Why we are not heading for a Greek crisis part II

clock • 2 min read

We find ourselves back in the middle of yet another springtime negotiation between Greece and its creditors - roughly a year on from a crisis that ended in capital controls, a return to a recession, and a 68% fall in the stockmarket index from its 2014 peak.

This time, the discussion is about completing the 'First Review' rather than establishing the 'Third Memorandum', but despite the jargon the subject matter is very similar; the creditors are pushing for further fiscal reforms and the Greek government is, in some key areas, pushing back. It would be a mistake to think this is merely a replay of 2015. Greece has made underlying progress over the past few years. The Greek government budget has reportedly recorded a primary surplus in the last year. This is surprising to many people, and in many ways rather impressive given the turbulence...

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