08/10/2013 - Greek Recession To End 2014

Greek Recession To End 2014.Greek Recession to End 2014

The Greek government has issued forecasts for next year suggesting that it will achieve growth at last of 0.6%.
In other words, Greece is claiming that it will exit recession next year and its economy is turning the corner.

Comment

Interesting stance given that it has just been renegotiating its October bailout. Was this message real or was it spin? We simply will not know until next year.
That said Greece has made extremely painful financial cutbacks with its austerity programme to get it back in track.

The so called troika of the European Central Bank, the European Commission and the International Monetary Fund have been in Greece to check on spending controls and endorse the next bailout release. The full Greek budget for 2014 will be published in November.

We suggest with nearly 30% unemployment and an economy that has shrunk by 25%, the road will be long and hard given that it has borrowed an additional €240bn. This will take at least one and possibly two generations to repay.