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Recession in Greece: a thick black line plunging downwards

Growth in the euro zone and in Greece. A sad story. With a thick black line constantly plunging downwards.  Ops, there was a very short “success story”. But a very short one.

This diagram will help you understand why many Greeks will cast their vote for left-wing SYRIZA. You may also understand why the fear-mongering campaign of conservative and neo-liberla Nea Dimokratia does not manage to scare voters. Because they have been living their recession nightmare in real Greek life.

 

 

recession

Diagram created by @Nicholas__D

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5 comments

  1. Yes, and I think it also explains why Grexit is not a bluff. Greece is ALONE in its misery – the lines for Portugal and Ireland do not look amazing (still only 95 % of pre-crisis), but at least they are going up. The problem is Italy and Spain – but it is also not that tragic, Italy is near 100 % ,and Spanish line is going up slightly, but long.
    In the first years of bailout , Greece was not alone – there were PIIGS…
    So, looking at these lines, we can sadly agree with Mrs Merkel : now Grexit would be easier than some years ago and contagion risk is smaller.
    Mr Tsipras will have hard negociations…

    • 2010 there were PIIGS , now there are FIGS (France, Italy, Greece, Spain) 🙂

      • Imho rather the IFS, like in “IF there had been reforms, those States would be better off now”. But Greece doesn’t belong in that underperforming group. As the graph shows, it’s obvious that Greece can’t grow under Eurozone conditions. At the current reform pace, it would take the country decades to catch up. That’s unacceptable for both the Greeks and the rest of the Eurozone. A clear cut would probably be best now.