By THE ASSOCIATED PRESSDEC. 8, 2016, 3:21 P.M. E.S.T.
The New York Times
ATHENS, Greece — As thousands of Greeks protested against government spending cuts during a general strike that crippled the country Thursday, struggling Prime Minister Alexis Tsipras announced one-off measures to ease the burden on pensioners and island residents.
Tsipras said the government would distribute a total of 617 million euros this Christmas to some 1.6 million low-income pensioners, replacing a holiday bonus scrapped by Greece's bailout creditors.
In a nationally televised address, Tsipras said the cash would come from a larger-than-expected surplus in Greece's primary budget, which excludes the cost of servicing the country's crippling debt.
Tsipras has seen his popularity plummet after a series of income cuts and tax hikes demanded by creditors. His left-wing Syriza party trails the main opposition conservatives by more than 10 percentage points in opinion polls.
Showing posts with label SYRIZA. Show all posts
Showing posts with label SYRIZA. Show all posts
Friday, December 9, 2016
Βερολίνο: "Οι εξαγγελίες Τσίπρα δεν συζητήθηκαν στο Eurogroup"
Άγνοια των παροχών Τσίπρα είχε το γερμανικό υπουργείο Οικονομικών και το Eurogroup. Ως επικοινωνιακή φυγή προς τα εμπρός λόγω των εσωπολιτικών πιέσεων βλέπουν γερμανοί αρθρογράφοι τις χριστουγεννιάτικες παροχές του.
deutsche welle
Ούτε το γερμανικό υπουργείο των Οικονομικών, αλλά ούτε και το Eurogroup γνώριζε για τις χθεσινοβραδινές εξαγγελίες του έλληνα πρωθυπουργού σχετικά με τις παροχές προς τους χαμηλοσυνταξιούχους και το πάγωμα του ΦΠΑ στα νησιά των Αιγαίου με μεγάλη προσφυγική ροή. Σε ερώτησηπου απηύθυνε η Deutsche Welle προς την εκπρόσωπο του γερμανικού υπουργείου Οικονομικών, εάν είχε γνώση των εξαγγελιών Τσίπρα το υπουργείο της, η Φρεντερίκε φον Τιζενχάουζεν μας απάντησε ως εξής: «Όχι, το θέμα δεν συζητήθηκε ούτε και στο Eurogroup της περασμένης Δευτέρας. Αλλά είναι υπόθεση των θεσμών να αξιολογούν τέτοιου είδους μέτρα».
Ο γερμανικός τύπος κάνει αναφορά στο αιφνιδιαστικό, όπως το χαρακτηρίζει, διάγγελμα του έλληνα πρωθυπουργού προς τον ελληνικό λαό με παροχές προς τους συνταξιούχους και τους κατοίκους νησιών με πολλούς πρόσφυγες. Ορισμένοι αρθρογράφοι εκφράζουν έκπληξη για αυτήν την κίνηση του κ. Τσίπρα σε μια κρίσιμη περίοδο έντονων αντιπαραθέσεων και αγώνα δρόμου προκειμένου να κλείσει η δεύτερη αξιολόγηση.
deutsche welle
Ούτε το γερμανικό υπουργείο των Οικονομικών, αλλά ούτε και το Eurogroup γνώριζε για τις χθεσινοβραδινές εξαγγελίες του έλληνα πρωθυπουργού σχετικά με τις παροχές προς τους χαμηλοσυνταξιούχους και το πάγωμα του ΦΠΑ στα νησιά των Αιγαίου με μεγάλη προσφυγική ροή. Σε ερώτησηπου απηύθυνε η Deutsche Welle προς την εκπρόσωπο του γερμανικού υπουργείου Οικονομικών, εάν είχε γνώση των εξαγγελιών Τσίπρα το υπουργείο της, η Φρεντερίκε φον Τιζενχάουζεν μας απάντησε ως εξής: «Όχι, το θέμα δεν συζητήθηκε ούτε και στο Eurogroup της περασμένης Δευτέρας. Αλλά είναι υπόθεση των θεσμών να αξιολογούν τέτοιου είδους μέτρα».
