The Greek Economy is Still Struggling 14 Years On

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It's been 14 years since the global financial crisis, but Greece's economy is still reeling from its impact. Despite numerous bailouts and imposed reforms, their GDP is still way below pre-crisis levels. So why exactly has their recovery been so slow?
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1 - data.worldbank.org/indicator/...
2 - www.nytimes.com/2004/09/23/wo...
3 - news.bbc.co.uk/1/hi/business/1...
4 - news.bbc.co.uk/1/hi/business/4...
5 - news.bbc.co.uk/1/hi/world/euro...
6 - www.nytimes.com/2010/05/03/bu...
7 - www.imf.org/en/Countries/GRC
8 - foreignpolicy.com/sponsored/g...
9 - www.dw.com/en/despite-the-dat...
10 - economy-finance.ec.europa.eu/...
11 - www.ft.com/content/7273fa92-5...

[@konstantinoskolonelos3490]

There are many reasons why Greece never recovered the 2008 crisis but I think the main reason is because the 2010 bail out you're referring, it was really not a bail out for Greece but just a transfer of th Greek debt from (mostly) German and French private banks to the European Central Bank.. This meant that the Greek public debt could no longer be cutted which was necessary for at least a chance for recovery.. And on top of that the austerity measures caused an explosion of private debt (the npls that you mentioned of the Greek banks) which was not such a significant problem before the 1st MOU.. The goal of the Greek programms was never to bail out Greece but to save the European banks that held Greek debt and move that debt to the ECB.. To sum it up Greece after the crisis received only loans and austerity which of course could not and never meant to solve a puclic debt crisis

[@zaxarispetixos8728]

@@grahamo22 the bankers got huge bonuses for every loan, the took a risk and they lost their money, it is their responsibility.

[@G_Kchrst]

@@grahamo22 Imagine being that ignorant.

[@quelquel5079]

Correct what you say but within 1 year the swap was done and this is unrelated to the greek economy performace as recovery. The problem is much more inside that it is outside. And it has been for many many years.

[@OK-yy6qz]

​​@@grahamo22 no theft here. Banks took a gamble with money that wasn't even theirs and gave an overflow of loans knowing there was very little chance they would be paid back. Why should the Banks get bailed out of their own Gamble at the expense of the Greeks? (Especially when most of the money got directly transported to other Banks and the average Greek never saw the money he supposedly got lended)

[@user-pm1ef5dl8x]

@@grahamo22 Are you seriously calling an entire nation thieves because of the inefficiency of the political system in decision making for the past 50 years? Do you realise how far down the racist hole you are dropping yourself with this comment? Do you really think that the common folks, who are required to pay the largest percentage of tax on their income, were benefitted in the slightest?

[@redxpowerakaoriginalguido]

Greek Economy YT

[@kendsplaining]

its a pretty cool channel name !

[@jmtradacc]

It's was probably the name of the video file and he forgot to change the name on KZbin

[@marcel_kleist]

Greek Economy YT

[@marcel_kleist]

@@jmtradacc no shit

[@alpacaalpaca2509]

Greek Economy YT

[@joecaruso06]

Unfortunately, the Greek state was made in condition that its economy is doomed in stagnation. It is the systemic issue in the Greek economy and government policies. The 2008 crisis just exposed these problems and made things worse. The country barely has an income generating source and to top that the major source of income is tourism and the shipping which barely sustains an economy. This is why foreign investment is important serves as a shield against the odds. It's right to get professional advice before getting into an investment.

[@mattpredictsofm.]

Financial literacy is just as important in life as the other basics. John W. Rogers, Jr.

[@maryalchester]

Yes, but our incessant drive to handle things independently has left us in a precarious financial situation. I continue to be a bull on the economy despite the current economic turmoil. Regarding the previous point, there is another justification for the importance of professional financial guidance. After losing several trading accounts, I was able to identify the asset and trading style that would best suit my resources, timing, and location with the help of Yvonne Anette Lively. Thankfully, I was able to amass a portfolio of approximately $350k with an average monthly return of 9.3% in less than 6 months. To the best of my knowledge, it basically boils down to understanding when to enter and exit.

[@mvanwie]

@@maryalchester All we need do is look up Yvonne Anette Lively?

[@Gregfreemann]

@@maryalchester all we need do is look up Yvonne Annette Lively right?

[@jerryedens877]

I agree to fin planning. That’s the name of the coac huh?

[@napoleonibonaparte7198]

Before they change it, the title was “Greek Economy YT”.

[@rasmusholmgaardnielsen6554]

It is a good title

[@soundscape26]

Good?

[@Ptolemy336VV]

@@soundscape26 Yes it's a good title for half assed KZbin facts from a channel that is not abiding by facts of actuality how things actually stand now

[@Jordan-ns2ov]

@@Ptolemy336VV any evidence? I just take what they say as fact. I don't fact check my news.

[@shrek_has_swag2344]

@@Ptolemy336VV You understand that title was there for when their editors are changing it?

[@Bhaalspawn84]

Finnish economy returned to 2008 level in 2018. A lost decade of sorts.

[@toyotaprius79]

At least it's not like Ireland, back to "2007 levels" with out a blink, as our housing crisis has now turned into a free market disaster

[@PabloTBrave]

Not really only looks that way due to economic lunacy of low and negative interests rates and a stupid amount of QE , bailouts and write offs . The USA or European ( continent on block) countries have not recovered from the 2008 financial crisis. Economics died in 2010 This fool hardy economics we have had since will cause the next recessions to make the 2008 recession look like a holiday.

[@Boretheory]

@@toyotaprius79 Italy’s economy is still 1/6 smaller than it was before the crisis.

[@iceman7179]

@@PabloTBrave And when will that happen? Has it already begun?

[@PabloTBrave]

@@iceman7179 no idea just the bad economic decisions of the USA and Europe can only postpone and not stop it , it will have to catch up with them eventually . The USA is already in a technical recession although the fed is denying a recession.

[@bracco23]

At least it's not "Greek Economy YT final final.mp4".

[@jnliewmichael4235]

Just 2 finals? That's impressive!

[@nocomment2152]

amazeball

[@Spacedog79]

Banks should have been put through bankruptcy for their reckless behaviour. Not doing this is a mistake we are still paying for today.

[@jirislavicek9954]

Exactly 👍 Same way as any other company behaving recklessly.

[@unconventionalideas5683]

But then nobody would have been able to get a mortgage. Besides, much of their reckless behavior was not only legal but encourage by governments, such as with the friction in the US between BB&T and the Federal Government for failing to provide enough mortgages to ethnic minorities when BB&T was clearly able to show that, according to their own data at least, that such minorities were at a higher risk of defaulting (you can question that data's accuracy or whether their might be third variables, and I am sure that there were correlating factors that caused them to refuse such loans, rather than ethnicity, but the point still stands). The Feds forced them to change what they were doing in a misguided Social Justice Agenda, and so BB&T managed the risk as best they could. Examples like this are not necessarily unique to that one instance, but the point is, various governments encouraged this reckless behavior. Edit: typo.

[@00fgytduydrtu]

This is what would have happened if people voted for Golden Dawn. But they beat up migrants so waaaaah

[@mr.uthamaputhiran9790]

Banks took people's money (deposits) and messed up so govt saved them by taking more money from people (taxes). Ha suckers!

[@michaeldonki9947]

@@00fgytduydrtu The golden dawn was nothing more than a bunch of paid provocateurs.

[@white.apple.design]

I am so sorry for the whole situation. I love Greece!!!

[@biologygamer2191]

Greece loves you too

[@TheDims33]

6% growth in 2022,second growth in EU..So greek economy recover...

[@someonethatlikesyou7713]

@@TheDims33 it doesn't change the fact that greece will really run out of people isndie of it or even other culture or political conflicts

[@chukuzosike7615]

I was here when the title of this video was Greek Economy YT

[@RM-el3gw]

ok?

[@czech_ring]

@@RM-el3gw Rario😼

[@djp3637]

If you look at the GDP per capita chart it could be argued that the spike between 2002 and 2015 was unrealistic, unsustainable, debt fuelled and "fake" growth. As if you take the increase between 1990 and 2000 and extrapolate it out to 2022 you end up around the same place as Greece is now.

[@cageybee7221]

or, the country was actually growing until the EU held it down and raped it for a decade.

[@mrhpijl]

Spot on.

[@Gilder-von-Schattenkreuz]

TLDR still makes the mistake of Thinking that a Bailout is an Investment Package. Thinking the main Target of a Bailout is to Recover Economic Growth. But thats not how it works. Austerity means you Cut your Spending to a Level you can Afford. And Increase Taxation to Pay Off your Debts. This by Default means your Economy will not be Supported and thus not Grow. If you are a very Solvent and Rich Country with a Strong and Solid Economy. Then this Austerity means your Economic Growth is Slowed somewhat in Exchange for your Debts Shrinking and your available Capital for Later Projects being Saved up. But if you are like Greece. A Country whose Economy is Artificially Boosted by Low Taxation and Big Spending Programs with Money the Government never actually had. Then Austerity means that this Artificially Boosted Economy will Shrink back down to a Level where it can actually Sustain itself without massive Government Handouts in the form of Low Tax and Spending Programs. This is what happened in Greece. The Economy came back down to a Level Greece can actually Sustain. And frankly they would better take it slow and try to Boost their Economy in a Solid Way rather than going back to just Spending alot of Money they dont have to Boost it Artificially to Levels they cant Possibly Sustain in the Long Run.

