EU-imposed austerity is finally over for pauperised Greece – and it’s time for a rethink of the whole European project Greece has entered a new, “normal” phase now that the formal lending agreement with the troika (International Monetary Fund, European Central Bank, European commission) has come to an end. But after eight years of austerity, the truth is that no one can afford rose-tinted glasses. The crisis has cost Greece 25% of its GDP – unprecedented for any European nation during peace time – the unemployment rate sits at almost 20%, even after hundreds of thousands of people have migrated, and national debt is about 180%. Even without its lending arrangements in place, Greece is not totally free from the creditors – a series of audits will ensure that the continuing reforms will go ahead to ensure a “healthy” economy. Related: Greece's bailout is finally at an end – but has been a failure | Larry Elliott Continue reading...
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