Ο γερμανικός τύπος κάνει αναφορά στο αιφνιδιαστικό, όπως το χαρακτηρίζει, διάγγελμα του έλληνα πρωθυπουργού προς τον ελληνικό λαό με παροχές προς τους συνταξιούχους και τους κατοίκους νησιών με πολλούς πρόσφυγες. Ορισμένοι αρθρογράφοι εκφράζουν έκπληξη για αυτήν την κίνηση του κ. Τσίπρα σε μια κρίσιμη περίοδο έντονων αντιπαραθέσεων και αγώνα δρόμου προκειμένου να κλείσει η δεύτερη αξιολόγηση.
Greece, Not Italy, Still Poses Biggest Challenge to Eurozone
A crisis in one country only becomes a crisis for the whole eurozone when a collective European response is required, Simon Nixon writes
The Wall Street Journal
By SIMON NIXON
Dec. 7, 2016 3:27 p.m. ET
4 COMMENTS
Not for the first time this year, the doom-mongers have been confounded. The Italian referendum over the weekend resulted in a resounding defeat for Prime Minister Matteo Renzi, who promptly announced his resignation. Yet the sky didn’t fall in, the euro dipped and then rallied, and Italian bonds and bank stocks barely budged. Other European assets were also largely unmoved.
The Wall Street Journal
By SIMON NIXON
Dec. 7, 2016 3:27 p.m. ET
4 COMMENTS
Not for the first time this year, the doom-mongers have been confounded. The Italian referendum over the weekend resulted in a resounding defeat for Prime Minister Matteo Renzi, who promptly announced his resignation. Yet the sky didn’t fall in, the euro dipped and then rallied, and Italian bonds and bank stocks barely budged. Other European assets were also largely unmoved.
Wednesday, December 7, 2016
Give Greece Credit, Even Just for Treading Water
25DEC 6, 2016 1:23 AM EST
By
Mark Gilbert
Bloomberg
Here are two things I'll bet most people don't know about Greece. The country's just-appointed minister of economy and development, Dimitri Papadimitriou, was lured away from his position as head of the Levy Economics Institute at Bard College in America. He's not a member of the ruling Syriza party. And the man appointed secretary general for public revenue in January is Giorgos Pitsillis, a professional tax lawyer. He's not a party member, either.
Europe's Still Dithering Over Greece
Bloomberg
Editorial Board
DEC 7, 2016 12:30 AM EST
This week, the European Union’s finance ministers granted some new debt relief to Greece. The new “short-term” measures are better than nothing -- but they’re less than a convincing solution to a problem that has dragged on far too long.
The deal, sketched out and agreed to in principle earlier this year, should help the Greek government convince voters to keep accepting much-needed domestic reform. That’s good. It isn’t enough, though, to put the country’s debts and budget plans on a sustainable footing. That’s why the International Monetary Fund, whose support will be necessary to achieve that larger goal, isn’t yet on board. After years of muddling through, the issue still isn’t resolved.
EU Offers Greece Near-Term Debt Relief, Demands More Reforms
by Nikos Chrysoloras , Corina Ruhe , and Jonathan Stearns
December 5, 2016 — 2:59 PM EST December 5, 2016 — 4:12 PM EST
Regling says steps may cut debt by 20 percentage points of GDP
Debt measures ‘very promising,’ says Greece’s Tsakalotos
Euro-area finance ministers agreed to measures that will help ease Greece’s debt burden, while insisting that the government of Prime Minister Alexis Tsipras adopt “serious” reforms that will ensure the nation maintains a proper fiscal record after the end of its current bailout.
Finance ministers from the currency bloc meeting in Brussels clinched steps that could cumulatively reduce Greece’s debt by 20 percentage points relative to gross domestic product through 2060, Klaus Regling, managing director of the European Stability Mechanism, said Monday. The measures include easing the repayment schedule of bailout loans, waiving a coupon penalty that would amount to about 200 million euros ($215 million) and swapping debt to mitigate interest rate risk.
Tuesday, December 6, 2016
Greece gets short-term debt relief from eurozone
By Pan Pylas | AP December 5 at 4:14 PM
The Washington Post
BRUSSELS — Greece won some short-term debt relief from European creditors on Monday even though it failed to clear the latest hurdle in its bailout program that has prevented the country going bankrupt and crashing out of the euro.
At a meeting of the 19 eurozone finance ministers in Brussels that was largely overshadowed by the Italian referendum result that forced Premier Matteo Renzi to offer his resignation, Greece’s creditors offered some immediate help to the cash-strapped Greek government.
