time to fully materialize, but perhaps more important is how the Greeks feel,
mainly ahead of a general election later this year. Hi guys, thank you so
much for watching. If you liked our report out of Athens, check out
more of our videos and don’t forget to subscribe. I’ll see you soon!

100 thoughts on “Is Greece’s economic nightmare over? | CNBC Reports

  1. why ask the same random people for times? go to nearest university and ask the proffesor! hello journalism 101? others CNBC's videos are great tho, it is just Amaro who needs better common sense.

  2. As a Greek I would say that Greece 's debt is far from sustainable..the only way to achieve primary surplus 3,5% of GPD until 2022(and 2,2% from 2023-2060) is through over taxation..this stupid and unfair deal with EU is gonna fail.. our so called "left" government didn't increased taxes for the rich guys..the middle and lower class pay the bill..soon or later Greece will need extra money..there are not many investments in Greece as the situation is uncertain and 2019 is elections year(municipalities elections, EU elections, GR parlament elections)
    As a young Greek I am sick of our stupid politicians/EU oriented governments and I left Greece 6 months ago..if I had a good job I would consider going back but I don't see that happening soon.

  3. You need to get your facts correct. Again you need to address the real underlying reason Greece got into the problem in the first place. Thirdly you leave out the massive bribery which took part initiated by some of the northern European counties.

  4. Χάλια μαύρα… τα ενοίκια μεγαλώνουν η μισθοί και η ανεργία τα ίδια -.-

  5. My girlfriend is Greek and I am hoping for the Greek economy to improve. Especially since I personally love Greece too, I wish to see the people be happier, and my girlfriend to be more proud of her ethnic hometown.

  6. This report was sponsored by German Banks and the IMF….It's propaganda reports like these and reports about economic growth are the reason for the rise in populist parties, since the average person on the streets see through are this BS nonsense. All the growth are in the stock markets and benefits only the top 1%. Any jobs growth are in low wage, zero contract jobs…..The revolution is coming…..Keep these feel good, propaganda reports coming too. CNBC would make the Soviets proud…..

  7. Thing is, Europe doesn't want it to end. Having installed a puppet government in our state, they want all educated Greek professionals to find profit in migrating to the rest of Europe.

  8. What an idiot??? who is paying 85% taxes… maybe the people that have never paid taxes and only started to pay but they now are charged in advance. The advance payment of taxes for selfemployed workers is standard in all the West.

  9. NO. The country still hangs on the drip of the ECB! The best what could happen, if slowly but steady a parallel economy will be established and then get the hell out of the EU! But this will take 1-2 generations!

  10. I went to Greece in 2017, and when I was there some of the retailers in and around Plaka and Syntagma Square had hammer marks in their bulletproof glass windows. Seemed to be a bad time for them.

  11. Owe too much won't pay taxes left wing government eewwe on the skids unemployment higher than Spains. Best guess they are boned

  12. It seems so with the help from China but I heard from some EU friends it is starting another with China at the helm leading the new nightmare.

  13. It is better to Have groth rate 1.5% than to Have -9.1%. Why These news reports as If There is Nothing in progress?

  14. it would be poetic to have Tesla steamroll ICE German auto b/c Tesla's R&D electriic motor group is in Greece, haha

  15. We do better cause tourism money doubled since 2011 it is an other buble nothing has changed we need to put all the politicians and most of the workers of the public sector in a boat and sink it that will solve it

  16. there standard of living is too high,,they only have grapes and olives,not enough to pay pensions with this,,

  17. That retarded communist at the end made me so mad. What neoliberalism are you talking about? Greece since 1981 is a semisocialist hellhole

  18. Greece shall overcome!! Needs a lot of work. GERMANY to financially compensate Greece for the WW2 Nazi devastation it caused!!!

  19. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🇬🇷💩💩💩💩

  20. Greece just has the most difficult environment to try things. People who succeed in there though will soon turn the tables. Their debt is actually illegal if u dova historical research from 1989 and after. After the cold war and the wall of Berlin destroyed America,Russia,France and England basically created Europe to lower the Germany's mark power . On the same time there was the energy matter with the big powers of the time focusing at the middle east. On the meantime, I'm not sure if the energy resources of Greece were still known, but, soon I don't know how but people in Greece who barely had time to even live a normal life yet , still been loving in villages striving for education, were bombardised with loans. These people have done really great since then if someone talked aboutbabbusiness

  21. Grow a backbone and vote Right Wing for christ sake Greece. Get out of the EU. That'll save you 1.8 billion atleast, then Join the UK after Brexit.

  22. 99% of the comments are from dam people who haven't a clue about greece's economy. Only came here to write nonsense

  23. when crisis broke out, greece gdp/debt ratio was 180%. now its %194.
    bailouts only delated the inevitable.
    greece is a ticking bomb that more dangerous than ever.

  24. To me, it is a choice between number and people. Which higher weight the policies put will have consequences as usual, or not?

  25. Why the media is so obsessed about Greek crisis while other more developed countries have higher debt than Greece and its hard for them to pay

  26. greece reminds me of that movie where the guy thought he had escaped his nightmare in a dream to find out he was still dreaming and the nightmare never ended…

  27. Only the heart of sparta will save Greece. Get out of the EU. It's better to be poor and free than to be poor and enslaved!!!

  28. سلامونہ او مینہ..لہ طرف..غنی محمد سبخان یوسفزئی اخون زادہ آف تارو جبہ شریف نو شھرہ کے پی کے اسلامی جمھوریہ پاکستان…

  29. We must do a Grexit to save our nation. Keeping our alliance to the European union, having our past but more modern and more rich currency the drahma

  30. I feel sorry for the Greeks, not because they're attractive, or they have to put up with loads of us Brits holidaying there, asking stupid questions. It's because they've been stitched up by a load of wealthy bullies, headed by Germany & France. 😦

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