Three years after troika imposed measures to overcome downturn Greece is still worse than before
On Tuesday 23th
April of April, 2010 Greece asked its first bailout. This week Europe will
commemorate the third anniversary of Greece’s first bailout. Three years after
the intervention of the International Monetary Fund (IMF), European Union (EU)
and European Central Bank (ECB), Greece is not a better place to live according
to statistics. We cannot travel to Greece to know which the social situation
is, but we can analyse what happened with macroeconomics variables.
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| European solutions don't work and this inability is causing a lot of protests in Greece. // The Telegraph |
Since troika helped Greek accounts, economic
health hasn’t done anything but worsen. The Mediterranean country asked rescue
after one year of a downturn. But the worst was still coming. Since the bailout
Greek economy has decreased almost every trimester above 6%, arriving to the
thrilling number of 9% in the last trimester of 2010, according to the Hellenic
Statistical Authority (EL.STAT). It seems
that austerity measures didn’t reboot the economy, inside out it has only been
useful to worsen and shrink the Greek economy.
