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GREECE CONCLUDED 12 years of European Union fiscal surveillance today which was imposed in return for bailouts after a crushing debt crisis.
In November 2009, Athens revealed a sharp rise in its public deficit that eventually led to a financial crisis across the Eurozone and wreaked havoc on Greek finances for a decade.
In exchange for bailout cash of €289 billion and to stop Greece from crashing out of the Eurozone, a “troika”, made up of the International Monetary Fund, EU and the European Central Bank, demanded across-the-board reforms from Athens.
These included deep state spending and salary cuts, tax hikes, privatisations and other sweeping reforms aimed at righting public finances.
The economy contracted by more than a quarter, unemployment spiked to almost 28% and skilled professionals emigrated in droves.
“A cycle of 12 years which brought pain to citizens, led to economic stagnation and divided society,” has ended, Prime Minister Kyriakos Mitsotakis said.
“A new horizon filled with growth, unity and prosperity emerges for all,” he said. “The Greece of today is a different Greece.
“We have recorded strong growth and a significant slide in unemployment of 3% since last year and 5% since 2019,” he added.
Ending the oversight will strengthen Greece’s international market position by increasing its attractiveness to investors.
Athens will also now have greater control over its domestic economic policy.
“The end of enhanced surveillance for Greece also marks the symbolic conclusion of the most challenging period the euro area has experienced,” Paolo Gentiloni, the European Commissioner for Economy, said in a statement.
“The sovereign debt crisis that defined the first years of the previous decade was a steep learning curve for our Union.
“Our strong collective response to the pandemic indicated that Europe had learned the lessons of that crisis. We must show the same solidarity and unity as we navigate the troubled waters our economies are now entering.”
Greece – like other bailed-out EU members Spain, Portugal, Cyprus as well as Ireland – will still be monitored by its creditors while paying back its debts.
In Greece’s case, that will take another two generations, with the last loans due for repayment in 2070.
According to European Commission projections, the Greek economy will grow by 4% this year, much higher than the Eurozone average of 2.6%.
However, Greece’s unemployment rate is one of the highest in the monetary union, its minimum wage one of the lowest and the country’s debt is 180% of gross domestic product.
€30 for a haircut!
@Aideen Pollard: how much do women spend on haircuts?
@Aideen Pollard:
It IS a southside haircut.
Mine costs a tenner
@Aideen Pollard: and €20 for a puncture!
@Aideen Pollard: €100 on gloves…..GLOVES!!
@RogerRamjet: and 10 euro for a taxi when he lives in rathmines which is less than a 20min walk from town.
@Aideen Pollard: Must have been at Sams, only place that charges 30!
@brian oconnell: G.Male!
You’ll learn lad. You’re spending too much money and not planning for the future.
You’ve an excellent salary & you’re blowing a huge percentage of it.
You should be able to cut your discretionary spending In half without noticing at your rate and be able to save that balance.
Saving €800 a month on €75k a year is pitiful.
@sequoia: god your a dry shape
@sequoia: god your a dull motherfupper
@sequoia: god your a dull
@sequoia: god, hate to be married or end up married to you.
@sequoia: for the love of god, there is a thing called FUN!
@Micko: Come back when you’re sober
@Micko: you alright there pal? Few valium wouldn’t go astray.
@sequoia: He doesn’t realise he could be set for life if he managed his money right. As in multi millionaire come retirement.
If you could put an old head on young shoulders.
Check out a guy called Dave Ramsey on you tube. Take his advice .
@Micko:
Sure kid. Whatever gets you through the night.
@Micko: well Micko, you must be exhausted from delivering all his food. Bless.
I wish I got as much sleep as this lad
Not a penny into your pension looking at your numbers. Deferred income buddy, worth it’s weight if done right. You should rethink your strategy, being a data analyst and all.
@iohanx: have you seen what his job gives him. They definitely have a decent pension there.
@Ali Ní Dhomhnaill: more likely no pension
You sound like good craic I have to say, and don’t take things seriously.
