tv Business - News Deutsche Welle August 20, 2018 3:15pm-3:31pm CEST
international bailout is behind but was the price of staying in the euro too high. don't have that so in other business coming up for you shortly do stay with the news and think that. story so that people of the world over d.w. on facebook and twitter up to date and in touch follow us on. a museum's need to just let see a little bit on some. so-called change that's not new to these concepts
side by the. people who put big dreams on the big screen. movie magazine on d w. a major milestone for greeks after eight years of crisis today the nation's bailout package as it kept greece in the euro but at what cost we talked to an economist i'll take you to athens. and then fizzle and let's do business greece has today emerged from the last of its three bailout programs athens is no longer dependent on aid from the european union european central bank and international monetary fund the loans amounted to two hundred six. in europe's. finally
no more aid packages and no more funding requirements but the last eight years have been tough for greece and brought drastic cost cutting measures many greeks lost their jobs and their homes income has fallen by a third on average the taxes however remain time for most people it will be a long time before the situation improves and some people don't even believe it's possible like this silversmith. something i've never personally for me in the coming years i don't see any hope everything looks bleak to me. because he sees the middle of the greek crisis brought down me and thousands of people in my position women weren't interested in buying our clothes anymore and as a result my manufacturing company closed we started this combined cafeteria and many market he hopes he'll soon gain a foothold again many people in greece are trying to fight their way through. it because like i can my hopes on something better even if we've left the bailout
program i believe me greeks will be paying for years to come but we all hope for something better hope dies last. and the government knows there's still plenty to do even with all the loans paid off but as it will make more needs to be done starting with the tax system which is in business friendly right now the justice system must deliver decisions faster that will have a direct influence on attracting investment on the whole thing should become more european the state should provide he services greece still has a huge mountain of debt to the tune of three hundred fifty billion euros they'll be dealing with that for a long time to come. and in his response to greece is biologic said here a ping commissioner for economic affairs pm muscovy see stressed the country's reforms laid the foundations for a sustainable recovery you know use brussels bureau chief myself and caught up with him. commissioner now the commission says this is
a new chapter for greece but it seems like for regular people in greece it's more of the same high unemployment high taxes bad pensions would you agree no i don't i think that we are really opening a new chapter to this situation greece has already improved a lot including unemployment which has diminished from twenty seven percent to less than twenty percent i know that these is much too high but i think that now the. structures that we have built in greece make this country capable to recover attractiveness to attract investors to be competitive and to create a lot of jobs and that's what i expect that the now the people in greece will really see that the efforts to have been taking bear fruit let's not be mistaken it's not because there was austerity that there is a crisis in greece it's because there has been terrible crises that we need to have a more solid structures for economy and society in greece but you've hinted in the
past that maybe there was too much austerity is that the biggest mistake that the e.u. made something that should not be repeated let's say for italy i think that what the biggest mistake is what we underestimated the depth of the crisis we thought that the u. wards were solid and they were really very fragile and yes at some moments we were too tough on austerity we finally i think found the right balance precise meaning. well let let let let's say that we could have balance better or saudi very t. an effort but well all in all i'm convinced that we made the right decisions and that it was the right track for greece to reform and for us to agree through a program which represents two hundred and seventy three billion euros which proves that we were alongside the greek people and some people say italy is going to be the next release. they have a huge mountain of debt do you feel like the new italian government is up to the
task to prevent anything like happen in greece from happening in italy the station is of course very different founding member a few are also there in the eurozone from the start that doesn't make them immune to all the problems it's just third largest country in the eurozone and the sort of largest g.d.p. new zone it's a very creative economy and the debt. people are for quite a lot but still we need to be very careful about the level of public debt one hundred thirty percent this has to be here really money to control and this is why we need twelve steel sound public finances need to be and we'll have to discuss with the telling government in this european semester. or to plan by october in a very serious way and i'm ready to do that that's a huge coming up there but again let me repeat the question do you think that the
current italian government is up to the task of preventing a catastrophe from happening in italy like in greece i know that. or are you telling governments they finally will find the way they will most of through and the fact will be in the budget i cannot judge on programs i don't want to judge on words i want to judge on. the facts taken facts and measures and budgets commissioner thank you very much for talking to us. let's pull in and told me a professor of international economics at the university of st balance for comment on this is in switzerland for us what would you say greece and its bailout a success story or. agrees the speculates on feet to the success to the finance market so at least to the successful to see process government what about tomorrow when all those
pensioners realise there isn't that much money in the pension pot. access to the financial market of course is due to the fact that greece has now some kind of hooper tutti it has modest repayment obligations and some. of cash so these the next month or next year the secret government should be able to on the take the forms message quite unnecessary forms to improve the life of the greek people ok let me get back to the greek pensioners again when when we're talking about twenty percent unemployment g.d.p. down twenty five percent on pre-crisis levels it doesn't sound like there's going to be the productivity to actually keep true the country going and to ensure that further down the track greek pensioners are well looked after.
you are correct t p is at levels similar to the us great depression but unlike the us recoveries taking much longer and the problem is that greece achieve the primary surplus by tax increases by cuts in social security spending but still suffer reforms stakes still very long to get licenses if you want to need permits to build build a new plant all these things which are it's just homework for the greek government on its own this homework is still not done from your position as an economist can you just tell me would things have been better off today in greece if it had actually left the eurozone and just made a clean cut back then. if it had left the. beginning. maybe this would be better.
and this is only. about two or three years short two years three years or i'm sorry about getting to you i could hear an evaluation of your soul. three years ago i can hear an evacuation plan there and they will. exercise some very serious do you have to evacuate the stadium because it's only is only next year i so there is no need to worry. we'll leave it then i think you can say no but if greece had left coming back to air leaving the euro zone if greece had left a euro some to the fifteen. associated turbo increase uncertainty would have been bad so. fifteen it was in my view exposed it was a wise decision to stay. thank you very much for staying despite the alarms there in the background managed to keep it nice and cool for us thank you. but now let's
find out what the greeks think of you to athens correspondent and. we haven't got much time for you but just tell us briefly a big day for greece in the euro zone people in the mood to celebrate. now definitely not there is no celebration of any type on the streets in fact there is just prolonged misery and speaking to many greeks say just expect their situation their day to day life in fact to grow worse in the coming months because the government has consigned greece to additional reforms to more cuts there will be coming down the road don't forget though they are on the books the figures the macro economics of this crisis and looking bad are unemployment is down still high the deficit is down you know all these figures are very promising growth rates are
very high but that has yet to trickle down to the really economy and to the perks. of the greeks and that will take time unless some investments kick in fast and to create jobs and to get the economy rolling because as the professor there as the expert said before most of these fiscal improvements have been caused simply by accidents i think are a subtle force there enough it's nice to get your take and i think businesses. ramallah moved to a. tremendous. tragedy such a. a a a moment
the i'm. such a move. me a. plurality cheesey has just turned twenty six and the army corps has given the sports car useless for its first desperately seeking new teaching as our prison. is growing stronger to a much lesser generation of somalis more nauseous employment so let's check usua some of the.
hundred small feeds in the night clubs. where i come from dr jordan mintz an import fountain soft transmitting a new stand for mission and when i was young my country was drawing many conflicts the war throbbing of people most people would god that i won't deceive us. it was my soul to two in one off the lot of just god you'll say it's so thought everyone in the calm cool to listen to those updates say. nothing has been from incident my own copy out into a month or more of them so long even thought i caught us i was a twit and for me all. my choices in this cognition because given the