The Washington Post
BRUSSELS — Greece won some short-term debt relief from European creditors on Monday even though it failed to clear the latest hurdle in its bailout program that has prevented the country going bankrupt and crashing out of the euro.
At a meeting of the 19 eurozone finance ministers in Brussels that was largely overshadowed by the Italian referendum result that forced Premier Matteo Renzi to offer his resignation, Greece’s creditors offered some immediate help to the cash-strapped Greek government.
Eurozone Finance Ministers Agree to Some Debt Relief for Greece’s Bailout
Maturities extended and interest rates locked on some Greek debt but no agreement yet on IMF participation
The Wall Street Journal
By VIKTORIA DENDRINOU and NEKTARIA STAMOULI
Updated Dec. 5, 2016 4:10 p.m. ET
BRUSSELS—Eurozone finance ministers, seeking to get the International Monetary Fund to participate in Greece’s bailout, agreed on a package of short-term measures that could ease the country’s debt load by around a fifth in 2060.
The ministers, gathering in Brussels for their monthly meeting on Monday, had hoped to move closer to agreeing on a set of overhauls Greece must enact under its bailout—which could reach €86 billion ($92.3 billion)—as well as a series of debt-relief measures from its European creditors. Both steps are required to get the IMF to participate in the bailout.
The Wall Street Journal
By VIKTORIA DENDRINOU and NEKTARIA STAMOULI
Updated Dec. 5, 2016 4:10 p.m. ET
BRUSSELS—Eurozone finance ministers, seeking to get the International Monetary Fund to participate in Greece’s bailout, agreed on a package of short-term measures that could ease the country’s debt load by around a fifth in 2060.
The ministers, gathering in Brussels for their monthly meeting on Monday, had hoped to move closer to agreeing on a set of overhauls Greece must enact under its bailout—which could reach €86 billion ($92.3 billion)—as well as a series of debt-relief measures from its European creditors. Both steps are required to get the IMF to participate in the bailout.
Monday, December 5, 2016
Greece sees final solution on debt crisis amid euro uncertainty
Sun Dec 4, 2016 | 12:22pm EST
Reuters
Political uncertainty in Europe has created fresh momentum for a "comprehensive and permanent" solution to the Greek debt crisis before the year ends, a government spokesman said on Sunday.
Euro zone finance ministers will meet in Brussels on Monday to discuss short-term debt relief for Greece, and Germany's Wolfgang Schaeuble said it must implement reforms instead of hoping for further debt forgiveness.
Greece remained optimistic for a final debt deal, however, just as Italians are voting on a constitutional referendum on Sunday and a victory for the opposition 'No' camp may push the euro zone toward fresh crisis.
Reuters
Political uncertainty in Europe has created fresh momentum for a "comprehensive and permanent" solution to the Greek debt crisis before the year ends, a government spokesman said on Sunday.
Euro zone finance ministers will meet in Brussels on Monday to discuss short-term debt relief for Greece, and Germany's Wolfgang Schaeuble said it must implement reforms instead of hoping for further debt forgiveness.
Greece remained optimistic for a final debt deal, however, just as Italians are voting on a constitutional referendum on Sunday and a victory for the opposition 'No' camp may push the euro zone toward fresh crisis.
Greece and Its Creditors Get Back on a Collision Course
Greece’s woes oblige the eurozone to do something it has rarely appeared capable of doing: take a collective political decision, Simon Nixon writes.
The Wall Street Journal
By SIMON NIXON
Updated Dec. 4, 2016 1:44 p.m. ET
9 COMMENTS
In a continent beset by multiple crises, Greece remains the cradle of European dysfunction. The country may have dropped out of the headlines in recent months, its multiple challenges seemingly buried under a tide of bailout cash. Yet it still presents the greatest risk to the survival of the eurozone. That is because Greece’s circumstances oblige the eurozone to do something it has so far appeared incapable of doing, except under conditions of extreme financial stress: take a collective political decision.
The Wall Street Journal
By SIMON NIXON
Updated Dec. 4, 2016 1:44 p.m. ET
9 COMMENTS
In a continent beset by multiple crises, Greece remains the cradle of European dysfunction. The country may have dropped out of the headlines in recent months, its multiple challenges seemingly buried under a tide of bailout cash. Yet it still presents the greatest risk to the survival of the eurozone. That is because Greece’s circumstances oblige the eurozone to do something it has so far appeared incapable of doing, except under conditions of extreme financial stress: take a collective political decision.
