🚀 ProPicks AI Hits +34.9% Return!Read Now

Austerity Destroying Greek Lower And Middle Classes

Published 17/07/2015, 13:13

George Georgakopoulos, business editor of leading GreeeKathimerini, spoke to Nick Batsford, and explained how the typical Greek person has been hit hard by the austerity measures, which began in 2010.

The most vulnerable Greeks suffering most

The results are that disposable income has fallen, particularly impacting the lower and middle class families., leaving Greece at an economic standstill.

Georgakopoulos continues by portraying the Greek picture over the last two and a half weeks, with capital controls and banks being shut, and any single person only being able to withdraw 60 euros a day. Moreover, he explained that despite banks potentially reopening on Monday, the stock market is unlikely to start trading in the near future.

Status Quo unsustainable

Most Greeks want to stay in the Euro, but Georgakopoulos recognises the current agreement with the EU is unsustainable. He argues that the Greek recovery will rely on the performance of the economy over the next few years.

Impact on the EU

The impact of Greece on Spain is likely to be minimal, and if Greece did leave the EU, Georgakopoulos shows how the risk of contagion has fallen since 2012, with the effects to the Eurozone also being minimal.

Original Post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.