[@pwp8737]

except for the fact that wealth has been more concentrated in the hands of a few oligarchs, while debts both corporate and banking have been borne on the shoulders of the taxpayers. All because Angela Merkel could not face the German parliament and tell them that the reckless german banks had gambled, twice and lost, and needed to be bailed out a second time.

[@mmarques2736]

That is a rather simplistic view shared by too many people. It sounds smart because it is simple to understand the concept, but it is a false statement. The reality is more complex - the growth was possible due to the huge increase in cash flow by commercial banks loans after entering the eurozone, allowing the private sector to quickly invest and advance in many fronts. The problem is that a loan by a commercial bank is a form of volatile fiat money with a huge instability associated to it - there are many explanations of this instability in the literature, one of my favourites is that of Steve Keen - and when the eurozone was started suffering the effects of the great depression, this instability was severely triggered, impacting basically every eurozone country, and greatly damaging the poorest economies, namely Greece, Ireland, Portugal, among others who managed with half bailouts. It didn't had to be that harsh had the eurozone treaties been written more intelligently and less ideologically motivated, and had the ECB been a real central bank - in true, the US globally had a much worse problem than Greece in its origin, but they managed to deal with it using more sensitive post-Keynesian policies, rather than sticking to hard core conservative monetary policies.

[@Alex-dn7jq]

The problem with Greece isn't exactly this. Due to the austerity measures, critical public sectors like education, healthcare, civil protection and others were practically sacked in order to make due. 10 years later, and a state that was already behind most of the developed world in public amenities and infrastructure, is now left behind FOR GOOD. The state requires everything from its citizens and gives back nothing. Because of this, for Greeks the grass is indeed greener on the other side, European countries who enjoyed a full decade of economic development and a developed public sector welcome Greeks with open arms. To them, they are a cheap, disciplined and educated workforce. And those Greeks who leave will still get a better deal, even if they are not handled as equally as local citizens. And this is likely to continue, because it seems like the current government's idea of developing the public sector is to fill the entirety of Greece with policemen and make it a police state. Honestly, pay some attention to articles from DW or something, you'll see them cover summer wildfires with titles like "too few firefighters, too much police".

[@unconventionalideas5683]

The stupid thing is that Nordic Countries manage to provide much higher service levels at surplus or with very minimal deficits and debt levels, all while having similar or even lower taxation levels compared to Greece, suggesting that the Greek Public Sector is exceptionally inefficient for some reason (corruption or mismanagement, it matters not).

[@supermavro6072]

Greece should leave the EU !!! PERIOD

[@user-zl3rb4rg1n]

As a greek, i don't know what you mean, for our gdp the public amenities are quite good ( free university is in some European countries absurd). We dont need more money in the public sector, that is one of the reasons we had the crash, we need the industrial sector to grow for the economy to rebound.

[@michaeldonki9947]

@@user-zl3rb4rg1n they're not any close as good. The academic buildings i've seen in Greece look like ISIS training center camps. Complete misery, and don't get me started on schools either, if you can't manage to build a few well designed universities let's just not talk about schools.

[@noodleramen2217]

My friend, DW is raw German propaganda and all your words from the very beginning to the very end are a testament to that. You are most likely a DW bot pls delete your comment.

[@adiorthotos]

As a Greek economic imigrant now living abroad, let me tell you how the Greek crisis "salvation efforts" of the IMF, ECB and EU were never meant to fix the Greek crisis. An IMF report on a recent memorandum/bailaout plan even officially forcasted as such. If you look into the people governing Greece when joining the Euro (the coin not the zone) and begining the first bank bailouts you'll see they had searved in ECB, IMF, and other benefactors of the crisis (FR and DE Banks, El Dorado Gold Mining, Siemens, Fraport, ...) all of which got massive contractacts with the GR gov over the years for a fraction of the valuation price. Even most of the Piraeus commercial port was sold, one of the (if not the most) profitable goverment-owned businesses. Everybody played their hand, much of the people/voters too, but all the signs show that the Greek crisis was systematically manufactured and executed along with the plans to "save" Greece. Few businessmen/oligarchs did get saved. Too many of the population suffered massively and still do since then. Way too many commited suicide, a stat of which has spiked massively, a topic that rarely is getting discussed.

[@blacks_life_doesnot_m.....]

Greeks are definitely the most gay nation in the world 🏳️‍🌈🇬🇷🏳️‍🌈🇬🇷🏳️‍🌈🇬🇷🏳️‍🌈

[@adiorthotos]

@eV Avoz Whatever outside impression you're basing this comment on completely disregards how Greeks and their families have been welcoming and helping immigrants, especially refugees for decades. And that's because so many families have an granparent or uncle/aunt who had to live through war and got displaced, that we've been conditioned to be particularly sensitive on the subject.

[@marcor5886]

Which country has got better after IMF intervention? Have you ever read the “five steps” of the Nobel economics price Stiglitz?

[@pebblepod30]

The financial elites, IMF etc are such predators, I hope one day the Govt or public own that profitable port again. So many many examples of privatization being a Crony Capitalist Scam. Lots of well run Govt organizations & businesses out there in the world. Esp regarding natural monopolies. Corporate Elites & mainstream economists are often predators or function as such, not our friends.

[@adiorthotos]

​@something else No need to exit the EU. That's always been a common misconsception propagated by media. What Greece was discussing as a possible scenario when Varoufakis was doing negotiations, and had made clear that wasn't a prefreable scenario, was to leave the Economic and Monetary Union of the European Union. That's not the same as the European Union. Leaving ERM woul donly mean we don't euse EURs enymore and would instead go back to issuing our own currency. Nothing else. Obviously giving a subjugated nation that much freedom is not allowed, especially when Italy, Portugal, Spain and others where watching and eager to do the same. That's why Varoufakis was promptly asked to resign.

[@spritemon98]

Greece has its own economy KZbin channel?

[@Akrafena]

ye

[@michaelthomas5433]

Think that's weird? North Korea has a twitch channel.

[@thegreekguy1124]

The problem for Greece wasn't the 2008 crisis. The problem was that the fate of French and German banks fell on the shoulders of Greece. Naturally that destroyed us since we were the ones who basically paid for many German and French banks. So we collapsed in order for the rest of Europe(which was reliant on those banks) to stay as high as they are

[@Alan-cl2ix]

Greek govt lied on its reports, taking more debt than it was ever able to pay, feel grateful EU deleted major parts of your debts otherwise you'd collapse way worse than you did.

[@victorakis42]

As a Greek i agree completely with you, we got decimated by european banks. But i also believe that our government from the 90s completely disregarded economic safety measures, kept spending money and getting loans. Dont forget that we also hid some of our debt and made up some debt payments. We added prostitution and illegal/black market earnings to our gdp to inflate our gdp and manage to fit into EUs economic guidelines to enter the monetary zone. In my opinion greeks also lived their life like there wasnt tomorrow during the 90s and early 20s, increasing massively private debt too. But thats natural, and as the economy shrinks, people regulated themselves. The sad part is that the people still suffer and barely manage to get by, with an exception of the top 10% who had some sort of connections and/or political power. Its very sad, its still 2023 and if you ask random people on the street, nobody is better financially from 2000, after the very short shock of 2009 and the start of the heavy austerity measures of 2015. Shits rough.

[@thegreekguy1124]

@@victorakis42 Yes,PASOK could have done much better. I think they are the single political party that has caused the most damage to Greece,right after Gounaris's party at 1922. They did so much damage,not just by letting the economy collapse but also stealing money and giving 2 whole generations of the Greek people the WORST economical ethic possible. To the point that we don't want to work and expect the government to find a way for us to have money while also being ignorant if not even applauding economical crimes!

[@CosmoJ]

Its was for our banks .... no greek politician cares what europe does...as nobody in europe cares about greece. The banks in greece hold the money of ΝΔ ΠΑΣΟΚ KKE vardinoyiannis and their families n friends etc etc. There is an upper middle class in greece that has a lot of money...those dictate whats happening in greece. And banks is a big NO NO. they cant fall. Profit n money drives people not nonsense like loyalty to europe lol

[@InTimeTraveller]

The austerity measures *are* the cause of the poor Greek economic performance. The bankers in Greece had a party paid for by the EU taxpayers. All the money that the ECB and the IMF gave to Greece went straight to the bailout of the bankers and meanwhile the government was forced to cut down on essential services like education, healthcare, public infrastructure, and also pensions, lower the basic salary to ridiculous low levels, and in general cut down on anything that the government provides to citizens. It was also forced to privatise lots of public utilities such as electricity and phone utilities and railways that - with the exception of phone utilities - ended up providing worse service or no service at all in the case of railway service.

[@hermespsychopompos8753]

It was Deutsche Bank and Rodobank, a Dutch bank. Just to make clear who made the money. It wasn't even Greek banks. The reason we got in this state and couldn't rebound. It was possible to recover after 4-5 years but nope. I hope German and Dutch people don't still believe they paid from their own pockets for us. It was absurd right from the start, yet some believed it. Such tomfoolery only by their demagogues.

