Red line in poverty Technologybud

There are two sides of the same coin to the economic impact our country is receiving from the global economic storm. Of course, one interacts with the other like two communicating vessels and ultimately they define each other. One side is the heavy financial burden that Greek households experience from the lockdown: job losses, armies of workers put on suspension, lockout in companies, insecurity for today and tomorrow. The great economic cost deepens and widens inequalities, creates conditions of impoverishment for the economically weak and becomes a dangerous social threat. This is reflected in the unprecedented recession that will reach 10% this year, in the rising unemployment rate, in the reduction of the general level of wages. The other side of the currency is reflected in the fiscal situation of the country. And here, the wounds that the pandemic has opened are deep and great. Public revenues have plummeted and spending has skyrocketed as a result of the recession and the measures needed to support those affected. Government deficits and public debt are soaring again, reminiscent of other times, which our country paid dearly for, when the painful bill of the Memoranda came. higher than that of the Memoranda, today is not the same situation and prospects of the country, if compared to those of 2010, when the odyssey of bankruptcy began. Deficits have been avoided, but due to the “escape clause” from the strict restrictions of the Stability Pact that applies to all eurozone countries, it is estimated that they can be consolidated over a two-year horizon, if hopes for the production and distribution of the vaccine are confirmed. And in terms of debt, although it has jumped to levels above 200% of GDP, it is not what markets consider as a dominant indicator today in their assessment of the state and prospects of economies. This is shown by the upgrade of the creditworthiness of the Greek economy last week by Moody’s, as well as the zero interest rates on Greek government bonds. This will be confirmed by the new report that is expected to be published by the International Monetary Fund. It will characterize – according to information – the Greek debt as sustainable due to the positive development prospects of the country but also the “controlled” annual service costs. All this, but the crucial question remains: How long will society last until the exit from the tunnel? ; The government is called upon to answer this question. The financial aid to the financially weak at Christmas announced by the Prime Minister is one answer. Of course it is not enough. Others will be needed. That is where the focus must first be. So that no household falls into the nets of misery. It is a battle similar to the one given in the ICU so that none of our fellow citizens loses the battle of life due to lack of support. Therefore, there, another red line should be drawn. Follow it on Google News and be the first to know all the news. See all the latest news from Greece and the world, at

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