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tv   Business - News  Deutsche Welle  August 20, 2018 1:15pm-1:31pm CEST

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as it leaves international bailouts behind but what was worth the price or worth it say for the thing in the europe much too high. and of the good always good of news on the gorgeous done though the up i'm going to clear it all from the apple store and give you all the access to the latest news that on the one of those with us pushed out of the cases for any breaking news you can also use the app to send us photos and videos. monica believe it's in short the gist of the deed of indians. to. the. earth. home use of species. a holy word significant. given those are big changes and most start with small steps or little indios tell stories of communities people and innovative projects around the world. news that control good news to manage solutions and resource to
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action. community interactive content teaching the next generation about environmental to church. music employees channels available to inspire people to change in action and we're determined to build something new for the next generation and the engine is the empowerment series of global three thousand on g.w. and all non. the people at. a major milestone for greece after eight years of crisis today the greek bailout package ends it kept greece in the euro but i'd want to cost we go to athens and brussels. welcome to business i want to get jones good to have you with us big day agree. the eurozone today as the country
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emerges the last of three bailout programs for the past eighty years athens have been dependent on aid from the european union the european central bank and the international monetary fund the loans given to greece amounted to two hundred sixty billion euros in return greece had to implement painful austerity measures and reforms and now the time has come for greece to finance itself independently on the capital markets again but how realistic is that. finally back on their feet financially no more cash injections or bailout funds that's the greek government goal after all the economy has been growing since last year mainly due to greek exports big gaining ground last year greece exported goods worth twenty eight point nine billion euros exports have risen by thirty five and a half percent since two thousand and ten but the lion's share is in refined petroleum products
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a worrying concentration experts say greece itself has no domestic oil reserves it only process is imports and then exports them small businesses are also important to the greek economy but they hardly make any money many banks are still sitting on bad loans and investors still don't trust the upswing they're also shying away from greece's high taxes and labor costs are well below the e.u. average wages and taxes have risen sharply in greece since two thousand they were at a high point when the crisis really here it in twenty ten then they sank again they've picked up again since last year making greece less attractive for companies in the domestic economy greeks need to earn more money and spend more of it again almost one in five are still unemployed greece has suffered through economic austerity no other country needs to start its recovery. and for more on this major milestone for greece today let's rope in our car. spondon anti cassava in athens and above our
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visa in brussels good to have both of you on the show i would like to start with you auntie because obviously big day for greece today question is are people there in the mood to celebrate the end of the bailout program well as you said it is a momentous moment here for greece but there is no one here celebrating because there is continued hardship in store for these people. and this is because while the numbers have started to look good while the macro indicators are looking much better for this economy it still remains weak and this is in these and this upbeat in this improvement has yet to trickle down to the really come to me and to the purses of the greek people and this unless the unless investments kick in and jobs are created this misery will continue to linger on
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don't forget we're dealing here with exhausting years of austerity that shrunk incomes by thirty percent one in three businesses have have gone bankrupt and more than a million people remain unemployed all right so mixed feelings there in brussels mixed feelings or it in athens what about the mood in brussels them. the mood to brussels is relatively upbeat because in a sense of course the european union thinks this is a sort of victory if we look back to two thousand and fifteen the euro and the whole euro area was in a serious wobble the greek crisis was not just a blip on the arisan it was a really deep conflict within the eurozone and so you know things ok we avoided the worst be avoided for instance a grex and that was something that was being talked about in two fifteen and so now it everybody knows this is
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a compromise everybody knows things could have been dealt was better over those eight years of bailouts and of course the e.u. things of succession of greek governments who are supposed to have made a lot of mistakes but still now we're at the point we're at and there is a sliver of hope and of course brussels talks up the success and says yes greek will be agreed hope they will be capable to stand on their own feet economically so just very briefly there how reliable is athens now because the temperature figures in order to join the euro in the first place of course everybody remembers that remembers that a lot of creative bookkeeping however now they set the scene for us government has shown itself to be quite a reliable partner after the initial problems and everybody hopes that the elections next year will soar up if maybe the same or another government that will also be reliable in everything hinges on that greece has to stay on course that's what the european union says and cannot leave reforms all right. last question to
