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From a vicious to a virtuous cycle? Turning Greece into an attractive investment destination: Opportunities and Challenges

Karamouzis, Nikolas, Monokroussos, Platon, Anastasatos, Tasos, (2017), «From a vicious to a virtuous cycle? Turning Greece into an attractive investment destination: Opportunities and Challenges», Eurobank Research, Economy and Markets, Volume XI, Issue 3, Σεπτέμβριος

Since the signing of the first bailout agreement with official creditors in May 2010, Greece has made remarkable progress in eliminating its earlier fiscal and current account deficits, restoring international price competitiveness and implementing significant reforms in the institutional framework and the domestic labor and product markets. However, these improvements came at a high social and economic cost, especially in terms of output and employment losses, transforming what initially started as a fiscal crisis into a full-blown economic and banking-sector crisis. Furthermore, despite the most recent signs of stabilization in domestic economic activity, investment expenditure remains at quite depressed levels; export performance, despite recent improvements, lags behind that of other euro area periphery economies; and the country has yet to restore full market access.

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