[@grahamo22]

"The austerity measures are the cause of the poor Greek economic performance" No, its endemic corruption and tax evasion, which continues to this day. every aspect of State owned industries in Greece was bankrupt and none were assets. All were liabilities with the Greeks unwilling to cut costs to suits their income. Money loaned to Greece in the past had been stolen, so NOBODY would lend Greece any more. And I mean nobody, incloudes the EU and the IMF. they knew the Greeks would never ever rea;py it but would hand it out to people who were not entitled to it. If someone breaks into your house, the insurance company doesnt pay the thief for your loss, so yes, the bailout was for the banks, not fro the Greek thieves.

[@Natsukashii-Records]

@@hermespsychopompos8753 Some still do.

[@SP-nx8qx]

Ιt's not failing, that's what it is. And it wasn't a crisis in 2008, it was a bubble before 2008 and it burst. What you're seeing now is normal Greece, that's what it always was, except now it has a super heavy currency that doesn't really help in anything.

[@kostisk4019]

Life in Greece is first - world hell. Minimum wage is abysmal, retirement is abysmal, rent prices are more than a full month's wage and commodities like gas, groceries, electricity and water are also more than a month's wage. You can't survive if you don't have your parents supporting you.

[@elgriego74]

We had 2 poltical parties that created this chaos. PASOK and ND they created extreme deficits(more than 15% in 2008 last ND government) that eventually made their way to the external debt. that resulted into the economic default and bankruptcy. Between 2015-19 another poltical party ruled Greece for the first time. The result was 37 billion Surplus(yes surplus) for the first time. For the first time one Greek government left a government with more money that they found when they assumed leadership. They did not steal like the previous two did, they redistributed money from higher up, down to the people that really needed it, unemployment fell, inflation was zero, the economy was growing again after 12 years of stagnation and all unemployed people got to be insured like the rest of Europe for the first time in Geece's History. They charged licenses to the Greek media for the first time ever. It was fair but Greek media never forgave them and along with the huge financial power of shipoweners and big cos CEOs, they managed to send that poltical party away. Since then inflation and financial mismanagement, has brough the Economy to its knees one more time. No more licenses for Greek media and the unemployed people got to be uninsured again! Who's fault is it? Well, the Greek people ofcourse. They are the sheep and they believe that the wolf will save them That never happens. So I wish to the Greek people that they get what they deserve. Because this is self inflicted. Enjoy the poverty and enjoy the ND government that destroyed the economy once before. Uneducated, stupid thinking extreme right and fascist Greeks prefer poverty because that is what the Media say so the ownesrs will be no money. People always get what they deserve! No more pity for Greece!

[@hamlet557]

I guess that you were too lazy to watch the video. No wonder you are leftist.

[@georgios_5342]

The Greek economy was never actually as good as it seemed in 2008. The 350b€ GDP was just a product of misrepresented economical stats, which were exposed during the crisis. That's what the seeming "collapse" really is about. We lost access to money that never really was ours to begin with. Greece needs to develop its own industry badly, and light is at the end of the tunnel with the recent EU limits on Russian and Chinese imports.

[@greekrailways2681]

the industry part is correct, Greece had industry in the 80's but the european aristocrats wanted Greece as a tourist destination rather than a thriving industrial economy. Since europe cares about nobody but themselves. Why is greece even in the EU we dont need those suckers.

[@coolguyt657]

Greece debt is really 72 billion and not 300 plus billion that is future value that they use. They need to tell the public that their debt isn’t 300 billion euros… it is 72 billion listen to Paul Kazarian on KZbin!!!

[@profiler4772]

There is only one reason Greece is where it is: the introduction of the Euro. Greece should never have been allowed entry to the monetary union. The competitive edge of Greece was lost because they could no longer debase their "own" currency and pay for state expenditures in the form of money printing. The only way out was by borrowing at artificially low-interest rates. These low-interest rates were a reason for the respective Greek governments to go on a spending spree and increase Greece's debt to unacceptable levels. I think my small country lent or guaranteed some € 50 bln in total package of € 240 bln. In those days, our Minister of Finance promised us an annual interest rate of 4 perc, and I think we have yet to see it some 14 years later.

[@symmoritis]

you don't need a VPN in Greece, every site runs flawlessly

[@The-Cat]

Incorrect, you still need a VPN in Greece to access region-blocked content.

[@just_some_greek_dude]

@@The-Cat what content?

[@iasonassam4099]

As a Greek ,I can tell you there is no improvement at the economy. The large private corporations in the energy and healthcare sector have been increasing their profits during the coronavirus pandemic and the inflation we are currently in. Our centre right government hasn't placed a windfall tax at the rich companies and that's why we have the highest inflation numbers in the whole EU, which have been suppressed by the media in Greece. Note:The unemployment rate in Greece is around 12,7% according to Eurostat, which is supposed to be much lower in inflation . I don't want to imagine how the situation will be if the inflation turns into a recession.

[@axl1002]

Don't lie to the people, the Greek refinery is state owned.

[@aggeremid]

​@@axl1002 If you mean Hellenic Petroleum then you're wrong, 47% of it is owned by the Latsis Group, 35.5% is owned by the HRADF (TAIPED) and the rest of it is publicly traded in the stock market as HLPN. Also iasonas never mentioned any refinery, just the private companies that distribute energy, like Elpedison, Protergeia, Watt and Volt and some others I can't recall.

[@iasonassam4099]

@@axl1002 have you ever heard about Vardinogiannis, Mitilineos , Kalitsantis and Stasinopoulos and many more ? These men have bought Greece. Mitsotakis gave away DEH ( public electricity company) and LARKO( metal businesses) for example.

[@Gamaouat]

@@iasonassam4099 "Mitsotakis gave away DEH" Tsipras did, not Mitsotakis

[@ea.peter_m2172]

@@Gamaouat what are you talking about? By which government was the decision made? Oh right, Mitsotaki's one

[@GeorgeSchenker]

As a Greek, I would say we produce nothing and we rely too much on tourism.

[@blacks_life_doesnot_m.....]

No you produce the most gay people in the world 🏳️‍🌈🇬🇷🏳️‍🌈🇬🇷🏳️‍🌈🇬🇷🏳️‍🌈🇬🇷🏳️‍🌈

[@The-Cat]

I kind of like it, because every tourist then gets treated like a king! Women don't behave like stuck-up b1tches to guys buying them a drink or diner, and hey.... Greece is too beautiful (i've only seen videos and pictures) not to be a tourist country.... If there's anywhere I would want to go to on my next road trip, it would be Greece. I need to find me a wife LMAO

[@impyrobot]

@@The-Cat find a Greek wife

[@eLeft6]

The austerity measures were the real crisis for Greece.

[@millevenon5853]

Why? Government can't give out handle outs it can't afford.

[@peterfireflylund]

I always trust Trotsky on Economics and nation building.

[@Pan472]

As a Greek myself, I can tell you things are still bad. Really bad. With the 2020 recession due to COVID, the economy contracted a further 9% down, and even with the 2021 recovery of 8.5%, the GDP, both in nominal and PPP terms is 25-30% down from what it was 14 years ago. The only thing that has dropped is unemployment, but it's still high, especially in youngsters like me. It might not be 60% like in 2013, but it's still at 35%. 1/3rd of the youngsters are still without jobs. While there are many more chances for employment compared to some years ago, the wages offered are low adjusting for the cost of living, especially with the current inflation, which is over 10% per month, and housing prices have skyrocketed. It's grim. But personally, I won't leave. Neither the vast majority of my generation from most people I know and I've asked, as weird as it might sound to you. Most people won't leave, because the country will never be fixed again if all people just leave. It just isn't sustainable. And, a bit of a reminder: most of the people that left the country during the crisis were in their late 30s to their 40s. Not exactly part of the youth, if you ask anyone. And most weren't scientists, but simple employees, although actual scientists have fled away, unfortunately. But either ways, we've lost dynamic with their loss. I know that most people who went away wanted to stay, but had no prospects. I can't blame them on that. I too had 10 relatives who went abroad for a period. But most of them, except two, have returned. And many other people who are friends or acquaintances. I suggest, for the country to really prosper once again, that they return back. I myself know how difficult it is. But honestly... The following years are going to be excruciating for the entire West, because of the energy crisis and inflation. But we have to fix our country. It sounds like a patriotic cliché, but that's the only actual solution. Because only with their additional knowledge and experience can give the economy the right push to really recover. But that's on behalf of the governments to do that.

[@katerinatsoliakou235]

Δεν ξέρω την ηλικία σας αλλά πριν 10χρονια έτρεχε το χρήμα...

[@Pan472]

@something else Corruption should be the cause for them to return, so they can help in fighting it back.

[@stavros5626]

The gdp nominal or ppp should have never been so high in the first place. Stop using it as a benchmark.

[@xrhstospex8106]

​@@Pan472??? How can the civilian population fight corruption? The only one who can, in the case of greece, is the EU itself. And it has, we just don't know about it. Kinda makes sense, who would like to let the public know how many fines we have to pay to the CEU

[@victorakis42]

I agree in general, but the one about young people wanting to leave is blatant misinformation. From 2010 to 2021 around 592.000 people moved out of Greece. I dont really know people around my age who believe that their future in Greece entails economic prosperity or business ventures, except for wealthier families. I believe that low and middle class Greeks dream of going abroad for work or studies. Some have been talking about a possible brain gain in the next couple of years but im really not sure.

[@WillGallagher1]

Right before the pandemic, things were starting to look up for Greece - Unfortunately the year when it could have seen some major growth and turnaround was the year the world shut down… I still believe that in a few years things could be good for Greece, but the pandemic delayed their economic rebound a lot

[@InfernalStateMachine]

After 2015 and the cancelled Grexit, Greece just stopped making the news and people thought things were turning better. They never got better actually

[@verttikoo2052]

Exactly

[@elmerfadd]

Q4 2019 and Q1 2020 the greek economy had negative growth rates which indicates that right before the pandemic things were not starting to look up at all.

[@gaarakabuto1]

There will be no growth if tons of money are not thrown into Greece for no reason. That's why Greece even experienced economical growth to begin with, one of the biggest industry Greece ever had was the housing industry, selling houses in ourageous prices and service companies trying to get their hand in Greek tourism. Those money were never utilised correctly, we had a century of economical growth mostly from outside investors that simply threw money and all we did was wasting them. We entered the crisis and we were not prepared because we had made no real in-state investments. The reason Greece won't grow out of the current situation is because Greek people had a spending issue and those that don't are leaving Greece. On top of that and as a result of the spending issue we also have incredible chorruption, not just political, but social as well. Greek people vote with their wallets and politicias and treating the Greek economy as an asset for their success, since Greek people are addicted to such way of thinking and making decisions, the result won't change.

[@ioannisperiptero9626]

@@elmerfadd where did you get your info?

[@foivosarvanitis776]

For those that don't know what happened in Greece, let me inform you that the purpose of the Troika (commission, eubank,IMF) never was to save the Greeks but to save the banks and give money to those who invested in us so they don't lose it. The only solution was "let the banks fall".

[@mmarques2736]

That was not the only solution, Draghi found another solution to spare Italy from the same fate - just do sensitive and intelligent monetary policies and understand it is a European banking crisis (a world banking crisis to be more precise), not a problem of Greece, Ireland, Portugal, Spain, Belgium, Italy, and so on. PS : small detail, the troika didn't include the commission, it included the council.

[@whitezombie10]

@@mmarques2736 Italy wasn't in a so bad shape during Draghi's government

[@mmarques2736]

@@whitezombie10 I was not talking about Draghi actions as a prime-minister - I confess I didn't even pay much attention to that, I have no idea what he was doing and which party he was working with. I was talking about what he did as the president of the ECB. Back then, Italy was dangerously close to the abyss, and given the size of Italy's economy, that would have been a disaster for all Europe. Fortunately, Draghi changed things before it would be too late to Italy, unfortunately it was too late for Greece, Ireland or Portugal. Just his 2012 speech on quantitative easing alone stabilized the investors attitude even before the program started for real.

[@frankkobold]

It was to save the Euro zone. And let's not forget that Greece fucked up gloriously before that. Look alone at the growth before the recession - unsustainable, caused by massive spending without backbone to keep it up. Combined with a laughable taxation system (including a general mentality of tax evasion) and a blown up public sector. For the Euro zone, the easiest/best would have been for Greece to leave the Euro, default (including fire a majority of the blown up public sector), letting the banks fall (including Greeks losing their deposits) etc. Which would have been even worse for Greece.

[@markgarcia8253]

The Greeks over leveraged their economy when Greece has nothing of value or skill that can’t be doing cheaper and better everywhere else. Turkey was right about “haven’t you learned your place.”

[@asdasdasd9320]

When Greek Economy Twitch TV?

[@antr7493]

awesome way to start my morning. thanks

[@harrysgenitsariotis]

In 2010 I left Greece to sick a better future in the Netherlands. In 2016 I came back to Greece just because I missed my relatives and friends. Well it was the biggest mistake of my life.. Believing that something might change over the years. Things got way worse and now I am looking for a job abroad again.

[@ethanlord7213]

Greek Economy YT 😂 I really hope they mention this on The Editorial Update: They changed the title 😥

[@peterhuijsen]

Greek economy YT?

[@athlitikosomateioanth4567]

The debt of Greece wasn't actually a debt of the country itself, but it was a debt of its banks. Too complicated to explain in a few lines but long story short: Greece (and Spain and Portugal and other countries as well) falsified its data in order to get into Eurozone in 2001, Greek banks could get loans with smaller interest rates, the Greek banks took a lot of loans from the markets via French and German banks, the Greek banks were exposed to collapsing beacuse they could not pay back loans to German and French banks, no state can run without money and banks, Greece made the banks' debt a public debt and then Eurozone stepped in in order for Greece not to collapse. The memoranda were agreements that tranfered the loan with lower interest rates from the French and German Banks to ECB and prevented the Greek system from collapsing. At the same time, Greeks were consistently (and still are according to statistics) the most hardworking nation (ironic but true, you may check it out- as they worked and still are working the longest hours per week in Europe) and they are one of the lowered paid for the job they offer as well. EU and mostly Germany in order to bail out the country on purpose humiliated its people dispite knowing the truth about how the debt was actually created and tried to lower Greece's negotiating power in order to impliment the agreements they liked on the Greek people(by trying to create something like a collective guilt). Greeks then voted for parties that promised to end the memoranda and maybe leave the eurozone and actually had a referendum that was not respected by neither EU nor its politicians. I want to emphisize that any perception of "Greek thieves" or lazy Greeks is totally unbased on facts, created mostly by Europeans to undemocratically impose the monstrosities thay put Greece into,without the citizents have a say to it. That's why Greeks flee their country and migrate to other countries, not because they have dream jobs and early retirement, but a hard working life and low salary and working conditions and working hours in many european countries -and specially Germany- are far better. So harsh meters made the people poor, created large migration waves, left the hospitals without money and with people dying in it whilst the Europeans humiliated the Greeks in order to conform with their terms and to throw the Greek people's will to the trash bin. And after all these years, more and more Europeans finally realise that the point of all these agreements was not to save Greeks and Greece but to forcely impliment harsh meters to save the rest of the Eurozone. Of course it was Greece's fault that got into this crisis bs (and they got pretty punished by EU's "solidarity"), but people tend to overlook how Eurozone handled this issue, in a way that one can say that Eurozone members (and especially the larger ones) certaintly value money and their own intersts over human dignity of the citizents of smaller countries and democracy.

[@emregenc7951]

Greece was one of the European countries with almost the fewest working hours before the crisis. In addition, the increased working hours do not matter now. unskilled staff is not a plus

[@athlitikosomateioanth4567]

@@emregenc7951 you are wrong in both your statements. Greece was scapegoated, not only they were not working the fewest hours but they were working the longest hours in Europe. Only a few people had some priviledges( and a few jobs had early retirement, but really it was mainly army jobs) - like they do in most countries- but that was used to scapegoat the country, isolate it diplomatically and lower its negotiating power during bailouts. Greeks had and still have high educational level and thus they have a large brain drain. But all official statistics show that Greeks steadily were for many years even before the crisis the ones that worked the longest hours in Europe for a lot of years, but for far less money. You just believe Greeks are lazy because some media had said so during the bailout programs to diplomatically isolate the Greeks, make them in the public eye seem lazy so they "deserved harsh measures" and make them conform to the bailouts.

[@user-oi4cn7rt8t]

​@emregenc7951 get off the drugs

[@Dcupholder]

Bro in Greece forsomeone who is unemployed and a specialised doctor working in Greek nhs the difference is only 1000 euros a month!!!things in Greece are outrageously bad after the imf decade

[@user-tk1hr8nj2b]

Well as a child I brought up in a traditional family but with economic migrants parents that left us with grandparents in Greece beginning of 70s to go to school few years before they take us with them in Sweden for few years again.... and come back all together 5 of us to start from the beginning a new life . The life in Greece was never easy.

[@Bruce-yv9tm]

As someone who grew up in Greece and is living abroad at the moment, the growth Greece saw before the crisis wasn’t legitimate growth. It was a bubble. Slow growth now is due to the fact that productivity is low, tax evasion is common, misuse of taxpayer funds is standard practice and businesses can’t take off due to high corporate tax. This was prolonged by a useless government from 2015-2019. Now things are looking up, with slow, manageable growth instead of speculative and superficial growth.

[@umutneo]

That sounds like Turkey. Well atleast your economy is still at the same place. We are going to bottom everyday. Hi from neighbor.

[@angelic8632002]

Slow stable growth is the only real growth imho. Speculation bubbles always seem to end in disasters and inflates GDP numbers beyond any real measure of growth.

[@WalterWhite-uq3gv]

@@umutneo america casually destroying 2 counties' economies lol

[@symeonchatziapostolou3210]

What the fuck are you on about. Public money were being used in order to fund governments/corporations and banks before the crisis and public money have been used to do the exact same after the crisis. The only affected tile of the economy is the working and middle class, which in the years to come there will be no middle class whatsoever. Now things are worse than ever before with NONEXISTENT growth and sky high unemployment in every possible sector.

[@WalterWhite-uq3gv]

@@symeonchatziapostolou3210 there is growth from tourism

[@julianshepherd2038]

The banks should have gone bankrupt but the debt is taken on by the poor of Greece.

[@SianaGearz]

Uhm what happens when banks go bankrupt? Who do you think holds money on your behalf?

[@user-op8fg3ny3j]

@@SianaGearz the same thing that happens to individuals who go bankrupt

[@idraote]

@@SianaGearz old argument and not valid. Poor people have little money anyway and the bank we're talking about were investment banks or the investment branches.

[@SittingOnEdgeman]

Part of the answer is you have to think of a country like a corporation, at least as regards economic growth. With that in mind, you have to ask the question, "What business would someone start in Greece that they wouldn't start elsewhere, and why?" The problem with Greece is that there's not a clear answer. It doesn't really have enough clear land and cheap labor for industry - and environmental / climate change regulations from the EU make it a disfavorable place for industry in the first place. There's not really a university program or outreach programs to attract large cadres of STEM professionals that would make starting engineering companies or moving engineering offices there attractive. The arable land that's there is already being exploited for agriculture. The only real answers for "what does Greece do best" are history, tourism, and shipping. And that's not enough to sustain the modern Greek economy. Part of the answer is I think Greece is torn on what path forward it should go. Is its path forward through more of the hospitality industry, encouraging tourism, tourist attractions? That would mean giving up a lot of national dreams and aspirations about being a credible protector of the Aegean Sea and retaining that legacy. Is its path forward through attracting young professionals and growing its engineering industry? That probably requires a lot of social change and social compromises, in particular in social programs that young professionals either don't care about or don't use and don't like their tax money to pay for. Which in turn violates a lot of post WW2 taboos in Greek society. There's no path forward but arguably the worst path forward is "neither", where you keep hoping that one or the other will happen without giving up anything, and you get neither.

[@badluck5647]

They should leave the Euro. A weaker currency will increase tourism and exports.

[@baronvonjo1929]

Can you explain more on the young people- social programs, and they don't like what their taxes go towards? And especially the taboos? I have no idea about any and I would very much appreciate if you could tell.

[@badluck5647]

@@baronvonjo1929 Young professionals pay big taxes to support people who retire as early as 55. The taboo is to increase the retirement age to anything close to the EU average.

[@millevenon5853]

@@badluck5647 Greece is a lazy country if it refuses to raise retirement age. With its bad demographics, Greece retirement age should be atleast 67 or 70

[@theprofessional1375]

@@badluck5647 this presentation completely hides an aspect that makes it understandable why cuts in the pension system in Greece are far more delicate than they would be in countries like Germany: the pension system in Greece has the function of a kind of substitute social assistance. Many families would not be able to make ends meet without their grandparents' pensions. This fact turns a false narrative into a perfidious tale. Because Greece has no social assistance, no Hartz IV. Not even the subsistence level is secured. Unemployment benefits are only available for one year. More than 90 percent of the unemployed currently get: not a cent. In a society in which more than one in four people have been without a job for years, this means that many families are moving even closer together, sharing everything. Every reduced or not received pension euro is then not only missing for the pensioner, but also for his children and grandchildren. Not for cinema or café, but for food, clothes, medicines. And even 2015, almost half of pensioners received less than 665 euros a month. They fall under the EU definition of poverty.

[@user-uy9td2zj7o]

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[@user-uy9td2zj7o]

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[@user-uy9td2zj7o]

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[@user-uy9td2zj7o]

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[@user-uy9td2zj7o]

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[@LydiaMClark]

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week.

[@CyFr]

And this is why you let companies and banks fail. Certainly you must honor the bond the banks held, but debt restructuring and failure is a proper and natural resolution.

[@MichaelDavis-mk4me]

So you let your citizens and small businesses lose all the money in their banks? This will make your population panic, they will rush to withdraw money from the remaining banks while they still can, banks go bankrupt because they lack the money to give all that money and BOOM! You got yourself an economic crisis even worst than the one Greece had.

[@CyFr]

@@MichaelDavis-mk4me didn't happen in iceland in 2008, and when banks lobby the government to allow them to do unrestrained and unrestricted gambling of loans than yes, it is essentially a go to jail sort of punishment for bad practices.

[@CyFr]

@@MichaelDavis-mk4me but that's also why government has mandated securities for individual bank accounts so that if the bank does the naughty with your money than you can be at least secured from that. Otherwise the economy will stagnate and rich bankers and corporate entities that game the system can be punished.

[@MichaelDavis-mk4me]

@@CyFr Or just have heavy regulations with oversight from a politically independent banking system like Canada. In Canada, it is basically impossible for a bank to put itself in a situation where they can go bankrupt in the first place, but the country still guarantees personal deposits.

[@CyFr]

@@MichaelDavis-mk4me until you get banks lobbying government to erode those same regulations like they've done in the states.

[@yannisb2178]

It's simple. You don't lend money to a bankrupt state with measures that shrink the economy. You cut their debt! What is mentioned in the video made Greece need EU's help (false numbers etc). What happened in reality was that banks like Société General and DeutcheBank had s huge debt and EU moved their debts to greek banks. Later they made that debt public with the appalling PSI(Private Sector Involvement). You don't do this to an economy you're trying to save

[@RipCityBassWorks]

Austerity doesn't work? I'm shocked, absolutely shocked I tell you.

[@spotted9106]

Very outdated data used in the vid honestly. It's been 4 years since 2018. Greece simply hasn't recovered fully since 2018, bc the state of the world is shit. 2 COVID year + 1 Energy crisis. Mayor advanced economies are heading to recession. Expecting Greece to cover 20% of its lost GDP at this day n age ? Come on.

[@SolidSoto]

he should be more concerned with his UK, they are suffering cost of living crisis now

[@marcor5886]

And the world is going to get even worse (Taiwan?). No I don’t think it’s going to be a war of the US against China, Americans will allow China to be the most powerful country in the world, a country which will continue to rule over Asia (apart from India and Japan) and Africa, and will be the leader in semicon industry when they take Taiwan. 😂

[@deusexaethera]

Does Greece actually make anything, or do people just go there on vacation?

[@harukrentz435]

Vacation to Greece is much much expensive compare to Turkey thanks to euro.

[@deusexaethera]

@@harukrentz435 : You mean thanks to the Turkish Lira's complete collapse. But either way, that's not the question I asked.

[@cemo3292]

Nope they do nothing that’s the problem and the ones who did something left Greece for another European countries

[@axilmar254]

Greek here. The real reason Greece's economy has not rebounded yet is simple: Greece doesn't produce anything worthwhile on a global scale, and it never did. It's economy was always limited to local trade, and couldn't compete on a global level. The vast majority of products are now imported, because they are a lot cheaper than what local production could have afforded, and a lot better in quality. the high GDP shown in the video during the 2000s was real as a number, but it was without substance: it did not contain any actual products produced in Greece and sold both domestically or/and abroad. There were just services mostly, usually overpriced, and mostly paid by the government which borrowed money and then increased paychecks and hired more and more public servants.

[@akhsdenlew1861]

Greece main source of money is basically tourism, which is in fact competing in global scale. Problem is, that this takes place only in summer.. which is like 4-5 months.

[@axilmar254]

@@akhsdenlew1861 A country cannot run on tourism only.

[@christiandauz3742]

Maybe Europe and the US pay Greece to send its soldiers to help Ukraine?

[@christiandauz3742]

@@michaeldonki9947 Wish a Time-traveler Industrialized and Secularize Bronze Age Greece

[@spiros8248]

The Greek Economics crisis was caused mainly because of the governments since 1980. Since then and especially in the late 00s and early 10s politicians were taking advantage of their positions and forced the public to pay a lot more taxes than they ever did themselves.

[@div92]

GDP almost recovered to what it used to be before crisis. You should count it in euro, not in dollars.

[@VergiliosSpatulas]

Normal person spotted 👍

[@SittingOnEdgeman]

So remind me again - or point me to one of their videos that explains - why the solution to this whole private-public debt spiral wasn't, "let the banks collapse"? We're mostly talking investment banks rather than private banks here. If they collapse, a bunch of fat cats lose their shirts and a few private individuals lose out too. Taxpayers can reimburse the private individuals without bailing out the fat cats.

[@idraote]

That is more inexplicable than the Holy Grail...

[@somethinglikethat2176]

Because if they banks go under the economy stops. Companies need their banks to buy and sell things, they need them to pay employees, raise funds, collect debt and pay bills. Government is in a similar situation, their employees, welfare recipients, ect. and also bailouts and relief payments for people and non bank businesses. People need their bank accounts for all the reasons you can imagine. That's not to say it was handed well, debt for equity or short term loans at high interest rates are probably better imo to "encourage" banks to be more careful in the future.

[@idraote]

@@somethinglikethat2176 banks do that. Investment banks don't. Investment banks make profits for their fat-cat clients and themselves. They could dissolve overnight and the real economy would only fare better.

