Greece: From Economic Outcast to Euro-Area Outperformer

Greek Economic Crisis & Initial Situation (A Decade Ago) - A decade ago, Greece faced a precarious situation marked by a referendum on a bailout package, organized by the Syriza government [1] - Capital controls were introduced, limiting ATM withdrawals to €60 per day [2] - The country was effectively excluded from financial markets for five years, missed IMF payment deadlines, and experienced halted economic activity with high unemployment and daily violent demonstrations [3] - There was uncertainty about Greece's future within the Eurozone [3] Current Economic Turnaround - Greece has experienced a spectacular turnaround, regaining investment grade status for the first time in two years [4] - The country's borrowing costs are now lower than Italy's, despite high debt levels [5] - Economic growth is above the average for Greece's European partners [5] - There has been a marked increase in investment, with companies like Microsoft, Pfizer, and UniCredit investing in Greece [6] - Some Greeks who left the country a decade ago have started to return, encouraged by government tax incentives [6] Challenges & Priorities - The Prime Minister's priority is ensuring everyone benefits from the economic improvement [8] - Greece is one of the few EU countries achieving primary budget surpluses [8] - Increased energy costs following the Russian invasion of Ukraine have significantly impacted the cost of living [9] - Many people still need to hold two jobs to make ends meet [9] - While there's a general feeling that things are better, there's still a way to go [9]