Watch out for that Greek freight train - Forex News by FX Leaders

Watch out for that Greek freight train

Posted Thursday, September 8, 2016 by
Skerdian Meta • 2 min read

What is that coming our way? Is it a bird? Is it a plane? No, it´s the Greek economy steaming up. Get out of its way people, before that freight train runs us over. 

Apologies to our Greek followers if they are offended. I know the ordinary Greek folks have been suffering since the 2008 global crisis, but that´s mainly due to the political elite of all sides that ruled Greece until a few years ago. Personally, I wouldn´t include all politicians and definitely not the recent leaders such as Syriza party. 

When it comes to blaming the politics, many accuse the entire political scene, all sides and every politician out of frustration. But, as the basic concepts of democracy tell us, similarly to penal responsibility, the politicians must be accountable for their own decisions and actions, or lack of actions.

If you blame the entire political scene, then you´re left with no choice. Besides smudging the honest politicians, you´re spreading the blame, thus reducing the responsibility of the unscrupulous ones for their unscrupulous decisions. I´m saying this because that´s what the Greeks have done since 2008 and many politicians of the old elite who are responsible for this Greek tragedy have gotten away with it.

 Anyway, at least the economic situation is slowly improving in Greece. Although still very high, the Greek unemployment rate declined to 23.4% from 23.6% previously. The youth unemployment rate of the 15-24 category also fell from 48.2% to 47.7%. Yes, the numbers are correct. The youth unemployment is still a big problem for Greece and for the whole of the EU as well. 

It takes a couple of years to ruin everything, but it takes a generation to go back where it all was in the first place

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