Today’s New York Times Includes Article on Dismal Greek Economy

The economic deadlock that  many Greeks experience is referred to in today’s publication of the New York Times. Additionally the article noted the upward trend in suicides, homeless people and free feeding queues.

The Times presents personal stories of people financially ruined or facing huge problems surviving the economic crisis, giving a gloomy image for the future of Greece.

The article also noted the serious problem of unemployment and the work of the nonprofit organizations that contribute assistance. It was emphasized that many Greeks are withdrawing their deposits from Greek banks.  Last year 40 billion Euros were removed from Greece.  This year, the amount of withdrawal is expected to increase considerably.

As noted, Greece is again at the focus of economic developments and all estimates converge to an additional support of 60 billion Euros. There is an opinion that as a return, Greece will have to accelerate the reforms, particularly privatizations, and also take additional measures. A worrying factor is also the claim that there are analysts who believe that a social explosion is within reach.  This holds true particularly among the private sector workers including approximately 1, 000,000 civil servants, who will lose their jobs, states the report.


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