Sunday, December 4, 2016
WHY THE FRAGILE STABILITY IN GREECE MAY NOT LAST MUCH LONGER
A crunch summit with creditors begins Monday.
BY JOSH LOWE ON 12/3/16 AT 2:59 PM
Newsweek
It was late November in Athens, and the city felt empty. A string of surprise thunderstorms kept people imprisoned indoors and outside the Greek parliament in Syntagma Square—where anti-austerity protests raged throughout the summer of 2015—was bare but for a few brave tourists and one quizzical-looking stray dog watching the Evzones guards perform their distinctive, shuffling shift change routine, complete with pom-pom shoes and kilts. With so much unrest elsewhere in Europe, it would be easy to think Greece is heading toward relative quietude.
The coming weeks could change all that. On December 5, the finance ministers of the Eurozone will meet in Brussels for their last scheduled summit of the year. On the agenda is the ongoing second review of Greece’s bailout program, which since 2015 has allowed the country to receive financial assistance from European creditors that will eventually total €86 billion ($91.7 billion) in exchange for carrying out reforms including shrinking the public sector, reining in government spending and raising taxes.
BY JOSH LOWE ON 12/3/16 AT 2:59 PM
Newsweek
It was late November in Athens, and the city felt empty. A string of surprise thunderstorms kept people imprisoned indoors and outside the Greek parliament in Syntagma Square—where anti-austerity protests raged throughout the summer of 2015—was bare but for a few brave tourists and one quizzical-looking stray dog watching the Evzones guards perform their distinctive, shuffling shift change routine, complete with pom-pom shoes and kilts. With so much unrest elsewhere in Europe, it would be easy to think Greece is heading toward relative quietude.
The coming weeks could change all that. On December 5, the finance ministers of the Eurozone will meet in Brussels for their last scheduled summit of the year. On the agenda is the ongoing second review of Greece’s bailout program, which since 2015 has allowed the country to receive financial assistance from European creditors that will eventually total €86 billion ($91.7 billion) in exchange for carrying out reforms including shrinking the public sector, reining in government spending and raising taxes.
Greece needs reforms, not debt relief: Germany's Schaeuble
Sat Dec 3, 2016 | 6:30pm EST
Reuters
Structural reforms rather than debt relief will help Greece to achieve sustainable growth and stay in the euro zone because rates and repayment are putting hardly any burden on its budget, Gerany's finance minister was quoted as saying on Sunday.
Euro zone finance ministers will meet in Brussels on Monday to discuss short-term measures to lighten Greece's debt burden and to assess Athens' progress in reforms required within its third bailout program.
Asked in an interview by Bild am Sonntag newspaper whether it might be time to tell German voters that a debt cut for Greece was inevitable, Finance Minister Wolfgang Schaeuble said: "That would not help Greece."
Reuters
Structural reforms rather than debt relief will help Greece to achieve sustainable growth and stay in the euro zone because rates and repayment are putting hardly any burden on its budget, Gerany's finance minister was quoted as saying on Sunday.
Euro zone finance ministers will meet in Brussels on Monday to discuss short-term measures to lighten Greece's debt burden and to assess Athens' progress in reforms required within its third bailout program.
Asked in an interview by Bild am Sonntag newspaper whether it might be time to tell German voters that a debt cut for Greece was inevitable, Finance Minister Wolfgang Schaeuble said: "That would not help Greece."
Friday, December 2, 2016
The Latest, Greatest Threat to the Euro: Populism
Elections and referendums in the year ahead pose a far different challenge from the financial crisis of recent years
The Wall Street Journal
By GREG IP
Updated Nov. 30, 2016 11:32 a.m. ET
The euro has survived sovereign default, recessions, banking crises and bailouts. It may not survive populism.
In the coming year, the eurozone will host at least five elections or referendums that could bring a populist, euroskeptic party to power. In effect, the common currency is about to play multiple rounds of Russian roulette.
The populist threat is qualitatively different from the financial crisis that first erupted in Greece in 2009 and eventually engulfed half the region. In that case, what worried private investors was that a country, or its banks, would default on its debt and be forced to leave the euro. Investors fled, driving interest rates sky-high and plunging the continent into recession.
