Are We Seeing Greece's Recovery?

Can it be true that Greece's economy has begun its turnaround? This is the question posed on the front page of the Financial Times this week, with its surprising revelation that the well-known investor John Paulson is buying the bonds of Greek banks. The numbers - at the moment ? do not bear this out: to the contrary, they paint a grim picture of continuous deterioration. Unemployment, for example, continues to be rampant. The latest figures show that it is 28 percent for the general population and 60 percent among young people. The situation is the same with the debt level, which has reached 177 percent of the Gross National Product as tax hikes continue to assail property owners. Immigration is also on the rise: restaurants owned by Greek-Americans in New York and other cities each have at least two new waiters from Greece.

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