Thursday, July 9, 2015

Greece’s Economy Faces a Difficult Aftermath, Deal or No Deal


By the New York Times today ...


Greece’s Economy Faces a Difficult Aftermath, Deal or No Deal

ATHENS — As Greece hurtles toward a Sunday deadline for either reaching a bailout deal or risking a hasty exit from the eurozone, the one certainty is that its economy is already on the brink of collapse.

Businesses and humanitarian organizations are warning that the social and commercial damage now evident could become deeper and longer lasting if Greece and its international creditors cannot finally come to terms on a new bailout package.

“Greece already has a humanitarian crisis, and we’ll have to prepare for a harder aftermath if a deal collapses,” Nikitas Kanakis, the president of the board of directors of the Athens chapter of Doctors of the World, a health care charity, said on Wednesday. “I’m not sure how proud we should feel about letting social destruction return within Europe.”

With banks closed and the government virtually out of money, Greece has become isolated from the international economy — a big problem for a country that relies on imports for 65 percent of its goods. Cargo containers of food, some medicines and other daily necessities are beginning to pile up on the docks at Piraeus, the international seaport outside Athens, because capital controls make it difficult or impossible to pay the shippers.

Rest here:

http://www.nytimes.com/2015/07/10/business/international/deal-or-no-deal-greece-faces-a-difficult-aftermath.html?_r=0




No comments: