Greece Makes Effort to Rebuild Economy

For the first time in years, Greece will sell debt in an effort to rebuild their broken economy. So far, Greece’s economy has been able to sustain due to a number of international bailouts from the International Monetary Fund (IMF) and Eurozone countries totaling $530 billion.

In a recent trip to New York and Washington Greece’s Economic Minister Mr. Papadimitriou said more than 400 American investors had told him that they saw potential to do business in Greece in sectors such as banking, ports, pharmaceuticals, tobacco and tourism. This would be a huge boost for the Greek economy which has debt worth around $365 billion.

Greek Prime Minister Alexis Tsipras was forced to experiment with several austerity measures such as budget tightening, pension cuts and tax increases in order to receive money from the bailout programs. The rest of the EU hope that Greece can pull itself out of their current economic rut or it could rule the end to Greece’s tenure in the eurozone.

Source: NYT

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s