[@alfredkugler3043]

@@somethinglikethat2176 And at some point in time, there was a clear division between private/commercial banks that served as place where bank accounts were housed, which were used for payments and similar things on one side, and investment banks that took the money of their customers and invest it in more or less risky endeavors on the other hand. If the division were still there, then only the investment banks would have been at risk. And the societies around the world could have just let them go under. But at the end of the 90s, early noughties the banks managed to "somehow" convince the various governments to relax the regulations that enforced this division. The regulations that came to pass in reaction to the great depression, where the interminglement of private/corporate and investment banks lead to a worldwide downturn of the economy. But of course the banks were much more mature now, and all these rigid, inflexible regulations would be no longer necessary in the 21st century. Well, we've seen where that lead to. And the most aggravating thing is, that not a single banker has been hold accountable for this debacle. Because they operate under the maxim that if it is not forbidden, it is allowed, and EVERYTHING they did was essentially legal. Of course the credit default swaps that started the banking crisis are NOW illegal. But don't worry, the banks have essentially the exactly same shit under a different name going again.

[@unduloid]

Not only that, but the culprits (mostly bank CEOs) should have been thrown in jail for fraud.

[@assertivekarma1909]

Greece is such a wonderful country with great history & culture, with proper reforms it should thrive.

[@whitezombie10]

History and culture can't sustain a country all alone in modern times

[@Ralampos]

@@whitezombie10 it can through TOURISM

[@degoose2447]

@@whitezombie10 it can

[@Thunder_playz_331]

@@whitezombie10 ofc it can

[@prsimoibn2710]

You had your chance, you ruined it

[@mnizammasood]

I still believe that Euro is the culprit to this chaos. You cannot have a monetary union without having a fiscal union. The problem is, once you share a currency with the powerhouse of Europe, they will dictate the terms. A separate currency is important so that the govt have the instrument to raise or slash interest rate to make the economy competitive again. Of course such power must be used wisely. When British left Malaysia, we share the same currency with Singapore. 1 MYR = 1 SGD = 1 BND. The problem is, the economy is destined to converge. So Malaysian govt decided to leave the currency lock and yes our Ringgit tanks but at least the govt is able to dictate our own terms for our own currency. We cannot keep spending like rich Singapore and Brunei. We need to plan our own economy. And this is true to Greece now. Cheap credit prior to 2008 had push Greece spending to the same level as Germany. That simply cant happen. I went to Athens and I love it. It is so sad such beautiful country, amazing long history and handsome coastline is now quite in disrepair. I wish Greece can sort this out. Greece is awesome.

[@xrhstospex8106]

Sure, when your currency isn't regulated entirely by your central bank, you cannot avoid a crisis in the classic way, by reducing the value. But the benefits of a monetary union is exactly the reason why many countries, including greece, are part of it. We also kinda lied about our financial status to get inside eurozone, which honestly makes it more stupid

[@fotis1964]

@@xrhstospex8106 What are the benefits of euro currency?

[@fotis1964]

You are on target putting the blame on currency. If Greece didn't join eurozone Greece now would be a lot different in a good way. Thank you for the nice words.

[@xrhstospex8106]

@@fotis1964 the benefits of every currency? Not to mention a monetary union without tarrifs?

[@fotis1964]

@@xrhstospex8106 Apart raise of public and private debt i can't see any benefit of euro. I still searching. The argument of low inflation is lost. Greece never had currency stronger than US dollar.

[@pwp8737]

For anyone wanting a more detailed analysis of the Greek Crisis look no further than Yanis Varoufakis. Like him or hate him, his clear-eyed rational take on the causes is a must read. Multiple youtube videos of his speeches are available for those without the patience to read tomes.

[@Luksoropoulos]

When I first heard Varoufakis speaking himself, I was absolutely baffled what a completely different person he is from how he was depicted in the media of my country (I'm not Greek btw which my Username might suggest) He uses a lot of anti-establishment rhetoric of course, but his whole story dragged me way closer into that boat than I had been before.

[@ExtradaemonYT]

Greek_Economy_YT_720p.mp4

[@Avirex320881]

Economics Explained did a great job explaining of how the Greek economy got where they did. The video is from 2020, but it still provide useful insights.

[@marcor5886]

The channel you mentioned is on the payroll of neo-liberist groups. I saw the video about Italy and that was only bullshit to make the same propaganda

[@Avirex320881]

@@marcor5886 I don''t have time or the ability to check the payroll you youtube channels. I enjoy economics, and their channel is enjoyable.

[@marcor5886]

@@Avirex320881 economics is not something you “enjoy”, but rather study in a systematic way. For instance, in Europe we saw the shift from the feudal system, based on the protection of private interests, to the creation of the absolutistic State which represented a public interest by building infrastructures, setting up the bureaucracy and so on. Now we live in a different era, the State is aimed to apply the rule of law, anyway the publicistic scope of the State still exists. Unfortunately I don’t have so much time to study, but I still don’t fall into some propaganda without a substantial ground which supports it.

[@Avirex320881]

@@marcor5886 Can you provide an alternative to Economics Explained? I study the things I enjoy. Economics, philosophy, and the human condition being my favorites.

[@marcor5886]

@@Avirex320881 there are plenty of books to study 😅 I can’t suggest a particular book in English, anyway you can start with the subject “history of economics” or read directly the books of renowned economists like Keynes. About history and philosophy you can find books in the libraries. Unfortunately I don’t know yt channels in English to suggest, I follow the italian ones

[@pantelos96]

I don't know how you, as a foreign, see Greece but from my point of view as Greek I would say that generally the older generations are bad for the country with no will to evolve in something better. Also, every government has been proven to be rotten with no ethical values. but on the other hand, we have our eu (and only) "friends" since the formation of the Greek country that don't want us to grow and become as equally powerful as them...

[@YossiSirote]

You didn’t mention the demographic problems which mean the Greece will never be able to climb out of its problems.

[@YouYou-sm8tf]

Don’t they struggle with flow of migrants from Turkey (syrians, afghans...), Liban....

[@antoniusevan3722]

​@@YouYou-sm8tf Nobody stay in Greece. Greece is just Country they passed. Most just go to Germany or France.

[@YouYou-sm8tf]

@@antoniusevan3722 No, Europe is keeping them in detention center in greece...and it's already full that many migrants sleep outside on their self-made camp...did you remember the huge fire ...or the detention center that had 6,000 migrants living in it. Even if it's EU funding, Greek are the one who have to take care of it which is taking lots of man power.... Same thing happening in Italy, Spain and other mediterranean countries that are being flocked by thousand migrants...their economy stagnate...

[@captainpog]

When I clicked the vid name was Greek economy yt great stuff!

[@TheMagicLemur]

What no Rejoiner will candidly admit is that this is down to the Euro and bad EU policy. 🙈 Between 1920 and 1980 Greece was the fastest growing economy in Europe - averaging 5% per year. The Papandreou's borrowing was bad, but the Euro meant: 1. Greece had depressed exports. 2. They couldn't devalue or bailout. 3. They couldn't sovereign default. Greece have some blame, but the Euro / EU is far from blameless.

[@stevewinkleburg5300]

greek economy re upload inbound

[@additivent]

Why is the automatic subtitles off? I use them when it is too noisy to hear the show audibly.

[@glennnielsen8054]

Good and informative presentation. It is challenging to get out of a crisis after overspending when you do not control the money press. It will be interesting if they make it all the way back to a core healthy economy. I would hope so to be a good example for the rest of Southern Europe.

[@WilliamReynolds887]

Every time is a good time to invest! Investment is not a game of chance or luck like the lottery, rather it involves critical reasoning, planning, and diligence and focuses on achieving the major goal (PROFIT). Notwithstanding, one should put into consideration that various externalities may occur during the investment period which could result in a high yield in profit or loss.

[@mrsOlivia150]

You're Right!!✅️

[@mrsOlivia150]

Investing in cryptocurrencies means facing great volatility. But that is exactly what makes trading cryptocurrencies interesting for certain trading instruments, such as CFDs (Contracts for Difference).

[@VerneCopeland]

Anyone who wants to be successful in life should first have the mindset of the rich Spend less and invest more Don't give up your dreams

[@besttime647]

If you believe in the future then you will know that indeed Bitcoin is the future

[@danutaz.mazurek9246]

I thought of investing in Bitcoin around July 2018 but was discouraged by the rise and fall of Bitcoin. I don't know if it's still safe and ideal to invest now

[@immortal2534]

It's so disappointing that a new video has very old statistic numbers, since 2018? What were you thinking? Greece's economy right now it's in better performances in the world for 2022

[@khalidajdiri6862]

The fight is lost in advance,fellow Greeks.

[@hamlet557]

the 4rth comment on a video about Greece. You seem to have been personally hurt or something.

[@nikostombris5505]

Very interesting analysis. Unfortunately the Greek state was made in condition that it’s economy is doomed in stagnation. The country doesn’t really have many money bringing sources and on top of that it has a staggeringly big public sector and army for its size. The only sources of income is tourism and the shipping industry but it’s commonly known that services can’t sustain an economy on their own. The public sector has demands that basically can’t be met up and for this to change it really needs a big turn from the society. I am Greek and many of my friends already dream a public sector job ( I am 19 ). Moreover business and private initiative in Greece are more like a state controlled enterprise rather than a true investment. There are some rich families with unacceptably strong ties with all political parties that control merely 90% of all industrial production. So corruption comes into play as well I believe this is why my country even though indeed has made significant progress it still has a long way to go in order to be on truck

[@descendantofgreeksandroman2505]

ΕΝΤΥΠΩΣΙΑΚΗ ΑΠΟΤΥΠΩΣΗ ΓΙΑ ΕΝΑΝ 19ΧΡΟΝΟ!

[@nikostombris5505]

@@descendantofgreeksandroman2505 Να είστε καλά 😊

[@richcook2007]

Thread winner.

[@carolinejohnson985]

Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. Show me a man without investment and I'll tell you how long it takes to go bankrupt. Investing creates a safe haven for the future. With the right investment choice that has at least a 10% minimum risk and with the advice of an expert, profits and interest is guaranteed.

[@santospaulinho5994]

Having professional mentor is also very important when it comes to trading, without proper mentorship, one tends to opt out of the market early enough. I do my investment with Stephanie Renee Anderson

[@cheryltorres1991]

Now is the best time to purchase and invest in Bitcoin, stop proscastinating!!

[@tyuhy5422]

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[@garelaxa1079]

She's not like others that will start telling you stories and giving excuses why the trade didn't go well after collecting your money

[@ameliawilliams8522]

It is important to have different streams of income and a diversified portfolio, I've already invested in crypto which is very profitable.

[@clytemnestra]

Austerity is bad for economic growth - the EU wanted to punish Greece, not help it grow and thrive. That’s the root of the problems - the politics.

[@The-Cat]

You can't "help it grow and thrive" if it lied to you about it's actual economic status when joining the EU family.

[@Seedmember]

The country sold all of its infrastructure for pennies. It bled the middle class dry through excessive taxation, in order to show an increase in GDP, while destroying the buying power of the market. It cut funding in every welfare system, forcing people to spend less on buying things they want, and more on basic survival. The austerity measures that were forced only managed to cripple the economy more, while making a few German banks a bit richer. In a few years, Greece will be in the same situation again, because at the moment it is still trying to recover to the level it was 10 years ago. The EU never wanted to fix the Greek economy, they just wanted time to safeguard their banks.

[@a_masquerade4485]

Is the title not a placeholder?

[@robertburk5550]

Socialism at its finest example. Government caring for people from cradle to grave, instead of people working hard and budgeting. What's amusing to me is I've talked to many Greeks and they yell at me saying how GREAT their economy is now, how alllllll debts been paid. **Shakes his head** Talk about denial... Socialism, people wanting everything given by the government, all social programs and government aid, but not understanding that even with massive taxes the government isn't making money to fund such programs as there is no work and when there is work, it's cheaper to just be unemployed so nobody wishes to work, and that means there's no taxes. You can't make money from a person who is living off the government. If I refuse to work, and thus make 0 taxable income, but get 500 a month from the government, what is happening? That's 500 a month of only debt for the government. If you tax my employer more and more, he has to cut costs, which means workers, thus I have no job and no income that's taxable to go back into the economy.

[@blueciffer1653]

*constant economic crisis happening in a capitalist nation* Robert: "is tHiS sOciaLiSm?" lmao

[@hamlet557]

The economy is much better now. Whoever lived through 2015 paranoia feels almost thankful.

[@obi-dan-kenobi7202]

Greek Economy YT - from TLDR

[@HasanAksungur]

What is meaning of yt(youtube?)

[@Boretheory]

“Yet again “

[@calosin]

To expect the angles of previous graphs to be repeated in the future assumes the same conditions that existed before, also apply now, which is, in our case, gravely erroneous. The main reason why the graphs went as they did pre-2010 was the fact that the country had its own currency and thus issued their own bonds, without control about the overall debt burden that accumulated over time. Since the Euro advent, conditions have been drastically altered and thus to expect repetition is, I believe, a fallacy...

[@op4000exe]

To make genuinely systemic change to a society is a very slow and glacial process. Climate change would be an excellent point here, we've known about it for around a hundred years now, seriously considered it for 50, been downright worried about it for 25 and still many people drag their feet about doing something about it.

[@SittingOnEdgeman]

To be fair, that's because there have been a hundred doomsday prophecies made about climate change which have had the accuracy rate of the Watchtower Society trying to predict the Rapture. If climate change activists were better about making realistic predictions of timetables and effects, there would be a lot more buy in from non-college-educated workers. It's also a conversation that has to be had in terms of the relative economic impact of both events - what's the economic and human cost of a climate change event vs., for example, the economic and human cost of doubling transportation costs to switch to low or zero carbon methods? How do you weight the human cost of an additional hurricane in Florida caused by climate change against the human cost of doubling the price of bread in Africa because it costs twice as much to transport grain from Europe to Africa now? That's the conversation we should be having, but we're not, because it's a very hard calculation to make, and a very hard conversation to have.

[@fuckoff4705]

@@SittingOnEdgeman actually carbon neutral transportation costs a lot less than what we currently do, the correct way to handle carbon neutral transportation is with trains, trams, metro's and high speed rail, the cost of moving people with any of these options is a lot less per person than it is to sustain our current car dependent way of life. this is not new, and anyone seriously read up on the climate catastrophe knows this. Sadly though there are a lot of people following elon musk in thinking he can make cars sustainable by doubling their weight

[@wanderingthewastes6159]

@@SittingOnEdgeman cars are, and have always been, subsidized by the government through expensive infrastructure investment and maintenance. There’s a reason we associate the late 1800’s with train transportation, because trains are the capitalist, truly free market way of locomotion, not the tax payed pseudo freedom (for the middle and upper class) popular culture makes cars to be.

[@DS9TREK]

Because there's a lot of misinformation around climate change. For example, people pretend that climate change can be stopped. That is false. Even if human-caused global warming stopped tomorrow, climate change would still continue albeit more slowly. Misinformation like pretending climate change can be stopped makes sceptics wonder what other lies are being told.

[@jirislavicek9954]

@@wanderingthewastes6159 Do you think that rail network is not tax subsidised? The EU pours huge amount of money into it. Road network also doesn't serve only cars, but also goods vehicles, buses, ambulances, cyclists and pedestrians,... to name just few

[@panosgrdev]

i am from Greece but because i work remotely i have been to many European countries and in Middle East. Situation in every balkan country i was and Turkey was 10x worst than in Greece At least in Greece 80% of people have their own house and dont pay rent

[@ahmed-sq6us]

Ahh what is turkey condition

[@emregenc7951]

The situation in Greece is never better than Turkey. Türkiye's gdp ppp also has 3.5 trillion dollars and its per capita income is 42k. Greece, on the other hand, has only 380 billion dollars and a per capita income of 37 k. Türkiye has the 11th largest purchasing power in the world, while Greece is between 50-60. While a Turkish citizen can buy more items than a Greek, Greeks cannot. Do not forget that the number of homeowners and vehicles is high in Turkey. While the situation in Turkey can be resolved, it is still a question mark how a country that has sunk into a huge debt swamp will get out of this swamp. and finally keep hide your lies for yourself. dont manipilute the humans

[@magnvss]

The EU acted as if it believed (really) the Greek's deception, but it takes two to tango. Now EU members pay the cost. Yeah, not good future for the glorified union.

[@kolerick]

1 question... are we comparing relative to the uncorrected data (that were misrepresented?)

[@teucer915]

Are there any examples of dramatic austerity measures that did work?

[@The-Cat]

Yea.... - raising the age of becoming eligible for receiving pension. ( Super painful ) - raising taxes on single individuals that don't have kids ( Discrimination ) - reducing unemployment pay to the absolute bare minumum ( American style inhumanity ) - reduce regulations on foreign-investments on property to attract more of them ( turn a blind eye to forein funded money laundring practises) It's okay tho... at least now the elite EU-members have yet another place where they can hide their money away from their own domestic taxes. While the Greek civilians continue to suffer the consequences of the banking institutions carelessness 👍

[@reno.zed1]

Seems that the choice is: the UK, less country debts but a massive part of population totally broken or Greece where the country is broke but people can eat and live at least a bit.

[@well-blazeredman6187]

I'm British and do not recognise your portrayal of my country as in any way accurate.

[@a.a.6789]

@@well-blazeredman6187 unicef was feeding children in the UK.

[@well-blazeredman6187]

@@a.a.6789 Two years ago, I believe. UNICEF were pulling a political stunt.

[@reno.zed1]

@@well-blazeredman6187 I'm British too and that's very accurate.

[@idraote]

@@well-blazeredman6187 you probably only attend fashionable shops where they blazer you well.

[@Bigdog5400]

It’d be a good if you did a video on countries that experience the worst brain drain

[@pedrocosta7797]

Can you do a similar video but about Portugal?

[@Redcoat11]

Nice title 👌

[@robbiejay]

We are also in deep shit too neighbour. People in both countries should stop voting for populist politicians. Peace and love from Turkiye ❤️

[@toyotaprius79]

Austerity didn't work ? Shocker

[@hobozexual1037]

In 2022 Our government literally pushed to investors from other countries 2 big industries ΛΑΡΚΟ which the 6th biggest nickel production in the world and Skouries which is right now at 10th place globally in copper extraction and 1st in EU. If you see more from greece's economic history the country had a time that was depended on industries and not on tourism but most of them were erased during the crisis hit sold to other countries and the imports skyrocket

[@zenleonor9440]

It was actually BNP Paribas that first sounded the alarm bells about Lehman on Europe.

