The German magazine Focus, which in the past had maintained a very critical stance for Greece, including a cover story featuring the Venus de Milo giving the finger, declared the Greek economy to be on the rebound, in a report yesterday.
Noting that the ongoing third bailout includes 86 billion euros in borrowing and runs until 2018, the report says that Athens during the recent years of the crisis has received 256 billion euros in loans from eurozone countries and the IMF.
The report, quoting a report in the Sunday edition of the daily Handelsblatt, maintains that the Greek economy is back on its feet, and that this is the first time in years that the finance minister will have enough money in the state coffers.
The report says that when the representatives of Greece’s creditors – the European Commission, the European Central Bank (ECB), the International Monetary Fund (IMF) and the Euro Stability Fund (ESM) – arrive in Athens, they are likely to be surprised this time.
The reported credits Prime Minister Alexis Tsipras with having consolidated the budget and launched numerous structural reforms.
“If the Greek government continues its course of reforms, the southern European patient will not need more billions. The program is finally back on track and the financial situation is better than expected,» the report quotes an EU diplomat as saying to Handelsblatt.
Citing the state budget, the report says Greece’s primary surplus will be 2.8 percent of GDP by the end of the year – excluding debt service – giving Greece a 1.2 billion euro cushion.
“Prime Minister Tsipras hopes that his country will no longer need assistance from August 2018. ESM boss Klaus Regling should be encouraged,” the report concludes.