From MoneyWeek · · 1m 10s
Greece Recovers from Debt Crisis
Greece's economy shows signs of recovery after debt crisis with improved growth forecasts and falling unemployment.
In brief
Greece's economy shows signs of recovery after debt crisis with improved growth forecasts and falling unemployment. Greece's economy is rebounding from its debt crisis with a 2.3% growth forecast, 7.4% unemployment, and debt-to-GDP ratio at 136%. Originally reported by MoneyWeek.
Greece's Economic Recovery
Greece's economy is rebounding from its debt crisis with improved growth forecasts and falling unemployment.
Updated Growth Forecast
The government upgraded its growth forecast for this year from 2% to 2.3%.
Unemployment Decline
Unemployment fell from 7.9% last month to 7.4%.
Debt-to-GDP Ratio
The debt-to-GDP ratio, close to 200% at the peak, is now 136% and set to fall to 128% next year.
Bond Market Response
The yield on its ten-year bonds has fallen to 4.4%, less than in France or Britain.
Tax Incentives for Foreign Capital
Executives relocating tax residency pay only 5% on bonuses and carried interest.
Greece as New Dubai
Skyscrapers are rising along the Athens Riviera, attracting foreign investment.
Austerity Measures
Public spending cut by 25%, civil service reduced from one million to 600,000.
Sovereign Debt Crisis Warning
France, Britain, and Italy face rising debt risks as bond yields soar.
In short
Greece's economy is rebounding from its debt crisis with a 2.3% growth forecast, 7.4% unemployment, and debt-to-GDP ratio at 136%.