[@constantinopleisGreek]

remember the name:Greek Economy YT

[@funkyfennec3680]

so it goes « why greece's economy is still failing ? » (miniature's title), then « The greek economy is still struggling 14 years on » (video's title) and finally « in this video we'll take a look at why Greece's economy recovery has been so slow » (00:38) then you'll learn useless word like "hysteresis" or confused concepts like "bad debt", at the end you may conclude that the debt crisis of 2015 was very complicated and that both Greece and the EU are a chaotic mess which is kinda TLDR signature.

[@ahjgbhlahgaohgl]

Did the thumbnail change?

[@zwojack7285]

I dont get it. We Germans forced them on austerity policies of no new debts, no spending on the economy, selling all the infrastructure to other countries (they basically dont own any ports by now). And yet it's failing?

[@andrewpepegitis5231]

Unbelievable, right?

[@TheCyricson]

yea but its not failing, it is improving, this video is full of half truths.

[@akhsdenlew1861]

@@TheCyricson no no , correction.. it WAS improving. But then the pandemic came, the war came and the energy crisis came and everything got fucked up. But this time, they got fucked up GLOBALY , not just in greece. But greece is still part of the globe so...u get it.

[@nyxjones5797]

In 2008 Greece should have done the same as Iceland and not give bailouts to banks at the detriment of tax payers. After all bailouts are rewards for bad management.

[@julianescobar2395]

Thank syriza

[@joellehmann2725]

Lol they forgot to change the name of the file

[@charaznable1131]

The problem is simple : banks are giving loans out to everyone willy nilly knowing that these will become non performing loans and because these banks are "too big to fail" the government takes on their debt and in turn has to lower spending which leads to the economy declining Solution: worker owned banks or co-op banks whose intrest is not to make a quick but invest in their own assests which stops them from overtly risky decisions ......

[@jirislavicek9954]

👍👍👍

[@markgarcia8253]

Ah yes the brilliant Greek workers that have been poor af for 14 years and would TOTALLY not be corrupt and steal the money if given the chance

[@jamez6398]

"14 years on, did they recover? Kinda." Even though that's over now because we're back in another global recession thanks to global lockdowns and the war between Russia and Ukraine...

[@surebia]

Video is misrepresenting the entirety of the Greek economic crisis and even after recognizing the fact that even after three "bails" did absolutely nothing to fix the issue you continue to misrepresent it by saying it is natural that an economy that was trending downwards will continue to trend downwards. 1. The bails were not to bail Greece, they were to bail the banks out of the Greek debt. 2. The bails, even for bailing out the banks and not Greece were still MEASURABLY hostile towards it. As to say, don't keep misrepresenting data. 3. Some euroapologist is going to type something about the Greeks had it coming, they were misrepresenting data. You are correct, Greeks in 2015 decided to vote for a party that was till then on the low side of the popularity. After coming to power, there were negotiations on the matter of the bails, the E.E completely refused to negotiate anything other than the absolute surrender of the Greek economy, completely ridiculing the only attempt of the Greek people to strive towards a less corrupt government, it will be a long time before a small party finds success, just watch the 2023 elections, the ND party is dominating. 4. Let's not forget, as of now people are dying because the hospitals are understaffed, the Greek pays 75% of his salary for his apartment and the elderly are living of scraps. Congratulations Europe, you defeated those damned politicians!!!! Those damned citizens should not have voted for them anyway, it's not like we get absolutely brainwashed, it's not like Greece is 107th/108th on the press freedom index, the kids, the poor and the workers should pay for the corrupt politicians, not like these guys are still living in luxury. It's a shame you are in a position to educate people and choose to misrepresent an entire country's issue and spur more misinformation. I loath channels that hold so much power and choose to use it so carelessly. :)

[@nikoladd]

Hysteresis is a mathematical concept and what is explained in the video is NOT what it means. It means there is a divergence between curve of growth and curve of fall in a relation. Also known as memory effect. It is often used to describe relations in areas like magnetism, semiconductors and many others. In the case of economics it simply means that growth doesn't necessarily immediately follow fall and/or at the same rate. Applicable also in the other direction. It's also applicable to elasticity of markets in supply/demand relations. Most economists don't get even that far in math though..

[@kayz3947]

I thought back in 2008 that it wasn’t fair for the people of Greece to be held responsible for Bankers greed and still think so today, just went their on holiday after almost two decades not being there and was sad to see the infrastructure in a bad shape even when compared to many new EU countries, but there is hope always as they do have talented youths great geographical location and it’s the best holiday destination in my opinion in Europe

[@eminencerain848]

The cause isn't because of the bank's greed, it is systemic issue in the Greek economy and government policies. The 2008 crisis just exposed these problems and made things worse.

[@kayz3947]

@@eminencerain848 the 2008 crises was purely a bankers greed which ruined a generation I was working in a financial rating agency at the time and saw what happened first hand

[@blacks_life_doesnot_m.....]

The greeks are the most gay nation in the world 🏳️‍🌈🇬🇷🏳️‍🌈🇬🇷🏳️‍🌈🇬🇷🏳️‍🌈

[@savroi]

It would be interesting to note where did the money (a name for resources) go in that infamous crisis back in the 2000's. You don't need to be a genius to make the next assertion: from the public to the private sector. Follow the money, something that in these times is fairly easy but heavily restricted by privacy laws. At the end of the line private individuals and corporations own most of the debt. This trend started to be noted in the seventies (although it commenced in the fifties). We are in a world were a few corporates own more than several states put together, they might not yet earn as much but if they decide to recover their debt well, a few major powers will be in serious trouble. Alas, they won't do that, they know it would be to no avail but it is still their best weapon to strong arm legislation. About Greece... That's a country that never recovered from WWII. They were occupied, used and divided to be the leisure camp for well, you know who, when the crisis struck they had to show a level of independent capacity they've never had, Greece isn't the only country with this 10yo child syndrome. They've been treated like this systematically until the nineties, inhibiting the growth of a mature political class and economical force so no wonder they're struggling, calling it hysteresis is actually understating it. Many countries in the World have lost valuable people during periods of crisis. It is probably one of the worst things that can happen, it will take another two generations to recover from that loss depending heavily on the investment done to rise it. I know some is being done in that sense, if it will be enough is anybody's guess surely not as much as they can or should.

[@randeep6346]

Greece wanted to join the EU and needed to meet some financial tests. And they did... by lying. They stated the economy was stronger and more stable than it was and this was fine when the economy was growing. This growth was funded by lots of cheap A-rated debt. In 2008, they needed to dip into money that did not exist and they went into crisis, The debt was re-rated to Junk and became expensive. The economy was more fragile than expected and a loss of confidence damaged the economy further. Greece is not particularly light on corruption, but I think in this case following the cause is a political system with weak financial governance. If Greece had been more truthful originally, the economy should have grown more slowly previously to 2008 as they would have funded their economy on lower levels of debt as it would have been more expensive. But that would require the political class (as your highlighting) to exist in Greece.

[@savroi]

​@@randeep6346 That is a good analysis of the situation no doubt.. but a country is not a person, it is an entity and as such "It" can't lie. So digging out who lied on Greece's behalf and who took that lie at face value and why (although why is always money in these cases, I mean what were the benefits) would be the more interesting questions. Politicians come and go and so do their cabinets, they are the real liars spokesmen. There are interested parties who gained a lot both with the lie itself and with its eventual downfall. Of course there are also losers amongst them for this is all part of a game, at least for them isn't it? Just a game... We claim to be a modern society but in many countries that's just a coat of paint, behind we still have the same old medieval structure. Greece is just an example, many so called third world countries went through similar crisis. "Something is rotten in the state of World Economics" I think we can agree on this.

[@victorakis42]

Greece is living the myth of economic stability and slight growth, until some serious bank declares bankruptcy. We have a yearly 8% financial deficit which we cover with loans, a 404billion public debt, 170% of gdp/capita and every day we auction off real estate and companies previously owned by greeks who defaulted to foreigners. Purchasing power is always diminishing. Our economy is non sustainable and extremely expensive to sustain. We act like its all good, when last year we signed for austerity measures until 2060. There is no one aged 18-30 who sees any future in Greece. The only ones that benefit are foreign buyers, and oligarchs. Its just sad man, im planning to be either in Belgium or the Netherlands next year, hopefully.

[@xXRealXx]

Did you forget to rename the video?

[@mathstudiesGR]

Speaking for myself as a Greek that lives in Greece, things are much better know than 5 or 10 years ago. I can see (from how much they spent) that the financial situation of many people has improved. The problem is that the country's dept is still too high and that we have much more imports than exports. I think that the we should try our best to reduce the dept considerably and find people to invest in the country. Also, the end of the Russian-Uckraine conflict and the sanctions against Russia (from whom we used to import large quantities of food and fertilisers) would benefit the situation.

[@vassilisioannou5488]

I don't know why your saying that Greece has not recovered when in 2021 Greece Economy grow 8,3% one of the highest in the EU and will do the same in 2022, Greece dept to GDP is 183% and will fall to 166% by next year so