Nothing at all wrong with it, you seem happy out – best of luck
How about doing a story about someone living on the minimum wage or someone living in the west of Ireland that’s not galway that would be great
@Ronan fowley: I live in Mayo, I’m on the dole and I’m stone broke. Ask me anything…
@Tweety McTweeter: Question 1. How come you are on the dole? What sort of job have you tried to look for?
@Tweety McTweeter: Question 2. What retraining have you taken to obtain a job?
@John Horan: Ahh forget it. Didn’t realise it would be like the Spanish Inquisition
@Tweety McTweeter: Q3. Is there still people in mayo thinking this could be their year.
@ooh ahh: Reckon they have more chance of Sam 2018 than 2019 ;-)
@Tweety McTweeter: Leo still has his stooges about from his time in Social ‘Protection’ out looking to rat ppl out Tweety. Say nothin!
@Tweety McTweeter: you said ask me anything?!?!?!
Fair play to this lad in many ways, but as a data analyst, he could analyse his own data a bit more. He says transport costs are zero since work pays for public transport, but yet he owns a car too…And even put 20 quid petrol into it in the week he’s writing about? So why isn’t there a figure for car running costs and maintenance in his monthly outgoings?
After reading these diaries for weeks now, I have come to the conclusion that the sole purpose of 50% of them is marketing orientated. 50% seem to plug products/apps/whatever else they may throw in and the rest just seems unrealistic to me. Disappointing.
@Laura Byrne: What products have you seen being plugged in this series? Any examples…
@Peter Heylin: I got the useful advice to boil eggs in the kettle at work at least…
Long hours, take aways and pints. I wouldn’t worry about having to pay back the mortgage!
This lad lives in D6 has all his transport paid off and has a car.
Get rid of the car and you will save thousands per year.
Your welcome
It’s a 100 euro on the joint account so nothing from me
You do remember you pay into the joint account?
Makes the analysis pointless, pretending your not spending as much as you are
@Nicholas Kelly: joint account payment is a seperate bank account so hes not including it in his personal deductions…..not exactly rocket science
Sounds like an ad for deliveroo
Two free tickets for the Ireland v New Zealand match. It is good for some!
Sure glad I’m not employing you
@Angus Stening: why? Horrible thing to say.
@Angus Stening: why?
Nice gig, plenty of perks, decent social life.
Crikey this could be me if I didn’t have 4 kids!!
Absolutely f@@king love this guy!
“It’s €16.30 on the joint account, so €0 from me” haha… Interesting scheme, incredible what else could be saved with a few tweaks here and there, however I guess different strokes for different folks.
=)
I loved that read . Gew on ya good thing. 2400 a year on gym. Brilliant. Mans gotta do ………
This is laughable. I accept his point about not stopping life to save. Fine. Two hundred a month for CrossFit ? Join a gym for forty. Ditch the coffees at three euro a pop, another joke. Taxis instead of a few minute walk! Unless your parents have money to throw you for a deposit , you’re going to be in the f*cked position a lot of people are now !
@Shane Murphy: one of my luxuries is spending similar amount on crossfit style program. Commercial gyms are boring and unsimulating so I eventually pack in in. You can’t put a price on your health.
“30 from the joint account, so that’s nothing from me” … (“.
Sounds like a terrible data analyst with a drink problem.
Is it just me or does he sound like a real peach of a boyfriend
@Amanda Baker: Sounds like a Fionn to me. I bet he wears shoes with no socks and rolls up his jeans.
Amanda, you seem keen!
30 quid for a haircut is outrageous. If I want a decent one its 17, if I just want it cut it’s 13.
29 on 74,000 is this for real
Is it just me or does he sound like a real peach of a boyfriend
Is it just me or is this guy a reall peach of a boyfriend
@Amanda Baker: You’re keen
Is it just me or is this guy a reall peach of a boyfriend
I bet Friday felt a bit like this: https://youtu.be/kfchvCyHmsc
I wouldn’t worry though, it was Friday after all
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