The Wall Street Journal
By GREG IP
Updated Nov. 30, 2016 11:32 a.m. ET
The euro has survived sovereign default, recessions, banking crises and bailouts. It may not survive populism.
In the coming year, the eurozone will host at least five elections or referendums that could bring a populist, euroskeptic party to power. In effect, the common currency is about to play multiple rounds of Russian roulette.
The populist threat is qualitatively different from the financial crisis that first erupted in Greece in 2009 and eventually engulfed half the region. In that case, what worried private investors was that a country, or its banks, would default on its debt and be forced to leave the euro. Investors fled, driving interest rates sky-high and plunging the continent into recession.
Tired of Syriza, Greece embraces a mainstream party
The centre-right New Democracy party is dull, technocratic and leading the polls
Dec 3rd 2016 | ATHENS
The Economist
THE headquarters of New Democracy, a centre-right political party, is in an unexpected part of Athens. The building, surrounded by warehouses, housed a branch of a Japanese technology firm before standing derelict for years. Few other political types are nearby. The rent, at €9,800 ($10,400) a month, is a tenth of what the party’s old office used to cost. Yet the relocation, which happened in August, is also symbolic. As the opposition party has moved to a cheaper part of town, so too does it hope that it can present itself to the public as a new, improved alternative to the Greek government. With Alexis Tsipras, the prime minister (pictured, on the left), growing less popular, New Democracy may well have a chance.
Tuesday, November 29, 2016
Greece can meet 2017 primary surplus, must conclude bailout review- cenbanker
Tue Nov 29, 2016 | 3:25am EST
Reuters
Nov 29 Greece can achieve a primary budget surplus of 2 percent next year, the head of the country's central bank said on Tuesday, warning that the main risk for the economy would be a failure to conclude a crucial bailout review.
"Despite the positive projections ... serious risks remain," Yannis Stournaras told a conference in Athens. "The main risk would be the eventuality of failing to reach agreement on the second bailout review and any delays in implementing the programme or backtracking."
Reuters
Nov 29 Greece can achieve a primary budget surplus of 2 percent next year, the head of the country's central bank said on Tuesday, warning that the main risk for the economy would be a failure to conclude a crucial bailout review.
"Despite the positive projections ... serious risks remain," Yannis Stournaras told a conference in Athens. "The main risk would be the eventuality of failing to reach agreement on the second bailout review and any delays in implementing the programme or backtracking."
Friday, November 18, 2016
EU Sees ‘Smooth Sailing’ If Greece Implements Needed Reforms
Richard Bravo
Matthew Miller
November 18, 2016 — 11:15 AM EET Updated on November 18, 2016 — 11:35 AM EET
Greece and the institutions managing its bailout, currently negotiating policy reforms in Athens, could clear the way for discussions next month to ease the terms of the nation’s debt burden, which could presage a successful resolution of its rescue program, according to the head of the euro area’s Economic and Financial Committee of finance deputies.
“You need to do the reforms and that will bring back growth and that will then unlock those measures which in reality we’ve already agreed on,” Thomas Wieser, head of the Euro Working Group, said in an interview with Bloomberg Television. “I’m very positive by the end of this year we’ll be there then it should be comparatively smooth sailing for the rest of the program.”
Matthew Miller
November 18, 2016 — 11:15 AM EET Updated on November 18, 2016 — 11:35 AM EET
Greece and the institutions managing its bailout, currently negotiating policy reforms in Athens, could clear the way for discussions next month to ease the terms of the nation’s debt burden, which could presage a successful resolution of its rescue program, according to the head of the euro area’s Economic and Financial Committee of finance deputies.
“You need to do the reforms and that will bring back growth and that will then unlock those measures which in reality we’ve already agreed on,” Thomas Wieser, head of the Euro Working Group, said in an interview with Bloomberg Television. “I’m very positive by the end of this year we’ll be there then it should be comparatively smooth sailing for the rest of the program.”
Monday, November 14, 2016
Barack Obama calls for 'meaningful debt relief' for Greece
US president says it is in world’s interest for Greece to stay in eurozone and praises EU as ‘one of greatest political and economic achievements of modern times’
The Guardian
The US president, Barack Obama, has signalled he will use a critical two-day visit to Athens this week to step up calls for the country to be given “meaningful debt relief”.
