Fifteen years ago, Greece stood at the edge of an economic
Fifteen years ago, Greece stood at the edge of an economic abyss. Shut out of international markets, with empty coffers and soaring deficits, it became the epicenter of a financial earthquake that rocked Europe. The term “Greek-style crisis” became shorthand for fiscal collapse, reckless spending, and painful austerity.
But in a dramatic reversal of fortunes, that same Greece is now being held up as a case study in recovery and resilience. As storm clouds gather over major global economies, from France to Germany and the United States, Greece — once the cautionary tale — is being cited as a surprising example of stability and discipline.
A Global Downturn Looms
The international economic outlook is increasingly fraught. France teeters on the brink of a fiscal crisis. Germany, long the bastion of budgetary prudence, is quietly loosening the reins. And in the United States, political turbulence and mounting debt are putting persistent pressure on the dollar.
Amid this turbulence, global investors are retreating to the relative safety of emerging market bonds — including, remarkably, Greek debt. A decade ago, this would have been unthinkable.
France: A Crisis in the Making
President Emmanuel Macron faces no shortage of challenges — political fragmentation,
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