Tags: EU | Greece | No | Bailout

Greece Officially Enters Post-bailout Era, Challenges Remain

Greece Officially Enters Post-bailout Era, Challenges Remain

Tuesday, 21 August 2018 04:39 AM

ATHENS, Greece (AP) — Greece remains shackled to the austerity demands of its former creditors even though it has officially entered its post-bailout era.

Though Greece has little fear of new calls for cutbacks from abroad, the country's fiscal freedom comes at a high price.

During the eight-year bailout era that ended Monday, the Greek economy contracted by a quarter, unemployment swelled with one in five still out of work, while incomes were repeatedly slashed and taxes hiked.

The country now has to rely on its own abilities to raise money in international bond markets.

Prime Minister Alexis Tsipras is expected to address the nation Tuesday from the western island of Ithaca — legendary home of the ancient mariner Odysseus, who spent ten years struggling to get home after the war with Troy.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Greece remains shackled to the austerity demands of its former creditors even though it has officially entered its post-bailout era.Though Greece has little fear of new calls for cutbacks from abroad, the country's fiscal freedom comes at a high price.During the eight-year...
EU,Greece,No,Bailout
131
2018-39-21
Tuesday, 21 August 2018 04:39 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved