After a wrenching depression that wiped 26% off GDP in six years, there are glimmers of hope in Greece. The unemployment rate has fallen for four months in a row, although it remains around 27%. The drop in GDP is expected to reverse later this year, as tourism picks up. The government has produced a primary surplus (in other words, its books balance before interest payments). This has boosted optimism and allowed the government and banks to tap markets again.
Still, Greece isn’t in the clear yet. Its overall debt pile has hit almost 180% of GDP, which is completely [...]
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