Here we go again. The Euro crisis is over! Greece is on the mend! All is for the best in the best of all possible worlds!
That is the hype. Based on what? Spurious figures again.
Greek recession for the second quarter was not 5% bet “fell” to 4.6%. So? The economy is still shrinking at an alarming and unsustainable rate! But no, we grab at straws and declare that this is a very good sign! The guy who fell overboard is is still floundering in the water, but he seems to be struggling a little less. In such a case you wouldn’t jump to the conclusion that the situation is improving for him, but that he is about to sink and drown completely.
As to the ‘primary surplus’ supposedly achieved that Stournaras went into a delirious fit over, it has been “achieved” among other things by the government defaulting an all debts to the Greek private sector and the cancellation of ALL public works.
Does that auger well for recovery?
Unfortunately it may well be that the likes of Stournaras and Samaras are beginning to believe their own arrant deceits. Or else they are so cynical and self serving that they should perhaps be brought to justice.