Social Europe

  • EU Forward Project
  • YouTube
  • Podcast
  • Books
  • Newsletter
  • Membership

The Greek Economy Is Recovering And Exiting The Crisis

Dimitris Papadimoulis 19th September 2017

Dimitris Papadimoulis

Dimitris Papadimoulis

The latest data from Eurostat shows that the Greek economy is steadily entering a growth phase, after many years of recession. Investments are increasing and exports are back on track with a surge of 18% – the highest rate since 2001.

Unemployment has fallen to 21.2% compared to 27% in 2014, and for two consecutive years the Greek government has succeeded in surpassing fiscal targets for primary budget surpluses, moving towards the adoption of small but significant relief measures for the most vulnerable social groups. According to the available data and various economic forecasts, the goal of a 2% growth rate can be achieved this year while prospects for a higher rate in 2018 seem to be realistic. In this respect, it goes without saying that something is changing in the Greek economy.

These fiscal and macroeconomic achievements are the outcome of the great effort of the Greek government to exit bailout programs in August 2018. It is a patriotic, collective responsibility for us to reinstate economic independence in Greece and turn the country into an equal member state of the eurozone. At the same time, we aim to tackle irregularities in the labour market and create conditions for sustainable development, seizing all possible investment opportunities that abide by the institutional framework and the laws of the country.

During these couple of years we have faced mounting problems and burdens, being restrained by a tough fiscal monitoring process and inheriting a massive public debt from the previous governments of New Democracy and PASOK. The Syriza-led government is making great efforts to deal with structural problems and endless corruption scandals, pushing for progressive reforms in the public sector, in health and education, while building the conditions for the economy to finance its needs by its own means.

The swift and successful conclusion of the third bailout review will be an additional push factor towards that end, giving time and space to the government to focus more on domestic issues.

In this context, one of the fundamental priorities of the Greek government is the creation of a production model that builds on the comparative advantages of the economy and supports productive forces, especially the social groups that have stood with us in Greece and Europe, throughout these years, and are gradually starting to feel the benefits of the fiscal progress in the real economy.

Furthermore, a great number of European leaders and citizens have acknowledged that the Greek government is not only managing a bankrupt state, but has been called to restructure the entire public system and rebuild some of the major pillars of a modern state, departing from constitutional reforms and going towards social justice, a fair social insurance system, a sustainable banking sector, effective local and regional transports – i.e. every possible field of public policy that has been ruined during the last decades.

For this reason, European Commission President Jean-Claude Juncker, Economy Commissioner Pierre Moscovici and head of ESM Klaus Regling but also leading politicians like Emmanuel Macron or Jeremy Corbyn are supporting the Greek government and admit that no other member state could tackle such a spate of reforms in such a short period of time.

In the coming period, and as we are approaching the end of the bailout program, it is certain that more hard work lies ahead of us. The challenge we are facing is monumental both for Greece and Europe: The policies that produced a devastating crisis and facilitated the rise of extreme right have to be successfully and convincingly addressed.

Dimitris Papadimoulis

Dimitris Papadimoulis is Vice President of the European Parliament, MEP and head of the Syriza party delegation.

Harvard University Press Advertisement

Social Europe Ad - Promoting European social policies

We need your help.

Support Social Europe for less than €5 per month and help keep our content freely accessible to everyone. Your support empowers independent publishing and drives the conversations that matter. Thank you very much!

Social Europe Membership

Click here to become a member

Most Recent Articles

u42198346761805ea24 2 Trump’s ‘Golden Era’ Fades as European Allies Face Harsh New RealityFerenc Németh and Peter Kreko
u4219834664e04a 8a1e 4ee0 a6f9 bbc30a79d0b1 2 Closing the Chasm: Central and Eastern Europe’s Continued Minimum Wage ClimbCarlos Vacas-Soriano and Christine Aumayr-Pintar
u421983467f bb39 37d5862ca0d5 0 Ending Britain’s “Brief Encounter” with BrexitStefan Stern
u421983485 2 The Future of American Soft PowerJoseph S. Nye
u4219834676d582029 038f 486a 8c2b fe32db91c9b0 2 Trump Can’t Kill the Boom: Why the US Economy Will Roar Despite HimNouriel Roubini