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you of course first of all is grex it really off the table and what does the government in athens have to do in order to keep it that way and keep greeks happy within the euro. well any and every economist i've been speaking to says that that prospect of greg is off the table at least for now but the baby out exit greece comes at a very precarious moment there is a turkey that's facing a financial meltdown italy's economy isn't doing well and brags it is on the charts so don't forget greece is still a very weak economy and that's why you have a lot of economists here even the central bank governor saying that greece should not lead on its reforms that yes it has gone through in his reach this important milestone but any. any any showing any semblance of letting up on its reforms may
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invite a new crisis all right antic there in athens about that obviously in brussels thank you so much to both of you. so clearly there's still a lot of homework to do be done but today nevertheless marks a turning point and european council president to task has offered his best wishes to greece as it leaves the bailout behind on twitter he wrote you did it congratulations to greece and its people on ending the program of financial assistance with huge efforts and europeans on a darity you ceased at the day and he tweeted the message in both english and in greek. now the much dreaded to grex it to greece exiting the euro zone as we heard could be averted and while greece will now stand on its own feet again financially it still has some major hurdles to take before its economy can be called healthy years of austerity have left to their mark on society in particular
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the greek health sector. a pharmacy in a typical athens neighborhood most of those who live here belong to the middle class costas antonopoulos has known many of his customers for years. it used to be rare that someone had a problem paying but that's changed with cuts to pension benefits and the rise in drug co-pays things have gotten tighter for more customers if you've got money then we had to have money. or in my hit when they didn't know what they think they would have made. i feel like giving you the medicine maybe you come by with the money we send them you don't come to her with the money. three kilometers away on land that once belonged to an airport is the hillin a con clinic people can come here when they don't have enough money for their medicine when the clinic was founded in two thousand and eleven it was intended to help the thousands who had lost their health insurance when they lost their jobs
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but today it's these more pensioners and the chronically ill this man has diabetes . then if. i would get by again as i don't have enough money to live and now i need a very specific drug but i can pay for that up your own no the helicon clinic was envisioned as a temporary emergency care center no one expected it would still be critical after seven years. these are patients who have come for years. ever since we opened. every one or two months some need further medical examinations. others have psychological problems and need additional help from a psychiatrist or a therapist. just as if it's just. an examination room is available for the most important cases now in august it's filled with medicines to be distributed
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donations right here daily from across europe from cancer medicine to baby food. everything needs to be sorted and labeled more than one hundred doctors pharmacists psychologist and twice as many other volunteers keep the doors open and paid your ghost fee just blame spending cuts above all for the desolate situation but also insufficient government planning. all these years we still don't have a map for health care we have to know what will be needed where and how we can ensure medical services only then can the health system be guarded on the right path systems with. the clinic was supposed to close in june but following international protests it will stay open and everyone will still be needed. to venezuela now where the government's radical new plan to combat spiraling hyper inflation has left businesses and consumers confused and to anxious characterises
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issuing new bank notes after slashing five. zeroes off the beleaguered to believe up precious like these explain how the new system is supposed to work but on seventy over how goods will be prized has pushed many venezuelans to stock up ahead of time the government also announced a massive minimum wage hike unlikely to be affordable for many businesses already struggling on a list one that the drastic policy changes are likely to make venezuela's economic problems worse and not better. that's your business update here on d w you can always find out more on our website that's d w dot com a follow us on facebook and twitter thanks for joining us using.
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i would draw all those people with other people's lives in their hands out of that conference or. how good of the arguments of my guests. are just excuses for. conflict zone confronting the powerful song d.w. . good job it comes. your link time news from africa to the world join us on facebook d w africa. welcome to the special edition of pop export d.j.'s like felix again aleph our band and paul found dyke regularly topped the international charts and headlined dance festival lineups around the world we accompany the three men at their
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international gigs superstar deejays made in germany.

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