Recent conditions in Greece concerning problems stemming from the economic nose dive in 2008 have showed how conditions continue to be shoddy and poor. Due in part by the high levels of corruption rampant throughout all levels of the economy, places such as supermarkets and middlemen in the market are still unable to pay debts prompting others to circumvent this process and directly come in contact with consumers.
Farmers still have yet to be paid by governments who have promised subsidies and supermarkets who bought using credit.
Greece’s ecomony still remains 25 percent depressed from pre-2008 levels showing how truly bad they continue to suffer from this. Many people have realized how artificially the economy was running with managers and others taking bribes causing higher prices negatively affecting consumers.
Their have been efforts promoting small business to help bolster the economy through just means and shying away from big business where most of the corruption could be found. Restoring confidence in Greece’s economy should be the first priority and these grassroot efforts show there is hope. Consumers are getting lower priceswith the elimination of middlemen and consumers are able to consume more.
One Comment
I am not sure how EU will fix the issues in Greece. I heard that Greece just kept on borrowing so much money before the crisis that the economy simply collapsed after the financial crisis.
As you pointed out, one of the key components of recovery is to restore confidence. It is really risky to invest in Greece right now. However, if the government takes actions that assure the foreign investors that Greece will change (and it is highly profitable to invest), then some investors may invest in Greece. It will take a long time though.
Comments are closed.