Most Popular Articles

startupsgovernment e1744799195663 Governments Are Not StartupsMariana Mazzucato
u421986cbef 2549 4e0c b6c4 b5bb01362b52 0 American SuicideJoschka Fischer
u42198346769d6584 1580 41fe 8c7d 3b9398aa5ec5 1 Why Trump Keeps Winning: The Truth No One AdmitsBo Rothstein
u421983467 a350a084 b098 4970 9834 739dc11b73a5 1 America Is About to Become the Next BrexitJ Bradford DeLong
u4219834676ba1b3a2 b4e1 4c79 960b 6770c60533fa 1 The End of the ‘West’ and Europe’s FutureGuillaume Duval
u421983462e c2ec 4dd2 90a4 b9cfb6856465 1 The Transatlantic Alliance Is Dying—What Comes Next for Europe?Frank Hoffer
u421983467 2a24 4c75 9482 03c99ea44770 3 Trump’s Trade War Tears North America Apart – Could Canada and Mexico Turn to Europe?Malcolm Fairbrother
u4219834676e2a479 85e9 435a bf3f 59c90bfe6225 3 Why Good Business Leaders Tune Out the Trump Noise and Stay FocusedStefan Stern
u42198346 4ba7 b898 27a9d72779f7 1 Confronting the Pandemic’s Toxic Political LegacyJan-Werner Müller
u4219834676574c9 df78 4d38 939b 929d7aea0c20 2 The End of Progess? The Dire Consequences of Trump’s ReturnJoseph Stiglitz

ETUI advertisement

HESA Magazine Cover

What kind of impact is artificial intelligence (AI) having, or likely to have, on the way we work and the conditions we work under? Discover the latest issue of HesaMag, the ETUI’s health and safety magazine, which considers this question from many angles.

DOWNLOAD HERE

Eurofound advertisement

Ageing workforce
How are minimum wage levels changing in Europe?

In a new Eurofound Talks podcast episode, host Mary McCaughey speaks with Eurofound expert Carlos Vacas Soriano about recent changes to minimum wages in Europe and their implications.

Listeners can delve into the intricacies of Europe's minimum wage dynamics and the driving factors behind these shifts. The conversation also highlights the broader effects of minimum wage changes on income inequality and gender equality.

Listen to the episode for free. Also make sure to subscribe to Eurofound Talks so you don’t miss an episode!

LISTEN NOW

Foundation for European Progressive Studies Advertisement

Spring Issues

The Spring issue of The Progressive Post is out!


Since President Trump’s inauguration, the US – hitherto the cornerstone of Western security – is destabilising the world order it helped to build. The US security umbrella is apparently closing on Europe, Ukraine finds itself less and less protected, and the traditional defender of free trade is now shutting the door to foreign goods, sending stock markets on a rollercoaster. How will the European Union respond to this dramatic landscape change? .


Among this issue’s highlights, we discuss European defence strategies, assess how the US president's recent announcements will impact international trade and explore the risks  and opportunities that algorithms pose for workers.


READ THE MAGAZINE

Hans Böckler Stiftung Advertisement

WSI Report

WSI Minimum Wage Report 2025

The trend towards significant nominal minimum wage increases is continuing this year. In view of falling inflation rates, this translates into a sizeable increase in purchasing power for minimum wage earners in most European countries. The background to this is the implementation of the European Minimum Wage Directive, which has led to a reorientation of minimum wage policy in many countries and is thus boosting the dynamics of minimum wages. Most EU countries are now following the reference values for adequate minimum wages enshrined in the directive, which are 60% of the median wage or 50 % of the average wage. However, for Germany, a structural increase is still necessary to make progress towards an adequate minimum wage.

DOWNLOAD HERE

KU Leuven advertisement

The Politics of Unpaid Work

This new book published by Oxford University Press presents the findings of the multiannual ERC research project “Researching Precariousness Across the Paid/Unpaid Work Continuum”,
led by Valeria Pulignano (KU Leuven), which are very important for the prospects of a more equal Europe.

Unpaid labour is no longer limited to the home or volunteer work. It infiltrates paid jobs, eroding rights and deepening inequality. From freelancers’ extra hours to care workers’ unpaid duties, it sustains precarity and fuels inequity. This book exposes the hidden forces behind unpaid labour and calls for systemic change to confront this pressing issue.

DOWNLOAD HERE FOR FREE

Social Europe

Our Mission

Team

Article Submission

Advertisements

Membership

Social Europe Archives

Themes Archive

Politics Archive

Economy Archive

Society Archive

Ecology Archive

Miscellaneous

RSS Feed

Legal Disclosure

Privacy Policy

Copyright

Social Europe ISSN 2628-7641