Weighing in on the potentially explosive issue of how best to revive the European Union’s most financially strained member state, the outgoing president said debt forgiveness would play a pivotal role in giving people hope. “I am a strong believer that to make reforms sustainable, people need hope,” he told the Greek newspaper Kathimerini before the trip, which will be his final state visit before leaving office. “The International Monetary Fund has said that debt relief is crucial to put Greece’s economy on a sustainable path and set the stage for a return to prosperity.”
The Guardian
The US president, Barack Obama, has signalled he will use a critical two-day visit to Athens this week to step up calls for the country to be given “meaningful debt relief”.
Weighing in on the potentially explosive issue of how best to revive the European Union’s most financially strained member state, the outgoing president said debt forgiveness would play a pivotal role in giving people hope. “I am a strong believer that to make reforms sustainable, people need hope,” he told the Greek newspaper Kathimerini before the trip, which will be his final state visit before leaving office. “The International Monetary Fund has said that debt relief is crucial to put Greece’s economy on a sustainable path and set the stage for a return to prosperity.”
Friday, November 11, 2016
Greece Establishes Independent Media Authority to Handle TV Licenses
Court had previously struck down ruling party’s auction of broadcast permits
The Wall Street Journal
By NEKTARIA STAMOULI
Nov. 10, 2016 2:41 p.m. ET
0 COMMENTS
ATHENS—Greece’s government and opposition late on Thursday broke an impasse toward the regulation of the country’s television sector, after they formed an independent media watchdog that will now take responsibility for organizing the new licensing procedure.
The presidents of the parliament reached a cross-party consent in the appointment of the nine-member body of the National Council for Radio and Television. The number of the licenses that will be auctioned will be decided by the new independent authority.
The Wall Street Journal
By NEKTARIA STAMOULI
Nov. 10, 2016 2:41 p.m. ET
0 COMMENTS
ATHENS—Greece’s government and opposition late on Thursday broke an impasse toward the regulation of the country’s television sector, after they formed an independent media watchdog that will now take responsibility for organizing the new licensing procedure.
The presidents of the parliament reached a cross-party consent in the appointment of the nine-member body of the National Council for Radio and Television. The number of the licenses that will be auctioned will be decided by the new independent authority.
Thursday, November 10, 2016
Greece's bank fund may call for NBG shareholder meeting
Wed Nov 9, 2016 | 1:35pm EST
Reuters
Greece's bank rescue fund said it might call a special shareholder meeting at National Bank of Greece (NBGr.AT) after voting against the appointment of a new chairman.
The rescue fund, known has HFSF, which holds a 40 percent stake in NBG, said in a statement on Wednesday that it might call an extraordinary shareholders meeting on the issue.
"HFSF... is contemplating calling an extraordinary general meeting taking into account that the smooth cooperation between the board of directors of NBG and the controlling shareholder is essential," the fund said.
Reuters
Greece's bank rescue fund said it might call a special shareholder meeting at National Bank of Greece (NBGr.AT) after voting against the appointment of a new chairman.
The rescue fund, known has HFSF, which holds a 40 percent stake in NBG, said in a statement on Wednesday that it might call an extraordinary shareholders meeting on the issue.
"HFSF... is contemplating calling an extraordinary general meeting taking into account that the smooth cooperation between the board of directors of NBG and the controlling shareholder is essential," the fund said.
Wednesday, November 2, 2016
For Greeks, property equals debt
2 Nov 2016
Nikos Konstandaras Contributing Writer
The New York Times
People are turning their backs on what used to be a pillar of the country’s economy and society: real estate.
At law courts throughout Greece, people are lining up to file papers renouncing their inheritance. Not necessarily because some feckless uncle left them with a pile of debt at the end of his revels; they are turning their backs on what used to be a pillar of Greece’s economy and society: real estate. Growing personal debt, declining incomes and ever higher taxes as Greece’s depression grinds on have turned property and the dream of easy money into dread of a catastrophic burden.
Nikos Konstandaras Contributing Writer
The New York Times
People are turning their backs on what used to be a pillar of the country’s economy and society: real estate.
At law courts throughout Greece, people are lining up to file papers renouncing their inheritance. Not necessarily because some feckless uncle left them with a pile of debt at the end of his revels; they are turning their backs on what used to be a pillar of Greece’s economy and society: real estate. Growing personal debt, declining incomes and ever higher taxes as Greece’s depression grinds on have turned property and the dream of easy money into dread of a catastrophic burden.
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