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Philippe Waechter's blog
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  • 1 min

Greece, a long and very expensive adjustment

  • 25 April 2018
  • Philippe Waechter
  • GDP Growth
  • GDP per Capita
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This simple graph from the Wall Street Journal is just a measure of the constraints that have been imposed to Greece since the beginning of their adjustment. The US depression is just small potatoes  compared to Greece.
How many years will be needed for the Greek people to come back to their pre-crisis level? At a 2% growth rate per year it would take about 15 years. In other words, the time for adjustment is around 25 years. This is a generation.
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Another question is the positioning of Greece vis à vis its Euro Area partners.
The graph shows the GDP per capita for Greece as percentage of the Euro Area average.
In 2016/2017 it is back to where it was in 1991. It’s another way to see the cost of adjustment for Greek citizens. We have to do what we can to improve their situation and the rescheduling of the Greek public debt is mandatory.Greeece-GDPpercapita

Related Topics
  • GDP Growth
  • GDP per Capita
On the same topic
  • 4 min

Greece, the future remains bleak

  • 21 June 2018
  • Greece

Philippe Waechter

After years of recession, the Greek economy is back to growth as the first graph shows. But the 2017 figure is very low while the rest of the Eurozone was…
  • Bailout Program
  • Potential growth
READ
  • 5 min

Greece – The die is cast

  • 1 July 2015
  • Euro Area

Philippe Waechter

The die is cast.The deadline for the negotiations between the Greek government and the Troika (IMF, European Union, ECB) has passed – but Greece has not repaid the €1.6bn due…
  • Greferendum
  • Grexit
  • Troïka
READ
  • 1 min

Greferendum

  • 28 June 2015
  • Euro Area

Philippe Waechter

I have written an article in French but not translated yet. You can find it here The translation will come tomorrow
  • Greferendum
  • Grexit
READ
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