The Greek government bond market rallied recently as the bonds were upgraded by rating agency Standard and Poor. The European Central Bank(ECB) announced that it would accept Greek government debt as collateral for routine lending operations.
That’s the opinion of a United Nations expert who warned yesterday that some of the austerity measures imposed on the Greek economy undermine Greek citizens’ access to jobs, health, water and energy.
The head of the Institute of International Finance (IIF), who negotiated on behalf of Greece's creditors during the recent bond swap, has said that the focus on euro zone austerity needs to be balanced with economic reality.
Painful austerity measures approved by the Greek parliament on Sunday cannot turn the economy around. Having secured another bail out loan without implementing planned reforms, what incentive is for them to deliver on reforms this time?
Topping world news, the economic crisis in Greece has left many in a confused haze. But fellow Greeks in Toronto, who rely on word from relatives and friends over there say they think the worrisome situation is a load of Acropolis.
What do Greek people really think about the Greek economy? I interviewed four local Greek men and was surprised that despite their different political views they each agreed the way forward was for Greece to remain in the euro.